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: 3 December 2024
Mast Energy Developments PLC
('MED' or 'the Company')
Pyebridge Revenues &
Refurbishment Progress Update
and MED Shares Lock-In
Agreement Reminder
Mast Energy Developments PLC is
pleased to announce an update regarding its Pyebridge flexible
generation asset, the highlights and details of which are outlined
below.
Pyebridge Highlights:
·
Preliminary trading revenue for November 2024 of
c. £58,000 before receipt of Embedded Benefits;
·
Final trading revenue tally for October 2024
increased by 11% to c. £72,000 (up from c. £65k previously
reported) following receipt of Embedded Benefits;
·
Average trading revenue per MW per month for
period July to November 2024 equates to c. £24k (excluding Capacity
Market gross margin income payments);
·
Electricity sales price achieved during November
outperformed market with c. 41%;
·
Second refurbished 2.7MW genset successfully
reinstalled on site and commissioning in progress, with commercial
production starting shortly thereafter; and
·
Following the completion of the
2nd 2.7MW genset, Pyebridge will have 2x 2.7MW
(i.e. 5.4MW) in optimal commercial production and generating
income, effectively doubling the site's trading revenue generation
capacity.
Pieter Krügel, MED CEO, commented: "We are delighted
with the ongoing positive progress and performance of Pyebridge
since the start of the refurbishment programme a few months ago.
The commercial trading and operational performance of the first
refurbished 2.7MW genset since its commissioning in July has proven
that the overhaul programme is successful. With the commissioning
of the refurbished 2nd 2.7MW genset near completion, we
are looking forward to doubling the Pyebridge site's capacity and
revenue generation. We are expecting to commence with the
refurbishment of the third and final 2.7MW genset at Pyebridge
soon, and once completed, the site will have its full 8.1MW
capacity in optimal commercial production and generating maximum
revenue."
"Further, we are excited about the recently announced project
finance framework agreement entered into in partnership with
RiverFort Global Capital. RiverFort has been a key
pillar to MED and the new agreement is a significant step to
support and fast track MED's strategy to grow its portfolio of
MWs in production to 300+ MWs. The Company appreciates RiverFort's
ongoing and growing support."
Stay up to date with MED's latest
news and updates by joining our emailing list and social media
channels, as follows:
MED emailing list -
https://med.energy/email-alerts/
MED LinkedIn page -
https://uk.linkedin.com/company/mast-energy-developments-plc
MED X (formerly Twitter) handle -
@mastplc
Further details of Pyebridge Highlights:
Further to the Company's
announcement dated 22 November 2024, the Pyebridge trading results
for October 2024 have now been reconciled and confirmed as total
trading revenue of c. £72k representing a 11% increase in the
preliminary revenue previously reported. This follows the receipt
of Embedded Benefits for October, which usually happens a month in
arrears.
Moreover, preliminary trading
revenue for November is currently tallied at £58k before the
receipt of Embedded Benefits. Pyebridge continued to outperform the
market during November, with achieved actual average electricity
sales price per MWh sold of £138 compared to the average Wholesale
Market price of £981 over the same period, which
resulted in a 41% outperformance. 1The Wholesale Market price data was sourced
from Nordpool.
MED
Shares Lock-In Agreement Reminder
Further, MED announces that it has
today received a TR-1 significant shareholder notification from
RiverFort Global Opportunities PCC Ltd ("RGO").
This TR-1 notification follows the
MED shares that RGO has now received from the escrow account that
was operated with respect to Kibo Energy PLC (please refer to the
RNS announcement released by Kibo Energy PLC dated 1 October
2024).
The Company would like to remind the
market that further to its previous announcement dated 1 October
2024, it has agreed with RGO a lock-in on the aforementioned shares
until 1 January 2025.
TR-1: Standard form for
notification of major holdings
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NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and
to the FCA in Microsoft Word format if possible)
i
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1a.
Identity of the issuer or the underlying issuer of existing shares
to which voting rights are attached ii:
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Mast
Energy Developments PLC
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1b.
Please indicate if the issuer is a non-UK
issuer (please mark with an
"X" if appropriate)
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2.
Reason for the notification (please
mark the appropriate box or boxes with an "X")
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An acquisition or disposal of voting
rights
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X
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An acquisition or disposal of
financial instruments
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An event changing the breakdown of
voting rights
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Other (please specify)
iii:
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3.
Details of person subject to the notification
obligation iv
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Name
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RiverFort Global Opportunities PCC
Ltd
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City and country of registered office
(if applicable)
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Gibraltar
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4.
Full name of shareholder(s) (if
different from 3.) v
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Name
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City and country of registered office
(if applicable)
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5.
Date on which the threshold was crossed or reached
vi:
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25 November 2024
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6.
Date on which issuer notified
(DD/MM/YYYY):
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3 December 2024
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7.
Total positions of person(s) subject to the notification
obligation
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% of
voting rights attached to shares (total of 8. A)
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% of
voting rights through financial instruments
(total of 8.B 1 + 8.B 2)
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Total of
both in % (8.A + 8.B)
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Total number of voting rights held in
issuer (8.A + 8.B) vii
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Resulting situation on the date on
which threshold was crossed or reached
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19.52%
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19.52%
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83,211,746
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Position of previous notification
(if
applicable)
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0.00%
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0.000000
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0.00%
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8.
Notified details of the resulting situation on the date on which
the threshold was crossed or reached
viii
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A:
Voting rights attached to shares
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Class/type of
shares
ISIN code (if possible)
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Number of voting rights ix
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% of
voting rights
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Direct
(DTR5.1)
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Indirect
(DTR5.2.1)
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Direct
(DTR5.1)
|
Indirect
(DTR5.2.1)
|
|
GB00BMBSCV12
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83,211,746
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19.52%
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SUBTOTAL 8. A
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83,211,746
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B 1:
Financial Instruments according to DTR5.3.1R (1)
(a)
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Type
of financial instrument
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Expiration
date x
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Exercise/
Conversion Period xi
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Number of voting rights that may be acquired if the instrument
is
exercised/converted.
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% of
voting rights
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SUBTOTAL 8. B 1
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B 2:
Financial Instruments with similar economic effect according to
DTR5.3.1R (1) (b)
|
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Type
of financial instrument
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Expiration
date x
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Exercise/
Conversion Period xi
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Physical or cash
Settlement xii
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Number of voting rights
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% of
voting rights
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SUBTOTAL 8.B.2
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9.
Information in relation to the person subject to the notification
obligation (please mark
the
applicable box with an
"X")
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Person subject to the notification
obligation is not controlled by any natural person or legal entity
and does not control any other undertaking(s) holding directly or
indirectly an interest in the (underlying) issuer
xiii
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X
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Full chain of
controlled undertakings through which the voting rights and/or
the
financial instruments are effectively held starting with the
ultimate controlling natural person or legal entity (please add additional rows as necessary)
xiv
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Name
xv
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% of voting rights if it
equals or is higher than the notifiable threshold
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% of voting rights through
financial instruments if it equals or is higher than the notifiable
threshold
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Total of both if it equals or
is higher than the notifiable threshold
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10.
In case of proxy voting, please identify:
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Name of the proxy holder
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The number and % of voting rights
held
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The date until which the voting
rights will be held
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11.
Additional information xvi
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Place of completion
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London, United Kingdom
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Date
of completion
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3 December 2024
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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: