Mast Energy Developments PLC said on Tuesday its Chief Executive Officer Pieter Krugel will partially settle £325,000 loan with RiverFort Global Opportunities PLC, the institutional lender, under a ‘reprofiling agreement’.
The developer of reserve power generation plants said the capitalised balance will be converted into 162.5 million new shares at a conversion price of 0.20 pence per share by Krugel.
Following the acquisition and conversion, the remaining outstanding balance due under the reprofiling agreement will be £477,005. Krugel has agreed to sell new shares to investors at 0.20p each for £325,000. After the issue of new shares, Mast Energy will have 426.5 million shares in issue.
Mast Energy also said it has officially launched the second phase of the work programme at its 9-megawatt Pyebridge flexible power generation plant in Derbyshire, England. It completed the first phase early last month.
It said its unit Pyebridge Power Ltd has signed an engineering works contract with the Pyebridge site’s contractor, Cooper Ostlund, on the full long-block overhaul of one genset, and certain essential improvements to the site. Expects to complete the work and commercial operations in around eight weeks.
Kibo Energy PLC holds a 55% stake in Mast Energy.
Mast stock plunged 24% to 0.24 pence in London early Tuesday. It is down 79% over the past 12 months. In London, Kibo shares were 6.7% lower at 0.035p, while they remained unchanged at 0.01 rand cent in Johannesburg.
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