REG - Mast Energy Dvlpmts. - Company Update

Mast Energy DevelopmentsAnnouncement

03/12/2024 07:00

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RNS Number : 5020O  Mast Energy Developments PLC  03 December 2024

Mast Energy Developments PLC

(Incorporated in England and Wales)

(Registration Number: 12886458)

LEI :213800HFVHGJ9YGO9F71

Share code on the LSE: MAST

ISIN: GB00BMBSCV12

('MED' or 'the Company')

 

Dated: 3 December 2024

 

Mast Energy Developments PLC ('MED' or 'the Company')

 

Pyebridge Revenues & Refurbishment Progress Update

and MED Shares Lock-In Agreement Reminder

 

Mast Energy Developments PLC is pleased to announce an update regarding its
Pyebridge flexible generation asset, the highlights and details of which are
outlined below.

 

Pyebridge Highlights:

·    Preliminary trading revenue for November 2024 of c. £58,000 before
receipt of Embedded Benefits;

·    Final trading revenue tally for October 2024 increased by 11% to c.
£72,000 (up from c. £65k previously reported) following receipt of Embedded
Benefits;

·    Average trading revenue per MW per month for period July to November
2024 equates to c. £24k (excluding Capacity Market gross margin income
payments);

·    Electricity sales price achieved during November outperformed market
with c. 41%;

·    Second refurbished 2.7MW genset successfully reinstalled on site and
commissioning in progress, with commercial production starting shortly
thereafter; and

·    Following the completion of the 2(nd) 2.7MW genset, Pyebridge will
have 2x 2.7MW (i.e. 5.4MW) in optimal commercial production and generating
income, effectively doubling the site's trading revenue generation capacity.

 

Pieter Krügel, MED CEO, commented: "We are delighted with the ongoing
positive progress and performance of Pyebridge since the start of the
refurbishment programme a few months ago. The commercial trading and
operational performance of the first refurbished 2.7MW genset since its
commissioning in July has proven that the overhaul programme is successful.
With the commissioning of the refurbished 2(nd) 2.7MW genset near completion,
we are looking forward to doubling the Pyebridge site's capacity and revenue
generation. We are expecting to commence with the refurbishment of the third
and final 2.7MW genset at Pyebridge soon, and once completed, the site will
have its full 8.1MW capacity in optimal commercial production and generating
maximum revenue."

 

"Further, we are excited about the recently announced project finance
framework agreement entered into in partnership with RiverFort Global Capital.
RiverFort has been a key pillar to MED and the new agreement is a significant
step to support and fast track MED's strategy to grow its portfolio of MWs in
production to 300+ MWs. The Company appreciates RiverFort's ongoing and
growing support."

Stay up to date with MED's latest news and updates by joining our emailing
list and social media channels, as follows:

 

MED emailing list - https://med.energy/email-alerts/
(https://med.energy/email-alerts/)

MED LinkedIn page -
https://uk.linkedin.com/company/mast-energy-developments-plc
(https://uk.linkedin.com/company/mast-energy-developments-plc)

MED X (formerly Twitter) handle - @mastplc

 

Further details of Pyebridge Highlights:

Further to the Company's announcement dated 22 November 2024, the Pyebridge
trading results for October 2024 have now been reconciled and confirmed as
total trading revenue of c. £72k representing a 11% increase in the
preliminary revenue previously reported. This follows the receipt of Embedded
Benefits for October, which usually happens a month in arrears.

 

Moreover, preliminary trading revenue for November is currently tallied at
£58k before the receipt of Embedded Benefits. Pyebridge continued to
outperform the market during November, with achieved actual average
electricity sales price per MWh sold of £138 compared to the average
Wholesale Market price of £98(1) over the same period, which resulted in a
41% outperformance. (1)The Wholesale Market price data was sourced from
Nordpool.

 

MED Shares Lock-In Agreement Reminder

Further, MED announces that it has today received a TR-1 significant
shareholder notification from RiverFort Global Opportunities PCC Ltd ("RGO").

 

This TR-1 notification follows the MED shares that RGO has now received from
the escrow account that was operated with respect to Kibo Energy PLC (please
refer to the RNS announcement released by Kibo Energy PLC dated 1 October
2024).

 

The Company would like to remind the market that further to its previous
announcement dated 1 October 2024, it has agreed with RGO a lock-in on the
aforementioned shares until 1 January 2025.

 

TR-1: Standard form for notification of major holdings

 

 NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the
 FCA in Microsoft Word format if possible) (i)

 1a. Identity of the issuer or the underlying issuer of existing shares to                                                                                    Mast Energy Developments PLC
 which voting rights are attached (ii):
 1b. Please indicate if the issuer is a non-UK issuer  (please mark with an
 "X" if appropriate)

 2. Reason for the notification (please mark the appropriate box or boxes with
 an "X")
 An acquisition or disposal of voting rights                                                                                                                                                                                                               X
 An acquisition or disposal of financial instruments
 An event changing the breakdown of voting rights
 Other (please specify) (iii):
 3. Details of person subject to the notification obligation (iv)
 Name                                                                                                                                                         RiverFort Global Opportunities PCC Ltd
 City and country of registered office (if applicable)                                                                                                        Gibraltar
 4. Full name of shareholder(s) (if different from 3.) (v)
 Name
 City and country of registered office (if applicable)
 5. Date on which the threshold was crossed or reached (vi):                                                                                                  25 November 2024
 6. Date on which issuer notified (DD/MM/YYYY):                                                                                                               3 December 2024
 7. Total positions of person(s) subject to the notification obligation
                                                                            % of voting rights attached to shares (total of 8. A)  % of voting rights through financial instruments      Total of both in % (8.A + 8.B)  Total number of voting rights held in issuer (8.A + 8.B) (vii)

(total of 8.B 1 + 8.B 2)
 Resulting situation on the date on which threshold was crossed or reached  19.52%                                                                                                       19.52%                          83,211,746
 Position of previous notification (if                                      0.00%                                                  0.000000                                              0.00%

 applicable)

 

 8. Notified details of the resulting situation on the date on which the
 threshold was crossed or reached (viii)
 A: Voting rights attached to shares
 Class/type of                                  Number of voting rights (ix)                                              % of voting rights

shares

 ISIN code (if possible)
                                                Direct                    Indirect                                        Direct                                           Indirect

                                                (DTR5.1)                   (DTR5.2.1)                                     (DTR5.1)                                         (DTR5.2.1)
 GB00BMBSCV12                                   83,211,746                                                                19.52%

 SUBTOTAL 8. A                                  83,211,746

 B 1: Financial Instruments according to DTR5.3.1R (1) (a)
 Type of financial instrument                   Expiration  Exercise/                             Number of voting rights that may be acquired if the instrument is        % of voting rights

date (x)
Conversion Period (xi)

                                                                                                  exercised/converted.

                                                            SUBTOTAL 8. B 1

 B 2: Financial Instruments with similar economic effect according to DTR5.3.1R
 (1) (b)
 Type of financial instrument  Expiration                   Exercise/                   Physical or cash                                          Number of voting rights  % of voting rights

date (x)
Conversion Period (xi)

                                                                                        Settlement (xii)

                                                                                        SUBTOTAL 8.B.2

 

 9. Information in relation to the person subject to the notification
 obligation (please mark the

 applicable box with an "X")
 Person subject to the notification obligation is not controlled by any natural                                                                                                                                           X
 person or legal entity and does not control any other undertaking(s) holding
 directly or indirectly an interest in the (underlying) issuer (xiii)
 Full chain of controlled undertakings through which the voting rights and/or
 the

financial instruments are effectively held starting with the ultimate
 controlling natural person or legal entity (please add additional rows as
 necessary) (xiv)
 Name (xv)                   % of voting rights if it equals or is higher than the notifiable threshold  % of voting rights through financial instruments if it equals or is higher  Total of both if it equals or is higher than the notifiable threshold
                                                                                                         than the notifiable threshold

 10. In case of proxy voting, please identify:
 Name of the proxy holder
 The number and % of voting rights held
 The date until which the voting rights will be held

 11. Additional information (xvi)

 

 Place of completion  London, United Kingdom
 Date of completion   3 December 2024

 

 

 

ENDS

 

This announcement contains inside information for the purposes of the UK
version of the Market Abuse Regulation (EU No. 596/2014) as it forms part of
United Kingdom domestic law by virtue of the European Union (Withdrawal) Act
2018 ('UK MAR'). Upon the publication of this announcement, this inside
information is now considered to be in the public domain.

 

For further information please visit www.med.energy (http://www.med.energy/)
or contact:

 Pieter Krügel      info@med.energy (mailto:info@med.energy)        Mast Energy           CEO

                                                                    Developments PLC
 Jon Belliss        +44 (0)20 7399 9425                             Novum Securities      Corporate Broker
 Guy Wheatley, CFA  (+44) 7493 989014                               Fortified Securities  Corporate Broker

                    guy.wheatley@fortifiedsecurities.com
                    (mailto:guy.wheatley@fortifiedsecurities.com)

 

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