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Mast Energy Developments PLC - London-based company which operates reserve power generation plants in the UK - Allots 11.7 million new shares following receipt of conversion notices from the institutional lender group under the terms of the recent reprofiling agreement on the balance of its outstanding loan facilities announced last week Wednesday.
Adds the shares are being issued in respect of GBP34.7 million in accrued interest and GBP50,000 in principal payment at an exercise price of GBP0.0072567 per conversion share in accordance with the Reprofiling Agreement. Shares expected to be admitted to the Official List and for trading on the main market of the London Stock Exchange on, or around, Friday.
Meanwhile Kibo Energy PLC, a Galway, Ireland-based company that runs energy projects in Africa and UK, reports its holding in Mast Energy will reduce to 55% from 58% after the share issue.
Mast Energy current stock price: 1.40 pence, down 15% in London on Monday
12-month change: down 61%
Kibo Energy current stock price in London: 0.07 pence, down 4.1% on Monday
12-month change: down 59%
Kibo Energy current stock price in Johannesburg: ZAR0.03, flat on Monday
12-month change: down 50%
By Jeremy Cutler, Alliance News reporter
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