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MAST

Mast Energy Developments Plc

1.15
0.00 (0.0%)
Share Name Share Symbol Market Type Share ISIN Share Description
Mast Energy Developments Plc LSE:MAST London Ordinary Share GB00BMBSCV12 ORD GBP0.001
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 1.15 432,594 08:00:00
Bid Price Offer Price High Price Low Price Open Price
1.10 1.20 1.15 1.15 1.15
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Electric Services 1.04 -2.73 - - 2.17
Last Trade Time Trade Type Trade Size Trade Price Currency
15:28:55 O 420 1.20 GBX

Mast Energy Developments (MAST) Latest News

Mast Energy Developments (MAST) Discussions and Chat

Mast Energy Developments (MAST) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
14:28:561.204205.04O
14:08:301.202,07324.88O
14:06:161.202,97435.66O
11:53:161.104154.57O
11:10:171.11186,1952,057.45O

Mast Energy Developments (MAST) Top Chat Posts

Top Posts
Posted at 23/5/2023 08:18 by lurker5
There's a bloke just arrived on the LSE Kiddies board who in only two 6 weeks has posted nearly ten times a day on eleven or so shares. Here's his latest on Mast !
Gordonbennett1: Posts: 659: Price: 1.375: No Opinion
"Although a dilution it’s not one that should have an impact on the share price for me, the benefits from it outstrip it ten fold."
A mystery where such boneheads come from - fodder for the likes of Coetze

Posted at 22/5/2023 09:27 by lurker5
Candestick Re your 482 - Read again what I said. Re 483 - Shares to be issued to Riverfort. Any time in year one it can convert half the reprofiled loan into shares at 2p. Equals 20.7 m shares. In year two if Mast doesn't repay the balance (which it won't be able to) Riverfort can get another 20.7m shares. On top, Riverfort has already been issued 4.5m warrants at 2.6p, and another 82.3m warrants exercisable at 2p for half and then 4p. Admittedy the latter may not happen. But my calcs of earnings per share assume they have all been. If the shares get above 2p there will be a total of 87.1m shares added to 217.4m currently. If they get to 3p another 41m will be added on earnings which (we can't know accurately yet) will be too little to support a 3p price - ie little chance the shares will get far above 2p, and even then not until earnings are in full swing which won't be until 2024-25. Which is my point. There is no reason to chase the shares and a lot of execution risk meanwhile. On top, there is uncertainty about the peaker market. Now that consumers have learned to restrict their electricity consumption and more wind farms are coming on stream as well as more peakers, the demand for peaker supply will b limited. Its another reason why bank funding for them has dried up.
Posted at 22/5/2023 08:04 by candlestick1
'On top of that, Riverfort can get, in the next few months, an astonishing further 86.8m shares as warrants at up to 1.76p (ie they might convert now) taking their stake to a potential 122.9m - adding 56.5% to the 217.4m Mast shares currently in issue. All in return for a paltry £1.5m.'Not true. If you increase 217m by 88m you get 305m, an increase of 40.5%. You are also ignoring that the share price was under 1p when the deal was announced. So 1.76p was reasonable and an extra £1.5m for a company with a Mcap of under &2m at that point is not paltry.
Posted at 22/5/2023 07:54 by candlestick1
"In return for baling out Masts' projects, Riverfort is getting not just 75% of them, but initially 90% until it has recovered that £7.7m which, in reality, isn't a £7.7m 'injection' into Mast, but is having to be repaid by Mast foregoing its 25% share until paid back."Not true. They keep 10% until it's repaid and then revert back to 25%
Posted at 21/5/2023 21:02 by lurker5
MAST - Still the same jalopy. Not 'injected' but 'rescued'.

I said kick the tyres. And peer through the smoke and mirrors. Many newcomers here (I include Sunday Roast whose latest pod shows their usual naivite) don't understand how Mast works. They don't know its history, nor the financial structure of these peakers. Unlike most companies who own their assets and businesses directly, peakers like Mast hold their plants inside a series of legally separate 'Special Purpose Vehicles' whose assets and liabilities (and existence of any other
investors) are not required to be disclosed even in the parent's accounts, and are therefore hidden from shareholders.

Its why an alternative name for the practice is 'off balance sheet financing' which, while strictly not illegal,is frowned upon afer the Enron scandal. It went bust because investors (and even Enron) didn't know the extent of its hidden borrowings, which eventually Enron couldn't service.

It's this structure which explains what is really happening at Mast. And the investor' - almost certainly Riverfort which has effectively also rescued Kibo and who Kibo was very reticent to name - is not 'injecting' funds into Mast (which
some seem to think it is doing as if an endorsment) but is in effect taking 75% of its five projects off its hands, along with the liability to fund them. That is something Mast has obviously failed to do (due to its dodgy record and finances and the seemingly less than prime nature of the projects) after two years talking
to Close Bros !

The deal also reveals the true cost of completing the projects - a major fact Mast and its ringmaster Kibo have always obscured from investors and was one (of two) reasons Mast got away with listing its shares at their grotesquely inflated 12p price, with a listing document which was economical with the truth that major funding was still needed.

To explain further - although Mast hasn't specified which projects make up the stated 50MW going into the JV, they look suspiciously like the five it has been working on. Riverfort is taking 75% ownership of the SPV's which hold them, along with the liability to cough up all the £33.2m cost to complete them. (That works out out at £672,000 per megawatt, which is almost exactly what I've always posted is needed but which investors have ignored.

Adding what Mast has already spent - ie the £7.7m that Riverfort will reimburse - makes the true capital capital cost £826,000 per MW. For the first time, Mast discloses latest industry costs to be some £1 million per megawatt, which needs to be taken into account when looking at their true profitability.

(On the £15m revenue quoted by Mast at the 33% gross margin it has achieved (fleetingly) at Pyebridge, that means less than a £5m return on the £41.3 total capital cost. Although there will hopefully be other income from trading the
markets, it can't be counted on, and that is a paltry baseline 12.1% return for a limited life, and erratic, project. Its why few of these peakers are getting bank fnance now)

In return for baling out Masts' projects, Riverfort is getting not just 75% of them, but initially 90% until it has recovered that £7.7m which, in reality, isn't a £7.7m 'injection' into Mast, but is having to be repaid by Mast foregoing its 25% share until paid back.

Riverfort is also immediately geting a big stake in MED which will dilute existing shareholders' residual 25% share by another 1/3rd, firstly through the shares it can get in return for clearing Mast's existing £729,750 outstanding loan. At 2p, that gives Riverfort 18.2m shares in year one, and the same in year two unless the shares get above 2p (which I don't think they will for reasons below)

On top of that, Riverfort can get, in the next few months, an astonishing further 86.8m shares as warrants at up to 1.76p (ie they might convert now) taking their stake to a potential 122.9m - adding 56.5% to the 217.4m Mast shares currently in issue. All in return for a paltry £1.5m.

So existing shareholders' stake in the 50MW projects it is surrendering is diluted firstly by 75%, and then by another 36% - while Riverfort gets a 36% stake in Mast (on top of the debentures it is taking as security)

If the co (and the innumerate Sunday Roast) thinks the shares are 'cheap' at 2p, then why is the conversion price set so low ? They value the company at £5.7m, or 1.76p per share - which in my view is all they are worth for the next few years.

The fact is that nothing has changed financially as far as Mast is concerned but it has lost major ownership of its projects. The £33.2m is what it was going to have to raise to complete them which it has obviously failed to do through normal channels and whose size it is only now admitting.

That little has changed is shown by the end result in shareholder earnings. The £15m projected income for the 5 projects at 33% gross margin (which could of course change) would deliver only £1.25m to Mast, before its own admin costs which last year were nearly £1m.

You can add its plant management fee which I've estimated at £750,000 except that it will come out of the £5m before Mast's 25% share, otherwise it would be double counted.

You can also add whatever new projects Mast can find. But they will face the same funding challenge.

So, once all warrants and shares are issued next year, Mast's less than 25% of 33% of £15m, plus its fee, will amount to not more than £1m on 340.3m shares - ie 'earnings'of less than 0.3p per share. As a limited life business (with no dividends in sight) the market woudn't accord more than a 7 times PER (if that) which means a 2.1p share price. But that is for earnings that won't be seen for nearly two years. So no sensible investor would pay more here and now.

If anyone thought this is a super deal for Mast's shareholders - sorry ! As the bloke kicking the tyres might have said 'You din't see the trubble you got there Mate'

So this deal is nothing to shout about. Its structure and those of the generating plants are complicated, so newbies galloping in - brains in their hobnailed boots - ignored the clear warnings of elephant traps ahead by the game hunters in LC's jungle gone before

And - not unrelated to smoke and mirrors and as (not) an aside - while good to see the broker (spread bet) outfit which oversaw the fraudulent 12p Mast listing price has been sacked. He's been replaced by the same team now at Novum which was behind Do!fort's misleading coverage of Kibo and its grotesquely inflated share price 'targets' (See the earlier bits of my Kibo and Mast threads which detail it all and correctly forecast punters would lose their shirts in both)

The fact is LC has never been able to secure reputable brokers for any of his wheezes

Have a nice day .

Posted at 18/5/2023 11:47 by dpr1881
hxxps://audioboom.com/posts/8302946-midweek-takeaway-featuring-pieter-krugel-ceo-of-mast-energy-developments-lse-mast

Mast have the option to hold Pyebridge, Bordesley and Rochdale outside of the JV.

The sensible thing would to do would be to hold Pyebridge outside. If that happens Mast could have £7m in Cash + Pyebridge + value of JV.

All of that could sustain a market cap of £10-15m?

Posted at 18/5/2023 09:33 by jackjackpaul
#MAST ✨£33.6m injection.

✨Dilutes Kibo

✨Existing Shareholders diluted to 25.1% = £8.43m

✨Market Cap is £2m. Should be close to £8m.

✨400% rise in share price expected.

Posted at 21/12/2022 12:40 by yaki
My thoughts on why MAST share price collapsed since yesterday:

- net c900k net sells since yesterday. In a low liquidity and low sentiment stock like Mast, pressure on share price is reasonably expected

-why the sells now? A couple of possible reasons:

a) personal liquidity event (eg someone needs 100k+), which triggered other stop losses
b) forced sellers - eg margin call. I hear a few stocks had their margin reqs increased to 100% on Monday, prompting sells in other parts of the portfolio
c) Kibo selling - unlikely as they have issued TR1 already, and sold at c3.2p on average, implying starting selling like 2-3 months ago
d) placing and front running - mmmm. usually you see the sells after it is announced. So probably unlikely
e)the loan providers playing silly games, ie trashing the price so can capture bigger chunk of company. Possibility


Any other views?

Posted at 16/8/2021 11:23 by sharetalk
MAST share price ready to take off imo.
Posted at 13/8/2021 18:47 by sharetalk
"As the Company's projects and operations continue to move from development to commercial production the growth in revenue is expected to increase exponentially."(MAST, 23/8/2022)

"With increasing supply/demand volatility, the Reserve Power market is the fastest growing energy sector in the UK & accordingly there is significant demand for flexible power projects of this kind & at increasingly attractive economics."(MAST, 16/8/2021)

"demand for small stand-by, rapid start-up flexible power generation to support drops in base load power has become more acute in recent years...we anticipate the market to continue to grow commensurate with the continued transition from fossil fuels to renewable resources in powering the national grid...We believe that as an early entrant in this market we are well positioned to rapidly grow our business" (MAST, 26/5/2021)




1) MAST ENERGY DEVELOPMENTS

Corporate Website: hTTps://med.energy/
Twitter: hTTps://twitter.com/MastPlc?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

Fast growing owner & operator of UK electricity generation reserve power plants.

Aims to have portfolio of sites with 300 MW generation capacity within first 3 years. Plants use small gas powered gensets (1.5 MW - 4 MW) within noise abatement containers, are unmanned & controlled remotely, & have 15 - 20 year lifecycle. Defined development plan (with several acquisitions in pipeline) & experienced team (with requisite technical capabilities & commercial expertise) to develop projects & fast-track growth strategy. Scale & pace of expansion facilitated by existing off-take agreement framework with leading renewable energy management & energy trading company Stakraft.

MAST shares were listed on the main market of the London Stock Exchange in April 2021.


2) DEVELOPMENT PIPELINE

PHASE 1

14/4/2021: "MED has an initial portfolio of small-scale power generation assets, which it aims to develop at scale & pace, as opposed to a project-by-project basis, enabling it to advance rapidly towards significant revenue generation. MED expects to have c9 MW in production capacity imminently, c20 MW in production capacity within the first six months from listing, & another c20 MW in production capacity over the next six months. Various other "shovel ready" sites have been identified in the UK; in the coming weeks MED expects to announce further acquisitions in this regard that will significantly ramp up its production. Notably, MED already has an offtake agreement in place for all energy it produces for the next 15 years."

a) Bordesley (5.2 MW - 7.5 MW):

- 23/8/2022:
-- Post construction start, MAST continues to investigate ways to optimise site in light of rising capex costs & is currently working with its EPC provider (Clarke Energy Ltd) to investigate further reduction of capital costs & enhance project performance when electricity generation begins.
-- With a lucrative capacity market contract secured (see RNS, 24/2/2022) MAST believes it is worth expending the time & effort to ensure engine configuration & engineering design optimised for maximum efficiency to secure long-term financial viability of project.
-- Encora Energy aworking with gas network provider to design gas connection route to the site & ensure compatibility with gas pressures & capacity required to fuel the engines. Gas supply is secured, but design & logistics of gas connection pipeline to site faces logistical challenges as it is located in a developed urban area in central Birmingham.
-- MAST continues to work with Close Brothers in completing due diligence in preparation for financial close, under terms of debt funding previously announced. Due diligence is nearing finalisation & will be complete upon the Company's confirmation of the final engine configuration & approval of the preferred gas pipeline connection route.

- 10/6/2021: Construction commenced: "hope to see this carry through in an earlier than planned commissioning date".
- 21/5/2021:
-- Initially 2 generators providing 5.352 MW & minimum net export capacity 5.2 MW.
-- Sufficient redundant space for future installation of 3rd engine, increasing export capacity from 5 MW to 7.5 MW, with commensurate increase in electricity sales revenue of c£12,500k p/m.
-- Delivery lead time for gen equipment optimised to 22 weeks (previously 26 weeks).
-- Construction expected to commence June 2021.

b) Pye Bridge (Derbyshire) (Operational) (9 MW):

- 23/8/2022:
-- Steady-state production reached in Nov 2021, + subsequent comprehensive optimisation programme - resulted in significant performance improvement - fed into Pyebridges's Power Purchase Agreement with Statkraft, resulting in further enhancement of Pyebridge economics & profitability as outlined on 5/7/20222.
-- While the site's optimisation ongoing, improvements completed to end May 2022 resulted in performance figures for the 3 month period Mar to May 2022, with electricity generation sales revenue c.£130,000 & electricity generation output of c.371 MWh, which equates to average power sales price c.£350.4 per MWh sold. This price is 5x higher than the average power sales price at the time of MAST's IPO in Apr 2021.
-- Based on latest available trading data for month Jun 2022, Pyebridge generated Power Sales Revenue Turnover c.£177,000, which constitutes 347% month-on-month increase & achieving its targeted operational profit margin of c.30%.

- 12/6/2021:
-- MAST acquired installed & commissioned facility with 9 MW export capacity.
-- World-renowned OEM operating units in situ & live.
-- Projected EBIDTA £488,221 pa, post-tax summation annual revenue stream over project life £8.77m & Internal Rate of Return 21%.
-- Immediate revenue, promoting strong value creation.
-- Power Purchase agreement & Communications contract with EDF, floor price guarantees net income.
-- Capacity Market contract worth £60,000 pa (start Oct 2021) for 15 years, giving value £900,000 before Retail Price Index upward adjustment.

- 26/5/2021:
-- Instantaneous revenue creation capability with Blue Chip Original Manufacturer gas reciprocating engines already in situ, connected to live gas & electricity grid. 2 engines currently being operated & tested, with 3rd to follow. Will trigger immediate phased in operation on load with 24/7 availability (subject to planned maintenance) & synchronous with power off-take agreement. Revenue will bolster Working Capital Budget. MAST expect £42,500 per month revenue from site on steady state production.

c) Did Gate Lane, Rochdale (4.4 MW):

- 23/8/2022:
-- MAST re-evaluated whether to develop site for peaking power site or a battery site. Preliminary evaluation indicated it was suitable as a battery site (see RNS, 7/4/ 2022) but following feasibility study, apparent an input-output electrical grid connection would be difficult & costly to secure short-term. Consequently, MAST reverted to development of Rochdale as a peaking power site - now fully back on track & the Company looks forward to providing the market with further development updates.

- 7/10/2021:
-- MED completes acquisition of Rochdale Power Ltd.

- 16/8/2021:
-- Acquired site. Planning permission & grid connection in place. Will install 1 x 4.4 MW engine. Expect commercially operational Q2 2022.
-- Post tax summation of unlevered free cash flow over project life c£4.16m & Internal Rate Return c15.22%.
- Could be expanded from 4.4 MW to 7.5 MW.

N.B.
"We anticipate that the net profit stream from the Pyebridge, Bordesley & Rochdale facilities, totalling 18.4 MW, will be c£92,000 per month by Q2 2022, the time at which we expect all three sites to be fully operational & in steady state production." (MAST, 16/8/2021)

d) West Midlands (6 MW):

- 26/5/2021:
-- Has planning consent with capability for development as RP Gas Reciprocating facility, hybrid RP & battery, or preferably as long duration battery storage (due to location with access to DNO & Private Wire).
-- Commercial & technical solution timelines currently being evaluated under 6 months option agreement, enabling construction & commercial commissioning within 10 months.

e) Unnamed operational site (3.6 Mw - 4.4 MW):

- 26/5/2021: Currently negotiating to procure two additional sites, one with generating capacity of 3.6 to 4.4 MW that is already operational & revenue generating.

- 6/5/2021: Entered negotiations to procure RP site that is operational & revenue generating. Acquisition price will be accomodated within Working Capital Budget stated in Company Prospectus.

f) Potential Acquisition of 7MW Production Ready Gas Site:

- 7/4/2022:
-- MAST finalising proposed acquisition of 7MW construction-ready synchronous gas reciprocating site. Will enable MED to immediately access existing infrastructure & repurpose it as a gas Peaker site. The Board have decided to prioritise & fast track Acquisition:
1. An already developed site with clear path to steady state production within a short timeframe from acquisition;
2. Will allow repurposing of at least one of the existing sites currently part of the Company's development portfolio into a battery site;
3. Will accelerate overall timeline towards getting additional production capacity into production with an expected 4 to 6 months timeframe;
4. Will add an additional 7 MW production capacity to the current development portfolio; &
5. Total cost estimated c.£365,000 per MW, significantly below industry standard of c.£500,000 to £650,000 per MW installed, based on site complexity & gas & grid connection fees.

-- Once complete, will increase MAST's UK production capacity to 25.4 MW, which is more than 50% of the Company's immediate production capacity goal of 50 MW faster & cheaper, & ultimately improve MAST's investment case & return on investment.
-- Concurrent with acquisition, MAST finalising Equipment Purchase Agreement to purchase synchronous gas reciprocating engines & equipment with 10.5 MW electricity generating capacity, to fast-track electricity production at site, as well as other sites currently part of the Company's development portfolio. The acquisition is at competitive price & forms part of Company's strategy to mitigate long lead times, due to global supply chain constraints.

PHASE 2

a) Unnamed operational site (16.2 MW - 19.8 MW):

-- 26/5/2021: "Currently we are negotiating to procure two additional sites...a second associated site with a generating capacity range of 16.2 to 19.8 MW, which we are considering for incorporation in the second phase of the Company's site roll-out."

-- 6/5/2021: "This site is associated to the previously mentioned Phase 1 site which MED is considering as medium-term priority for possible acquisition to satisfy the second stage of the Company's current site rollout strategy towards achieving its stated ultimate production capacity."

b) Other potential sites.


PHASE 3 (Target 300 MW total by April 2024)

- 23/8/2022:
-- MAST is at an advanced stage of negotiation on acquisition of several key additional reserve power sites, as well as continually monitoring large portfolio of other available sites, some of which it has already initiated negotiations for purchase with vendors. The next imminent & any further acquisitions will be a significant next step in meeting MED's objective of attaining generating capacity of 300 MW in production.

- 12/8/2021: "a pipeline of sites totalling a further 71 MW currently being assessed, & additional prospective sites being continuously added in line with our expectations"

- 6/5/2021: "MED is currently engaging with a number of Reserve Power site developers & has access to sites of varying capacity totalling circa 166 MW. MED, in conjunction with the relevant vendors are now ranking the sites in tandem with MED's site roll out strategy site acquisition plans. All these sites can be developed at pace allowing a phased Due Diligence approach, optimised commercial & technical solutions & subsequent transactional engagement...

...we remain confident that all the projects identified in the company's working capital budget, as stated in the Company Prospectus, can be delivered within the said budget...

...MED's executive management & project team on the ground are experienced operators with a track record capable to deliver tangible outcomes based on experience in multiple jurisdictions. The building blocks of the platform & launching pad to achieve MED's operational & commercial success in future are in place & MED's team can now get on with the task in hand. Having raised and received £5.54 million with key institutions & retail investors who have recognised the opportunity, we now look forward towards successful delivery of the projects in our project pipeline & imminent revenue generation."


3) MAJOR SHAREHOLDERS

- 14/4/2021 (Floatation, Total 188,564,036 Ord Shares):

-- Kibo Energy = 103.7m (55% of 188.56m).
-- St Anderton on Val Ltd = 37.7m (20% of 188.56m).
-- Public & Institutional = 47.15m (25% of 188.56m).


4) PRESS

14/8/2021 hTTps://whatsnew2day.com/stocks-to-watch-could-informa-be-the-next-prey-for-ftse-predators/
14/8/2021 hTTps://twitter.com/DavidBurton1971/status/1426843492798640128


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