First Day of Dealings

RNS Number : 3394V

Mast Energy Developments PLC

14 April 2021

 

Mast Energy Developments PLC

(Incorporated in England and Wales)

(Registration Number: 12886458)

Share code on the LSE: MAST

ISIN: GB00BMBSCV12

("MED" or "the Company")

14 April 2021

Mast Energy Developments plc ("MED" or "the Company")

First Day of Dealings

Mast Energy Developments plc, a UK-based multi-asset operator in the rapidly growing Reserve Power market , is pleased to announce that  at 08.00 today its ordinary shares commenced trading on the Official List for listed securities of the London Stock Exchange plc ('LSE') under the ticker MAST ('Admission').  As part of the Admission process, the Company has raised 5.54 million through a placing of 47,150,000 Ordinary Shares (representing 25% of the Company's issued share capital on Admission) at 12.5 pence each to institutional and retail investors, with a market capitalisation of circa £23 million on Admission.  On Admission, the Company will have 188,564,036 Ordinary Shares in issue.

Overview

· Raised 5.54 million to support the Company's aggressive expansion plans.

· First projects in the UK Reserve Power market to come on stream imminently and generate revenue.

· Defined development plan to advance strategy with several acquisitions in the pipeline.

· Highly experienced team with requisite technical capabilities and commercial expertise needed to develop the projects and fast-track growth strategy.

Louis Coetzee, Non-Executive Chairman said,   "We are delighted to commence trading on the London Stock Exchange; this is a key milestone in our strategy to become a leading supplier of flexible energy to the UK market.  Given the UK's rising reliance on intermittent renewable energy, the need for flexible energy to support the grid during peak times is increasing and this is where our projects step in to provide the balance of power to maintain stability in the national grid. To that end, we already have an offtake agreement in place for all the energy we can produce for the next 15 years.  Having raised £5.54 million with key institutions and retail investors who have recognised the opportunity, we now look forward to fast-tracking our production capacity profile and regularly updating the market on our progress."

Further Details

MED was established to acquire and develop a portfolio of flexible power plants in the UK and become a multi-asset operator in the rapidly growing Reserve Power market; this is critical for the renewable energy market, which needs natural gas as a back-up source of energy given renewable supply can be intermittent.

MED has an initial portfolio of small-scale power generation assets, which it aims to develop at scale and pace, as opposed to a project-by-project basis, enabling it to advance rapidly towards significant revenue generation.  MED expects to have circa 9 MW in production capacity imminently, circa 20 MW in production capacity within the first six months from listing, and another circa 20 MW in production capacity over the next six months. Various other "shovel ready" sites have been identified in the UK; in the coming weeks MED expects to announce further acquisitions in this regard that will significantly ramp up its production.  Notably, MED already has an offtake agreement in place for all energy it produces for the next 15 years.

The purpose of the flotation was to raise the public profile and provide new funds for the Company's aggressive expansion plans; accordingly, the Company raised 5.54 million.  Clear Capital Markets acted as sole bookrunner and broker to the Company.

Further information on the Company, including the prospectus published in conjunction with Admission, can be found on the Company's website: www.med.energy

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

ENDS

For further information please visit www.med.energy or contact:

Louis Coetzee	[e-mail]	Mast Energy Developments Plc	Non-Executive Chairman
Jonathan Critchley & Keith Swann	[phone]	Clear Capital Markets	Broker

 

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