MED has extended the Interim Payment deadline, and the Interim Payment is now expected to be received between 15 and 30 November 2023. In consideration for MED granting a further extension in respect of the Interim Payment deadline, it has been agreed between both parties that Proventure will incur and pay to MED a late payment penalty. Proventure will incur a late payment penalty for every day that the Interim Payment is received late to the amount of £3,000 per day, commencing on and calculated from 11 November 2023, until the Interim Payment and the balance of investment pursuant to the JVA are paid in full on or before the completion long-stop date of 30 November 2023.
If the Interim Payment is however received before or on 15 November 2023, MED will waive any late payment penalties that have been incurred until that point in time. Notwithstanding the extension of the Interim Payment deadline as referred to above, the JVA completion date and the payment of the balance of the investment due of c. £3.9m is still expected by around 30 November 2023.
It’s a high risk/high reward company…
If the confirmation were to be received let’s say by tomorrow that payment had been finally made then this will rocket upwards.
The £3,000 penalty paid each day is a nice little earner for Mast and it’s a binding contract so each party will need to honour the contract.
Only 5 working days left until this completes
Desertsands
Did some due diligence and wrong information previously shared regarding mast.
https://find-and-update.company-information.service.gov.uk/company/12886458
This is the actual company and everything looks above board so no issues there