Member Info for Bigwil7

7th on the list of toplist of % gainers so far - up 9.68% .

Level 2 looking good too.

More buying will send the mm's looking for an ever decreasing number to sell.

Pyebridge Update

· Further to the Company's previous RNS announcement dated 3 December 2024, the commissioning of the refurbished 2nd 2.7MW genset has been successfully completed, and the genset has been operating commercially since 17 December 2024;

· Following the successful completion of the 2nd 2.7MW genset refurbishment, Pyebridge has 2x 2.7MW (i.e. 5.4MW) in optimal commercial production and generating income, effectively doubling the site's trading revenue generation capacity;

· GB intraday electricity prices reach multi-year high of over £600/MWh during December 2024 due to extended periods of low wind generation, which results in increased demand for and revenue of flexible power plants, such as Pyebridge;

· Pyebridge has successfully qualified for an additional new T-1 and T-4 Capacity Market ("CM") contracts at the site's maximum generation capacity of c. 8.1MW during the recent CM qualification assessment window;

· The price auctions for the new contracts are expected to take place at the end of February 2025; and

· Subject to the new CM contracts being issued in due course (which is expected), means that Pyebridge will have uninterrupted Capacity Market contracts until 2029 providing a significant contribution to the site's income profile by way of guaranteed gross margin income payments, in addition to the site's PPA trading revenue.

New Growth Capital Partnership & Project Finance Facility Agreement,

Mast Energy Developments PLC is pleased to announce that it has signed a conditional growth capital partnership term sheet and executed an associated initial project finance facility agreement, and further provide an update regarding its Pyebridge flexible power plant, the highlights and details of which are outlined below.

Growth Capital Partnership & New Facility Agreement

· MED has signed a conditional term sheet with Powertree (Holdings) Ltd ("Powertree") under which Powertree would form a long-term partnership with MED and deploy capital into the portfolio of development flexible power generation projects that MED owns, starting with Hindlip Lane (the "Growth Capital Partnership");

· The first definitive step in the new Growth Capital Partnership with Powertree is a new project finance facility agreement with Powertree regarding MED's 7.5MW shovel-ready Hindlip site (the "Facility Agreement");

· The Facility Agreement is entered into between Powertree (as the lender) and the Hindlip SPV, ADV 001 Ltd (as the borrower), with an initial advance of up to £70,000 and secured over the Hindlip SPV;

· The use of proceeds from the initial advance is solely for the Hindlip site's development costs;

· The Growth Capital Partnership is subject to certain conditions precedent, including confirmatory due diligence and contract (the "CP's"); and

· Once the CP's have been satisfied, MED and Powertree will enter into a binding definitive wider funding agreement to support and enhance the Growth Capital Partnership.

· RiverFort will have the right to convert the outstanding balance on the Investment to Preference Shares in Pyebridge once it exceeds £1million of outstanding balance pursuant to the Investment. The conversion into Preference Shares will represent 12.5% of the issued share capital (on a fully diluted basis). This can be increased up to 20% of the issued share capital (on a fully diluted basis) by the conversion of outstanding balances during the term of the Investment up to £2,000,000 ("Equity Rights"). The Equity Rights will:

o Provide a preferential return on all income or capital distributions with 12.5% representing 50% of all distributions with the balance due to the ordinary shares in Pyebridge, such percentage increasing with further investment and transformation into Preference Shares;

o Provide a preferential return on capital risk representing the value of the Investment converted into the Equity Rights prior to distribution to the shareholders of Pyebridge;

o Provide a right to appoint up to 2 directors and an observer to the board of Pyebridge;

o Include veto and consent rights customary with an investment of the nature of the Investment (including approval of any material disposals or investments by Pyebridge); and

o Not include any fixed returns, coupons or other guaranteed returns.

MED and RiverFort have agreed on an allocation budget for drawdown funds and will cooperate on restructuring the liabilities of MED and Pyebridge to ensure the on-going viability of the MED Group by reducing short term creditors.

New Funding Agreement Key Highlights

· Funding Agreement between MED subsidiary Pyebridge Power Ltd ("Pyebridge"), MED and RiverFort by way of a secured facility (the "Investment") for a commitment amount of up to £4m.

· An initial advance of £450,000 following execution of the Funding Agreement ("Initial Advance").

· Further advances will be made by the Investor on the same terms as the Initial Advance.

· Use of proceeds of the Initial Advance:

o To lift MED's Pyebridge 9MW flexible power generation asset (the 'Site') out of care and maintenance (see RNS dated 1 December 2023), by initiating first phase of the overhaul work programme of the Site's reciprocal generation engines in order to recommence production and trading revenue generation during April 2024.

o General working capital purposes of Pyebridge and MED.

· Further funding up to the commitment amount of up to £4m which will predominantly be used to fund the Site's overhaul work programme in order to achieve full generation, efficiency and profitability potential, as well as the further development of MED's other existing sites and additional sites in the future.

· MED and RiverFort in renewed discussions with a number of debt providers including Close Brothers to complement RiverFort's funding for MED's projects' capex requirements. This is part of an approach to create a scalable financing framework anchored by RiverFort.

· Drawdowns under the Investment will have a term of 24 months and attract an annual interest rate of 12% rolled up and paid at maturity.

· Any outstanding balances are to be repaid in cash on the Maturity Date (excluding any balances converted pursuant to the Equity Rights (as described below)).

· MED to act as guarantor to Pyebridge for the re-payment of drawdowns under the Investment on an unsecured basis.

Preference shares rank higher than ordinary shares in the case of a problem eg if MED folded the prefeence shareholders would be paid before the ordinary shareholders.

They also receive a set amount per share every year in interest which is agreed at the outset on conversion of the debt and this is paid before any distribution to ordinary shareholders. I am sure that there are other advantages but basically Riverfort are looking to protect their own interests as best they can.

It does also mean that there isn't a massive conversion/dilution of ordinary shares on conversion.

The next steps after setting the 2nd genset up and running must surely be an acquisition - the market would like that I'm sure.

The fact that we haven't heard of the progress of the acquisition in the South West suggests that its still ongoing and must reach a conclusion soon surely?

"Mast Energy Developments is in advanced discussions about the potential acquisition of an existing operational 10MW flexible power generation site in South West England.

MED said the main rationale behind acquiring the site is to achieve a lower investment cost per installed MW and a shorter timeline to revenue generation compared to a new-build.

It said the purchase will be subject to, inter alia final due diligence, contract, funding, and the usual various clearances and approvals associated with a transaction of this nature.

The listed company said discussions had been positive, with it confident that the transaction will be successful.

However, it added that it cannot guarantee on what terms or on what timeline the potential acquisition will occur.

Pieter Krügel, MED chief executive, said: "Further, we are excited about the prospect of the potential acquisition, and although there is no guarantee on the current terms or timeline, we are working diligently to progress and complete the transaction as quickly as possible.

"We are looking forward to updating the market with further progress across the board in due course."

MED is a UK-based multi-asset owner, developer and operator in the rapidly growing flexible power market.

Yes, a long way off and where they are now it is a very ambitious target - what the future holds. However, they seem to be at at above ground level now where they have in place (with RiverFort's backing)the opportunity to increase the current capacity considerably.........

For 300MW Revenue should amount to £2.24M * 300/8.1 Total £82M !!

Gross profit 30% £25M !!

Now roll that out on a business of 300MW...................

Revenue pa potential £2.24M * 300/16.2 Total £41M

Gross profit 30% £12M

MED RECOVERS AND THRIVES..................................

What will make MED recover and thrive is revenue.

Pyebridge 8.1MW have the potential for the ye 31.12.25 £23K * 12 * 8.1 or gross £2,235,600. With gross profit at 30% gives at least £670,000 possibly a bit more, I think £705,000 was mentioned in the last mid-week podcast.

Another Pyebridge acquired up and running could bring in similar revenues and gross profit.

That must surely be the next target .................................

Agree with you there maidit308 - getting these gensets refurbished and up and running is transformational to the company's future. Another site with a capacity of 10MW will also help them along the way and provide them with additional comfort.

Interest is starting to build............

PK mentioned earlier on in the podcast dated 10th July 2024 that the asset value or sum of the parts for the Pyebridge site was in excess of £4M (genset /land) . That excludes the other businesses and sites . All told this must come to £6M plus Compare that to the current market capital of £640K and thereby lies the discrepancy AND Investment opportunity....

Sorry they were called "Midweek Takeaway" podcasts as opposed to "Sunday Roasts" podcasts!

Excellent summary NanoCapInvestor.

One other thing you may be interested in - I am pretty sure I heard PK whisper in one of his recent Sunday Roast podcasts that the freehold land and equipment at the Pyebridge site had a value of £4M plus. Now add that to your calculations............!!?? (will check though)

Fair comment DAVID.M and normbeef - the history and subsequent performance of this share is there for all to see. I understand now that a long-term holder will most probably have a different view and perspective to my own as I only came across this share by chance a few months ago. The potential and (hopefully) future of this share is also starting to emerge with the positive flow of news and recent up-dates which lead me to believe that it should recover and even prosper, however there is nothing risk-free here esp so on Aim.

Excellent first post NanoCapInvestor coupled with a balanced, possibly a little harsh assessment DAVID.M. I should imagine that they have been very busy, hence the delay in this rns but as for there being very little in the short term that will excite investors I beg to differ on that one! There is plenty to get excited about, the completion of the refurbishment of the 2nd genset by end of Nov ( and therefore not too long to wait before it starts generating an additional monthly income for Pyebridge), the monthly income over the winter period is starting to get very interesting, the model for future expansion is up and running to name but a few short term exciting and interesting things to watch out for. Rome wasn't built in a day, David and they have most probably a considerable work-load now that they have only two directors , there will be a need presumably too to replace the two that have left.

Great RNS today.

The recovery play continues.

This share is miles undervalued IMV and should do nothing but improve today.

Minimal shares on offer too.

Project Finance Framework Agreement

· Entered into a framework agreement with RiverFort Global Capital Ltd ("RGC") for RGC to arrange project finance funding for additional site acquisitions and developments (the "Framework Agreement"); and

· Under the Framework Agreement RGC will support MED to procure and secure project finance funding in order to grow its portfolio of MWs in production to 300+ MW's, and further provide MED with certain financial advisory support services.

Project Finance Framework Agreement

MED has entered into a framework agreement to engage RGC to arrange project finance funding for new site developments. RGC has a proven track record of venture debt capital fundraising.

MED has agreed to grant RGC a ROFR for a minimum participation of 50% of any project finance capital funding requirement of each additional site SPV that is acquired or established by MED. To the extent that MED funds the same value as RGC's nominated investors, the relevant SPV will share the economic rights of each SPV on a 50/50 basis. The minimum economic interest (or free carry) of MED in each new site SPV will be no less than 20%, with no capital investment obligation from MED (i.e. the interest is retained in consideration of MED's operational management of the SPV). This framework agreement enables MED to underwrite no less than 50% of the capex of a SPV as a long-term debt at SPV level, providing enhanced surety of access to capital as the portfolio is grown to the targeted 300+ MW.

Further, RGC is working with MED to restructure the existing debt secured on the Pyebridge Site to reprofile as a non-interest bearing long-term facility with repayments linked solely to realised net revenue. Tax advice is currently being sought to ensure capital preservation is best realized for MED's group and the board expect to update the market in due course on the execution of such a debt reprofile.

Sale of Development Project

· Completed the sale of one of MED's development projects, being Rochdale a 4.4MW development site which has not been constructed yet;

· A sale and purchase agreement was signed, and the entire issued share capital of the Rochdale's project SPV, Rochdale Power Ltd was sold to Balance Power Projects Ltd for a total purchase consideration of £258,170, which is at a premium to the cost that MED paid for the site;

· The sale of one of MED's development projects is in line with the Company's refocused strategy to acquire existing constructed sites at a lower total investment cost and shorter time to production and income generation;

· The disposal also results in the saving of ongoing costs associated to the Rochdale project and its SPV; and

· The disposal proceeds will extend MED's cashflow runway and enable the Company to fast-track its refocused strategy, and will be used for M&A transactions and general working capital purposes.