REG - Mast Energy Dvlpmts. - MED Binding Joint Venture Completion Update

Mast Energy DevelopmentsAnnouncement

04/08/2023 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:20230804:nRSD2703Ia&default-theme=true

RNS Number : 2703I  Mast Energy Developments PLC  04 August 2023

Mast Energy Developments PLC

(Incorporated in England and Wales)

(Registration Number: 12886458)

Share code on the LSE: MAST

ISIN: GB00BMBSCV12

('MED' or 'the Company')

 

Dated: 4 August 2023

 

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

 

MED Binding Joint Venture Completion Update

 

Mast Energy Developments PLC, the UK-based multi-asset owner, developer and
operator in the rapidly growing flexible power market, announces that further
to its previous announcement dated 12 July 2023, it has extended the
completion long-stop date for the first definitive and binding Joint Venture
Agreement ('JVA') on account of exceptional circumstances. The revised
completion date is now expected around 31 August 2023. The extension is due to
the principal of Seira Capital, MED's JV lead investor partner, who was
involved in a tragic road accident in which he was seriously injured and is
still hospitalised and in critical condition. MED is currently working with
the JV investor consortium to expedite the transfer of the JVA investment
funds and to complete the transaction without any further undue delay. In this
regard, the Company has received the full co-operation of the investor
consortium and has already reached agreement on how the revised completion
long-stop date can be met. The parties are now working on finalising the
necessary logistical and statutory arrangements to ensure successful
completion and transfer of funds in accordance with the revised long-stop
date.

 

Further, the JVA also commits both parties, as set out in MED's announcement
dated 12 July 2023, to promptly finalise terms on a second joint venture that
will increase the envisaged total investment value to c. £31m, with a total
portfolio of low-carbon flexible gas generation peaker plants totally a
combined generation output of up to c. 33  MW, to be developed and/or
acquired, constructed and in production and income-generating under the two
joint ventures ('Secondary JVA'). MED has now received the published guidance
from the FCA and the FCA have confirmed that they agree with MED that entrance
into the second joint venture would not constitute a reverse takeover. As
such, notwithstanding the extension of completion of the first JVA as referred
to above, MED will endeavour to finalise terms for the second JV promptly.

 

Pieter Krügel, CEO of MED, commented: "We wish our JV investor partner
principal and his family all the best during this challenging time. We are
pleased to receive support from the JV investor consortium in the meantime,
and we are confident that we will be able to complete the transaction shortly.

"Further, we are pleased to have received the clearance from the FCA regarding
the Secondary JVA, and we are looking forward to finalising the second JVA
promptly and will update the market on both matters in due course."

 

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  UPDSSDFIDEDSELA