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

Mast Energy DevelopmentsAnnouncement

23/10/2023 07:15

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RNS Number : 8850Q  Mast Energy Developments PLC  23 October 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: 23 October 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, 1 September
2023, and 22 September 2023 respectively, it has today signed a replacement
first definitive and binding Joint Venture Agreement ('JVA') with Proventure
Holdings (UK) Ltd which is part of the Proventure Group ('Proventure'),
following a rearrangement of the investor consortium participation as set out
in our announcement of 1 September 2023. Proventure was founded by Mr. Kona
and is an Indian based multi-national group specialising in renewable energy
investments globally. The terms of the replacement JVA are the same in all
material aspects as that of the previous JVA as set out in our announcement of
12 July 2023. Further, under the terms of the JVA, Proventure is required to
make an initial interim payment of £2,000,000 (the "Interim Payment") to the
Joint Venture SPV (the "JV"). The Interim Payment must be received by latest
10 November 2023, and the consortium's proof of funds has already been
provided by Proventure. As a result, MED has further extended the completion
long-stop date for the JVA. The revised completion date and the payment of the
balance of the investment due of c. £3.9m is now expected by no later than 30
November 2023 (except where a later date has been agreed by the Company and
Proventure, on that date). The further extension is required to allow
Proventure to complete the compulsory statutory process, as previously
explained. Upon completion of this process, the remaining balance of the JVA
funds due will be promptly transferred into the UK to complete the JVA
investment.

 

The JVA referred to above also commits both parties, as set out in MED's
announcement dated 12 July 2023, to promptly finalise terms on a second joint
venture. As such, notwithstanding the extension of completion of the first JVA
as referred to above, the parties will endeavour to finalise terms for the
second JV promptly.

 

Pieter Krügel, CEO of MED, commented: "We are delighted to have concluded
the agreement with the replacement lead-investor, and excited to partner with
a well-established and reputable institutional investor such as Proventure.
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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