Mast Energy Developments PLC MED Binding Joint Venture Completion Update (0004L)
01 Septembre 2023 - 8:00AM
UK Regulatory
TIDMMAST
RNS Number : 0004L
Mast Energy Developments PLC
01 September 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: 1 September 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 announcements dated
12 July 2023 and 4 August 2023, respectively, it has further
extended the completion long-stop date for the first definitive and
binding Joint Venture Agreement ('JVA'). The revised completion
date is now expected around 21 September 2023. The further
extension is required to allow the JV investor consortium to
complete the compulsory statutory process for the international
transfer of funds associated with any investment that qualifies as
an outward direct investment. Upon completion of this process,
funds will be promptly transferred into the UK to complete the JVA
investment. This was not previously a requirement but follows as a
result of Seira Capital being unable to complete the first
definitive and binding JVA, for the reasons set out in the RNS of 4
August 2023 and which necessitated a rearrangement of the investor
consortium participation as previously explained.
Pieter Krügel, CEO of MED, commented: "We are pleased to receive
the full and ongoing support and co-operation from the JV investor
consortium and with the progress made towards completing the JVA
investment. The parties are fully committed to finalise the
statutory arrangements required to ensure the successful completion
and transfer of funds as quickly as possible. We are confident that
we will be able to complete the transaction in accordance with the
revised long-stop date."
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
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Zainab Slemang zainab@lifacommunications.com Lifa Communications Investor &
van Rijmenant Media Relations
Advisor
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END
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