Druces’ Capital Markets team has advised Mast Energy Developments plc, in connection with a placing and subscription of an aggregate 47,150,000 new ordinary shares at 12.5p each raising gross proceeds of £5,540,000 and its admission to the Official List (by way of a Standard Listing) and to trading on the London Stock Exchange plc’s Main Market for listed securities.
Mast was established to acquire and develop a portfolio of flexible small-scale power generation assets in the UK, exploiting a growth niche market in the UK for Reserve Power. Reserve power is the fastest growing energy sector in the UK, as the need of a back-up source of energy increases to support the expanding but intermittent renewable energy market. Mast 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. Mast already has an offtake agreement in place for all energy it produces for the next 15 years.
Druces’ Capital Markets team included Dominic Traynor (Partner), Jack Kemmish (Senior Associate), Mark Lamph (Solicitor).
Dominic Traynor commented: “We are very happy to have assisted Mast in securing the funding to finance its Reserve Power projects across the UK. This is a growing sector within the energy market and our team is happy to be a part of the growth in Reserve Power which supports the national grid as the UK’s reliance on intermittent renewable energy rises.”
Louis Coetzee, Chairman of Mast, commented: “The Druces’ team have been diligent and professional throughout this Listing and they have provided guidance, support and commitment at every stage in the process.”
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