Partial Settlement Shareholder Loan & Share Issue

RNS Number : 3074U

Mast Energy Developments PLC

29 July 2022

 

Mast Energy Developments PLC

(Incorporated in England and Wales)

(Registration Number: 12886458)

Share code on the LSE: MAST

ISIN: GB00BMBSCV12

("MED" or "the Company")

29 July 2022

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 28,735,632 new MED Shares of £0.001 each ("the Settlement Shares") at a deemed issue price of £0.0348 per share ("Settlement Share Price") to its majority shareholder, Kibo Energy PLC ("Kibo") in partial settlement of £1m (the "Partial Settlement") of the total remaining 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 c. £1.27m.

The Settlement Share Price is the 5-day VWAP for the period up to the closing price of the Company shares on the London Stock Exchange on 26 July 2022, plus a 20% premium.

Total Voting Rights

Application will be made for the Settlement Shares to be admitted to the Standard List segment of the Official List and to trading on the main market of the London Stock Exchange plc ("Admission"). It is expected that Admission will become effective and dealings in the Settlement Shares will commence at 8.00am on, or around, 5 August 2022.

Following Admission, the total issued share capital of the Company will consist of 217,452,729 ordinary shares in issue and this figure 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 61.27% interest in the Company.

Pieter Krügel, MED CEO, commented: "We are pleased to announce the Partial Settlement of the Kibo Loan, which has been agreed on very favourable terms to MED, most notably Kibo's willingness to take MED paper as partial settlement of the Loan instead of cash, at a significant premium to the current MED share price. The favourable settlement terms not only highlight Kibo's ongoing support of MED and its belief in MED's future success, but also provides relief on MED's current cash reserves. The Partial Settlement will also significantly reduce MED's net debt position and free up its balance sheet for future project capex debt funding and leverage opportunities to enhance potential returns for its shareholders."

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 Developments Plc	CEO
Jonathan Critchley & Keith Swann	[phone]	Clear Capital Markets	Joint Broker
Zainab Slemang van Rijmenant	[e-mail]	Lifa Communications	Investor and Media Relations Advisor

 

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