Mast Energy Developments PLC MED Binding JVA Completion Update (2868N)

TIDMMAST

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 or contact:

 
 Pieter Krügel   [e-mail]                 Mast Energy           CEO 
                                                       Developments 
                                                       PLC 
 Jon Belliss          [phone]             Novum Securities      Corporate Broker 
                     ------------------------------  --------------------  ----------------- 
 Zainab Slemang       [e-mail]   Lifa Communications   Investor & 
  van Rijmenant                                                              Media Relations 
                                                                             Advisor 
                     ------------------------------  --------------------  ----------------- 
 

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September 22, 2023 02:00 ET (06:00 GMT)