Mast Energy Developments PLC MED Binding JVA Progress Update (8686Y)
08 Enero 2024 - 1:00AM
UK Regulatory
TIDMMAST
RNS Number : 8686Y
Mast Energy Developments PLC
08 January 2024
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: 8 January 2024
Mast Energy Developments PLC ('MED' or 'the Company')
MED Binding Joint Venture Agreement Progress 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 2
January 2024, Proventure has still not made the first GBP1m payment
to the Project SPV, which MED now understands was delayed due to a
lack of coordination and administrative difficulties on the side of
Proventure over the festive holiday period. Proventure CEO, Mr.
Kona will be travelling to London soon, in order to work with the
MED CEO and board to expedite delivery of the overdue JVA
investment payments, as well as to finalise the outstanding
administration to complete the JVA transaction.
The Company will provide a further update as soon as possible on
the outcome of the deliberations referred to above.
The Company is furthermore in advanced discussions in respect of
an alternative source of short-term funding to ensure that any
further delays regarding the JVA will not unduly impact the
Company's ability to meet its working capital requirements.
Pieter Krügel, MED CEO, commented : "The past year has proven
exceptionally challenging for MED, not only from a macro-economic
perspective affecting most businesses globally, but also from a
transactional perspective. However, we are looking forward to the
new year to realise MED's plans and potential, and we sincerely
thank our shareholders and key stakeholders for their ongoing
patience and support."
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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(END) Dow Jones Newswires
January 08, 2024 02:00 ET (07:00 GMT)
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