Business
Partial Settlement Shareholder Loan & Share Issue
Partial Settlement Shareholder Loan & Share Issue.
About this update from Quantum Data Energy Plc
[{"type":"text","content":"\n \n \n \n \n \n Mast Energy Developments PLC\n \n \n (Incorporated in England and Wales)\n \n \n (Registration Number: 12886458)\n \n \n Share code on the LSE: MAST\n \n \n ISIN: GB00BMBSCV12\n \n \n (\"MED\" or \"the Company\")\n \n \n \n \n \n \n 29 July 2022\n \n \n \n \n \n \n \n \n \n Mast Energy Developments Plc (\"MED\" or \"the Company\")\n \n \n \n \n \n \n \n \n \n Partial Settlement of Outstanding Shareholder Loan and Issue of Shares\n \n \n \n \n \n \n Mast Energy Developments PLC, the UK-based multi-asset owner and operator in the rapidly growing Reserve Power market,\n 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.\n \n \n 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.\n \n \n \n Total Voting Rights\n \n \n \n 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.\n \n \n 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.\n \n \n Following the issues of the Settlement Shares, Kibo will hold a 61.27% interest in the Company.\n \n \n \n Pieter Krügel, MED C...