REG - Mast Energy Dvlpmts. - MED Binding JVA Completion Update

Mast Energy DevelopmentsAnnouncement

22/09/2023 07:00

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RNS Number : 2868N  Mast Energy Developments PLC  22 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: 22 September 2023

 

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

 

MED Binding Joint Venture Agreement 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, 4 August 2023, and 1
September 2023 respectively, it has further extended the completion long-stop
date for the first definitive and binding Joint Venture Agreement ('JVA').
Completion is now expected around mid-October 2023. The further extension is
required to allow the JV investor consortium to complete the compulsory
statutory process, as set out in the announcement of 1 September 2023. This
process and timelines associated therewith remains beyond the control of the
Company and the JV investor who remains fully committed to see this completed
at the earliest possible date.

 

Although MED is continuing to work with the investor consortium, and the board
have full confidence that the transaction will be completed, unless or until
the first definitive and binding Joint Venture Agreement ('JVA') has been
completed, Seira Capital Ltd ('Seira') remains contractually bound under the
JVA, and remains in breach of its obligations thereto. Should the investor
consortium fail to complete the transaction around the latest completion
extension date, MED will consider all its options, including but not limited
to commencing legal proceedings against Seira and affected parties, as well as
alternative investment opportunities.

 

Pieter Krügel, CEO of MED, commented: "We remain confident that the
investor consortium will be able to complete the transaction and the board
have also received written reassurance from the investor consortium in this
regard."

 

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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