Mast Energy Developments PLC MED Binding JVA Update (3143W)

TIDMMAST

RNS Number : 3143W

Mast Energy Developments PLC

11 December 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')

Dated: 11 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 announcements dated 23 October 2023, 13 November 2023, and 1 December 2023 respectively, the MED board have received sufficient verbal and written evidence from Proventure as well as its funders that the initial Interim Payment of GBP2m will be paid to the JV SPV between 15 to around 20 December 2023, subject to signature of definitive agreements. Resultingly, after due and careful consideration, MED has extended 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           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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END

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