Mast Energy Developments PLC Issue of Equity (7410O)
05 Octubre 2023 - 1:00AM
UK Regulatory
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
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END
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(END) Dow Jones Newswires
October 05, 2023 02:00 ET (06:00 GMT)
Mast Energy Developments (LSE:MAST)
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