Mast Energy Developments PLC MED Binding JVA Completion Update (6918X)

TIDMMAST

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 GBP1m 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 GBP1m 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 GBP1m 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 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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December 22, 2023 02:00 ET (07:00 GMT)