REG - Mast Energy Dvlpmts. - Issue of Equity

Mast Energy DevelopmentsAnnouncement

05/10/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231005:nRSE7410Oa&default-theme=true

RNS Number : 7410O  Mast Energy Developments PLC  05 October 2023

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')

 

 

5 October 2023

 

Mast Energy Developments Plc ("MED" or "the Company") Partial Settlement of
Outstanding Shareholder Loan and Issue of Shares

 

 

Mast Energy Developments PLC, the UK-based multi-asset owner and operator in
the rapidly growing Reserve Power market, has today issued 31,646,424 new MED
Shares of £0.001 each ("the Settlement Shares") at a deemed issue price of
£0.01482 per share ("Settlement Share Price") to its majority shareholder,
Kibo Energy PLC ("Kibo") having mutually agreed the partial settlement of
£469,000 (the "Partial Settlement") of the total -outstanding amount owing to
Kibo Mining Cyprus Ltd, a wholly owned subsidiary of Kibo, pursuant to the
shareholder loan account ("the Loan"), as disclosed in the Company's IPO
admission document and most recently its latest audited annual report and
accounts. Following the Partial Settlement, the Loan's remaining outstanding
amount owing to Kibo is £762,535.

 

The Settlement Share Price is the 20-day VWAP for the period up to the closing
price of the Company shares on the London Stock Exchange on 2 October 2023.

 

Kibo and MED are working with their advisors and funders to assist MED in
ensuring that MED is sufficiently funded for its immediate capital
requirements which includes the possibility to potentially advance further
funds in the near-term to provide interim funding pending completion of the
previously announced MED joint venture. The Kibo and MED boards remain
confident that the joint venture (as last updated on RNS 22 September 2023)
can be concluded as proposed despite the unforeseen delays arising from the
exceptional events confirmed in earlier announcements.

 

 

Total Voting Rights

 

Application will be made for the Settlement Shares to be admitted to the
Standard List segment of the Official List and to trading on the main market
of the London Stock Exchange plc ("Admission"). It is expected that Admission
will become effective and dealings in the Settlement Shares will commence at
8.00am on, or around, 12 October 2023.

 

Following Admission, the total issued share capital of the Company will
consist of 263,854,067 ordinary shares in issue of which Kibo will hold
147,811.746 giving it a 56.02% interest in MED. The forementioned figure of
263,854,067 may be used by shareholders as the denominator for the
calculations to determine if they are required to notify their interest in, or
a change to their interest in, the Company under the FCA's Disclosure Guidance
and Transparency Rules.

 

Following the issues of the Settlement Shares, Kibo will hold a 56.02%
Interest in the Company.

 

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
 Zainab Slemang van Rijmenant  zainab@lifacommunications.com (mailto:zainab@lifacommunications.com)  Lifa Communications  Investor & Media Relations Advisor

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  IOEKZLFBXBLXFBZ