TIDMMAST

RNS Number : 7410O

Mast Energy Developments PLC

05 October 2023

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 GBP0.001 each ("the Settlement Shares") at a deemed issue price of GBP0.01482 per share ("Settlement Share Price") to its majority shareholder, Kibo Energy PLC ("Kibo") having mutually agreed the partial settlement of GBP469,000 (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 GBP762,535.

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 O icial List and to trading on the main market of the London Stock Exchange plc ("Admission"). It is expected that Admission will become e ective 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:

 
 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 
                     ------------------------------  --------------------  ----------------- 
 

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

IOEKZLFBXBLXFBZ

(END) Dow Jones Newswires

October 05, 2023 02:00 ET (06:00 GMT)

Mast Energy Developments (LSE:MAST)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024 Plus de graphiques de la Bourse Mast Energy Developments
Mast Energy Developments (LSE:MAST)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024 Plus de graphiques de la Bourse Mast Energy Developments