REG - Mast Energy Dvlpmts. - MED Binding JVA Interim Payment Update

Mast Energy DevelopmentsAnnouncement

13/11/2023 07:00

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RNS Number : 1596T  Mast Energy Developments PLC  13 November 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: 13 November 2023

 

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

 

MED Binding Joint Venture Agreement Interim Payment 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 23 October 2023, 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 Interim Payment was to
be received by 10 November 2023, but MED has been notified that due to
administrative and international banking transfer delays, Proventure is still
in the process to deliver the Interim Payment.

 

As a result, MED has extended the Interim Payment deadline, and the Interim
Payment is now expected to be received between 15 and 30 November 2023. In
consideration for MED granting a further extension in respect of the Interim
Payment deadline, it has been agreed between both parties that Proventure will
incur and pay to MED a late payment penalty. Proventure will incur a late
payment penalty for every day that the Interim Payment is received late to the
amount of £3,000 per day, commencing on and calculated from 11 November 2023,
until the Interim Payment and the balance of investment pursuant to the JVA
are paid in full on or before the completion long-stop date of 30 November
2023.

 

If the Interim Payment is however received before or on 15 November 2023, MED
will waive any late payment penalties that have been incurred until that point
in time. Notwithstanding the extension of the Interim Payment deadline as
referred to above, the JVA completion date and the payment of the balance of
the investment due of c. £3.9m is still expected by around 30 November 2023.

 

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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