Mast Energy Developments PLC MED Binding Joint Venture Completion Update (2703I)
2023年8月4日 - 3:00PM
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RNS Number : 2703I
Mast Energy Developments PLC
04 August 2023
Mast Energy Developments PLC
(Incorporated in England and Wales)
(Registration Number: 12886458)
Share code on the LSE: MAST
ISIN: GB00BMBSCV12
('MED' or 'the Company')
Dated: 4 August 2023
Mast Energy Developments PLC ('MED' or 'the Company')
MED Binding Joint Venture 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
12 July 2023, it has extended the completion long-stop date for the
first definitive and binding Joint Venture Agreement ('JVA') on
account of exceptional circumstances. The revised completion date
is now expected around 31 August 2023. The extension is due to the
principal of Seira Capital, MED's JV lead investor partner, who was
involved in a tragic road accident in which he was seriously
injured and is still hospitalised and in critical condition. MED is
currently working with the JV investor consortium to expedite the
transfer of the JVA investment funds and to complete the
transaction without any further undue delay. In this regard, the
Company has received the full co-operation of the investor
consortium and has already reached agreement on how the revised
completion long-stop date can be met. The parties are now working
on finalising the necessary logistical and statutory arrangements
to ensure successful completion and transfer of funds in accordance
with the revised long-stop date.
Further, the JVA also commits both parties, as set out in MED's
announcement dated 12 July 2023, to promptly finalise terms on a
second joint venture that will increase the envisaged total
investment value to c. GBP31m, with a total portfolio of low-carbon
flexible gas generation peaker plants totally a combined generation
output of up to c. 33 MW, to be developed and/or acquired,
constructed and in production and income-generating under the two
joint ventures ('Secondary JVA'). MED has now received the
published guidance from the FCA and the FCA have confirmed that
they agree with MED that entrance into the second joint venture
would not constitute a reverse takeover. As such, notwithstanding
the extension of completion of the first JVA as referred to above,
MED will endeavour to finalise terms for the second JV
promptly.
Pieter Krügel, CEO of MED, commented: "We wish our JV investor
partner principal and his family all the best during this
challenging time. We are pleased to receive support from the JV
investor consortium in the meantime , and we are confident that we
will be able to complete the transaction shortly.
"Further, we are pleased to have received the clearance from the
FCA regarding the Secondary JVA, and we are looking forward to
finalising the second JVA promptly and will update the market on
both matters in due course."
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 CEO
Developments
PLC
Jon Belliss +44 (0)20 7399 9425 Novum Securities Corporate Broker
------------------------------ -------------------- -----------------
Zainab Slemang zainab@lifacommunications.com Lifa Communications Investor &
van Rijmenant Media Relations
Advisor
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