RNS Number : 6918X
Mast Energy Developments PLC
22 December 2023
 

image1.jpegMast 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 £1m 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 £1m 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 £1m 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

Info@med.energy

Mast Energy

Developments PLC

CEO

Jon Belliss

+44 (0)20 7399 9425

Novum Securities

Corporate Broker

Zainab Slemang van Rijmenant

zainab@lifacommunications.com

Lifa Communications

Investor & Media Relations Advisor

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
JVEFESFAFEDSEEE