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

Mast Energy DevelopmentsAnnouncement

08/01/2024 07:00

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RNS Number : 8686Y  Mast Energy Developments PLC  08 January 2024

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: 8 January 2024

 

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

 

MED Binding Joint Venture Agreement Progress 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 2 January 2024, Proventure has still not
made the first £1m payment to the Project SPV, which MED now understands was
delayed due to a lack of coordination and administrative difficulties on the
side of Proventure over the festive holiday period. Proventure CEO, Mr. Kona
will be travelling to London soon, in order to work with the MED CEO and board
to expedite delivery of the overdue JVA investment payments, as well as to
finalise the outstanding administration to complete the JVA transaction.

 

The Company will provide a further update as soon as possible on the outcome
of the deliberations referred to above.

 

The Company is furthermore in advanced discussions in respect of an
alternative source of short-term funding to ensure that any further delays
regarding the JVA will not unduly impact the Company's ability to meet its
working capital requirements.

 

Pieter Krügel, MED CEO, commented: "The past year has proven exceptionally
challenging for MED, not only from a macro-economic perspective affecting most
businesses globally, but also from a transactional perspective. However, we
are looking forward to the new year to realise MED's plans and potential, and
we sincerely thank our shareholders and key stakeholders for their ongoing
patience and support."

 

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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