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

Mast Energy DevelopmentsAnnouncement

01/09/2023 07:00

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RNS Number : 0004L  Mast Energy Developments PLC  01 September 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: 1 September 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 announcements dated 12 July 2023 and 4 August 2023,
respectively, it has further extended the completion long-stop date for the
first definitive and binding Joint Venture Agreement ('JVA'). The revised
completion date is now expected around 21 September 2023. The further
extension is required to allow the JV investor consortium to complete the
compulsory statutory process for the international transfer of funds
associated with any investment that qualifies as an outward direct investment.
Upon completion of this process, funds will be promptly transferred into the
UK to complete the JVA investment. This was not previously a requirement but
follows as a result of Seira Capital being unable to complete the first
definitive and binding JVA, for the reasons set out in the RNS of 4 August
2023 and which necessitated a rearrangement of the investor consortium
participation as previously explained.

 

Pieter Krügel, CEO of MED, commented: "We are pleased to receive the full
and ongoing support and co-operation from the JV investor consortium and with
the progress made towards completing the JVA investment. The parties are fully
committed to finalise the statutory arrangements required to ensure the
successful completion and transfer of funds as quickly as possible. We are
confident that we will be able to complete the transaction in accordance with
the revised long-stop date."

 

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

 

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