Mast Energy Developments PLC MED Binding JVA Interim Payment Update (1596T)

TIDMMAST

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 GBP2,000,000 (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 GBP3,000 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. GBP3.9m 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 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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November 13, 2023 02:00 ET (07:00 GMT)