Business
MED Binding Joint Venture Completion Update
MED Binding Joint Venture Completion Update.
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: 1 September 2023\n \nMast Energy Developments PLC ('MED' or 'the Company')\n \nMED Binding Joint Venture Completion Update\n \nMast 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 announcements dated 12 July 2023 and 4 August 2023, respectively, it has further extended the completion long-stop date for the first definitive and binding Joint Venture Agreement ('JVA'). The revised completion date is now expected around 21 September 2023. The further extension is required to allow the JV investor consortium to complete the compulsory statutory process for the international transfer of funds associated with any investment that qualifies as an outward direct investment. Upon completion of this process, funds will be promptly transferred into the UK to complete the JVA investment. This was not previously a requirement but follows as a result of Seira Capital being unable to complete the first definitive and binding JVA, for the reasons set out in the RNS of 4 August 2023 and which necessitated a rearrangement of the investor consortium participation as previously explained.\n \nPieter Krügel, CEO of MED, commented: \"We are pleased to receive the full and ongoing support and co-operation from the JV investor consortium and with the progress made towards completing the JVA investment. The parties are fully committed to finalise the statutory arrangements required to ensure the successful completion and transfer of funds as quickly as possible. We are confident that we will be able to complete the transaction in accordance with the revised long-stop date.\"\n \nENDS\nThis 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.\n \nFor further information please visit www.med.energy or contact:\n\n\n\nP...