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')

 

 

5 October 2023

 

Mast Energy Developments Plc ("MED" or "the Company") Partial Settlement of Outstanding Shareholder Loan and Issue of Shares

 

 

Mast Energy Developments PLC, the UK-based multi-asset owner and operator in the rapidly growing Reserve Power market, has today issued 31,646,424 new MED Shares of £0.001 each ("the Settlement Shares") at a deemed issue price of £0.01482 per share ("Settlement Share Price") to its majority shareholder, Kibo Energy PLC ("Kibo") having mutually agreed the partial settlement of £469,000 (the "Partial Settlement") of the total -outstanding amount owing to Kibo Mining Cyprus Ltd, a wholly owned subsidiary of Kibo, pursuant to the shareholder loan account ("the Loan"), as disclosed in the Company's IPO admission document and most recently its latest audited annual report and accounts. Following the Partial Settlement, the Loan's remaining outstanding amount owing to Kibo is £762,535.

 

The Settlement Share Price is the 20-day VWAP for the period up to the closing price of the Company shares on the London Stock Exchange on 2 October 2023.

 

Kibo and MED are working with their advisors and funders to assist MED in ensuring that MED is sufficiently funded for its immediate capital requirements which includes the possibility to potentially advance further funds in the near-term to provide interim funding pending completion of the previously announced MED joint venture. The Kibo and MED boards remain confident that the joint venture (as last updated on RNS 22 September 2023) can be concluded as proposed despite the unforeseen delays arising from the exceptional events confirmed in earlier announcements.

 

 

Total Voting Rights

 

Application will be made for the Settlement Shares to be admitted to the Standard List segment of the Official List and to trading on the main market of the London Stock Exchange plc ("Admission"). It is expected that Admission will become effective and dealings in the Settlement Shares will commence at 8.00am on, or around, 12 October 2023.

 

Following Admission, the total issued share capital of the Company will consist of 263,854,067 ordinary shares in issue of which Kibo will hold 147,811.746 giving it a 56.02% interest in MED. The forementioned figure of 263,854,067 may be used by shareholders as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

 

Following the issues of the Settlement Shares, Kibo will hold a 56.02% Interest in the Company.

 

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: