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

Mast Energy DevelopmentsAnnouncement

22/12/2023 07:00

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RNS Number : 6918X  Mast Energy Developments PLC  22 December 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')

 

Dated: 22 December 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 announcement dated 11 December 2023, the MED board has
received written assurance from Proventure as well as its funders that
Proventure will initiate transfer of a first £1m payment to the Project SPV
by 4pm US-time on 22 December 2023, but no later than 29 December 2023.
Further, the remaining balance of £1m to satisfy the Interim Payment
requirement under the terms of the binding JVA will be transferred to the
Project SPV by no later than 4pm UK-time on 11 January 2024. Resultingly,
after due and careful consideration, and given the firm commitment by
Proventure that the first £1m payment will be made shortly, MED has provided
Proventure with a further extension of the time allowed accordingly for
Proventure to remedy its current position and to perform its obligations under
the binding JVA.

 

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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