Mast Energy Developments PLC MED Binding JVA Interim Payment Update (1596T)
November 13 2023 - 2:00AM
UK Regulatory
TIDMMAST
RNS Number : 1596T
Mast Energy Developments PLC
13 November 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: 13 November 2023
Mast Energy Developments PLC ('MED' or 'the Company')
MED Binding Joint Venture Agreement Interim Payment 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
23 October 2023, under the terms of the JVA, Proventure is required
to make an initial interim payment of GBP2,000,000 (the "Interim
Payment") to the Joint Venture SPV. The Interim Payment was to be
received by 10 November 2023, but MED has been notified that due to
administrative and international banking transfer delays,
Proventure is still in the process to deliver the Interim
Payment.
As a result, MED has extended the Interim Payment deadline, and
the Interim Payment is now expected to be received between 15 and
30 November 2023. In consideration for MED granting a further
extension in respect of the Interim Payment deadline, it has been
agreed between both parties that Proventure will incur and pay to
MED a late payment penalty. Proventure will incur a late payment
penalty for every day that the Interim Payment is received late to
the amount of GBP3,000 per day, commencing on and calculated from
11 November 2023, until the Interim Payment and the balance of
investment pursuant to the JVA are paid in full on or before the
completion long-stop date of 30 November 2023.
If the Interim Payment is however received before or on 15
November 2023, MED will waive any late payment penalties that have
been incurred until that point in time. Notwithstanding the
extension of the Interim Payment deadline as referred to above, the
JVA completion date and the payment of the balance of the
investment due of c. GBP3.9m is still expected by around 30
November 2023.
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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