Business
JV & Investment. New Broker & Loan Reprofiling
JV & Investment. New Broker & Loan Reprofiling.
About this update from Quantum Data Energy Plc
[{"type":"text","content":"\n\nMast Energy Developments PLC\n(Incorporated in England and Wales)\n(Registration Number: 12886458)\nShare code on the LSE: MAST\nISIN: GB00BMBSCV12\n('MED' or 'the Company')\n \nDated: 18 May 2023\n \nMast Energy Developments PLC ('MED' or 'the Company')\n \nMED Announces Joint Venture and associated Significant Investment, Appointment of New Corporate Broker, and Reprofiling of its Loan Facilities\n \nMast Energy Developments PLC, the UK-based multi-asset owner, developer, and operator in the rapidly growing flexible power market, is pleased to announce that it has recently concluded a Heads of Terms ('HoT') with regard to a new Joint Venture ('JV') agreement between MED and a new institutional investor-led consortium (the 'Institutional Investor'). Under the HoT, it is envisaged that the Institutional Investor will inject all required investment capital into the JV with an expected total investment value of c. £33.6m, with no funding contribution required from MED. MED will be providing the required projects to the JV, for a total portfolio of gas peaker plants with a combined generation output of c. 50 MW to be developed and/or acquired, constructed and in production and income generating within the next 12 months. An overview of the key highlights and terms of the JV are provided below.\n \nFurther, MED announces the appointment of Novum Securities Limited (\"Novum\") as corporate broker to the Company. Novum will be taking over from Clear Capital Markets Limited as sole broker with immediate effect.\n \nFinally, MED announces that is has agreed to a reprofiling of the outstanding balances on its existing loan facilities (herein referred to as the 'Acquisition Loan' and the 'Development Loan', and together as the 'Loans') held through an institutional lender group (the 'Institutional Lender'). The Loans' details were previously announced by the Company in RNSs dated 5 October 2022 and 3 November 2022, respectively. The current aggregate balance outstanding on the Loans is £729,750 (the 'Reprofiled Balance'), which was transferred to the new loan agreement (the 'Reprofiling Agreement') signed between the Company and the Institutional Lender on 17 May 2023 (the 'Execution Date'). Under the terms of the Reprofiling Agreement, the Reprofiled Amount is deemed an initial advance on the Execut...