Mast Energy Developments
Total Page:16
File Type:pdf, Size:1020Kb
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about the contents of this Document or the action you should take, you should consult your stockbroker, bank manager, solicitor, accountant or other financial advisor, or any other person authorised under the Financial Services and Markets Act 2000 (“FSMA”) who specialises in advising on the acquisition of shares and other securities. This Document comprises a prospectus relating to Mast Energy Developments PLC (the “Company”) prepared in accordance with the Prospectus Regulation Rules of the Financial Conduct Authority (“FCA”) made under section 73A of FSMA and approved by the FCA under section 87A of FSMA. This Document has been filed with the FCA and made available to the public in accordance with Rule 3.2 of the Prospectus Regulation Rules. This Document has been approved by the FCA, as competent authority under Regulation (EU) 2017/1129 (the “Prospectus Regulation”). The FCA only approves this Document as meeting the standards of completeness, comprehensibility and consistency imposed by the Prospectus Regulation. Such approval should not be considered an endorsement of the issuer that is the subject of this Document and should not be considered as an endorsement of the quality of the securities that are the subject of this prospectus. Investors should make their own assessment as to the suitability of investing in the securities. Application has been made to the FCA for all of the ordinary share capital of the Company, issued and to be issued pursuant to the Placing, to be admitted to the Official List of the FCA (by way of a standard listing under Chapter 14 of the listing rules published by the FCA under section 73A of FSMA as amended from time to time) and to the London Stock Exchange plc (“London Stock Exchange”) for such Ordinary Shares to be admitted to trading on the London Stock Exchange’s main market for listed securities (“Admission”). It is expected that Admission will become effective, and that dealings in the Ordinary Shares will commence, at 8.00 a.m. on 14 April 2021. All dealings in Ordinary Shares prior to the commencement of unconditional dealings will be on a “when issued” basis and will be of no effect if Admission does not take place and such dealings will be at the sole risk of the parties concerned. THE WHOLE OF THE TEXT OF THIS DOCUMENT SHOULD BE READ BY PROSPECTIVE INVESTORS. YOUR ATTENTION IS SPECIFICALLY DRAWN TO THE DISCUSSION OF CERTAIN RISKS AND OTHER FACTORS THAT SHOULD BE CONSIDERED IN CONNECTION WITH AN INVESTMENT IN THE ORDINARY SHARES AS SET OUT IN THE SECTION ENTITLED “RISK FACTORS” BEGINNING ON PAGE 9 OF THIS DOCUMENT. The Directors, whose names appear on page 24 of this Document, and the Company, accept responsibility for the information contained in this Document. To the best of the knowledge of the Directors and the Company, the information contained in this Document is in accordance with the facts and the Document makes no omission likely to affect its import. _________________________________________________________________________________ MAST ENERGY DEVELOPMENTS PLC (Incorporated and registered in England and Wales with company number 12886458) Placing of 44,320,000 Placing Shares at a placing price of £0.125 per Placing Share Issue of 2,830,000 Adviser Shares at a price of £0.125 per Adviser Share and Admission of the Enlarged Share Capital to the Official List (by way of Standard Listing under Chapter 14 of the Listing Rules) and to trading on the London Stock Exchange’s main market for listed securities Ordinary Share capital immediately following the Placing, issue of the Adviser Shares and Admission at the £0.125 Placing Price Issued and fully paid Ordinary Shares Nominal Value Number Market Capitalisation £188,564.04 188,564,036 £23,570,504 Clear Capital Markets Limited (‘CCM’), which is authorised and regulated by the FCA in the conduct of investment business, is acting exclusively for the Company and for no-one else in connection with the Placing and Admission and will not be responsible to anyone other than the Company for providing advice in relation to the contents of this Document or any matter referred to in it. CCM is not making any representation, express or implied, as to the contents of this Document, for which the Directors and the Company are solely responsible. Without limiting the statutory rights of any person to whom this Document is issued, no liability whatsoever is accepted by CCM for the accuracy of any information or opinions contained in this Document or for any omission of information, for which the Directors and the Company are solely responsible. The information contained in this Document has been prepared solely for the purpose of the Placing and Admission and is not intended to be relied upon by any subsequent purchasers of Ordinary Shares (whether on or off exchange) and accordingly no duty of care is accepted in relation to them. The Placing Shares when issued will rank in full for all dividends or other distributions hereafter declared, made or paid on the ordinary share capital of the Company and will rank pari passu in all other respects with all other Ordinary Shares in issue on Admission. 1 This Document does not constitute an offer to sell or an invitation to subscribe for, or the solicitation of an offer or invitation to buy or subscribe for, Ordinary Shares in any jurisdiction where such an offer or solicitation is unlawful or would impose any unfulfilled registration, publication or approval requirements on the Company. The Ordinary Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state or other jurisdiction of the United States or under applicable securities laws of Australia, Canada, Japan, the Republic of South Africa or the Republic of Ireland. Subject to certain exceptions, the Ordinary Shares may not be offered, sold, resold, transferred or distributed directly or indirectly, within, into or in the United States or to or for the account or benefit of persons in the United States, Australia, Canada, Japan or any other jurisdiction where such offer or sale would violate the relevant securities laws of such jurisdiction. This Document does not constitute an offer to sell or a solicitation of an offer to purchase or subscribe for Ordinary Shares in any jurisdiction in which such offer or solicitation is unlawful or would impose any unfulfilled registration, publication or approval requirements on the Company. The Ordinary Shares may not be taken up, offered, sold, resold, transferred or distributed, directly or indirectly within, into or in the United States except pursuant to an exemption from, or in a transaction that is not subject to, the registration requirements of the Securities Act. There will be no public offer in the United States. The Company has not been and will not be registered under the US Investment Company Act of 1940 (“US Investment Company Act”) pursuant to the exemption provided by Section 3(c)(7) thereof, and investors will not be entitled to the benefits of the US Investment Company Act. The distribution of this Document in or into jurisdictions other than the UK may be restricted by law and therefore persons into whose possessions this Document comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. None of the Ordinary Shares have been approved or disapproved by the United States Securities and Exchange Commission, any state securities commission in the United States or any other regulatory authority in the United States, nor have any of the foregoing authorities passed comment upon or endorsed the merit of the offer of the Ordinary Shares or the accuracy or the adequacy of this Document. Any representation to the contrary is a criminal offence in the United States. Application has been made for the Ordinary Shares to be admitted to a Standard Listing on the Official List. A Standard Listing will afford investors in the Company a lower level of regulatory protection than that afforded to investors in companies with Premium Listings on the Official List, which are subject to additional obligations under the Listing Rules. It should be noted that the FCA will not have authority to (and will not) monitor the Company’s compliance with any of the Listing Rules which the Company has indicated herein that it intends to comply with on a voluntary basis, nor to impose sanctions in respect of any failure by the Company to so comply. This Document is dated 26 March 2021. 2 CONTENTS Page SUMMARY 4 RISK FACTORS 9 CONSEQUENCES OF A STANDARD LISTING 17 IMPORTANT INFORMATION 19 EXPECTED TIMETABLE OF PRINCIPAL EVENTS 23 PLACING AND ADMISSION STATISTICS 23 DEALING CODES 23 DIRECTORS, SECRETARY AND ADVISERS 24 PART I INVESTMENT OPPORTUNITY AND STRATEGY 25 PART II THE COMPANY AND THE PLACING 36 PART III OPERATING AND FINANCIAL REVIEW (A) OPERATING AND FINANCIAL REVIEW OF THE COMPANY 45 (B) OPERATING AND FINANCIAL REVIEW OF SLOANE GROUP 47 PART IV FINANCIAL INFORMATION OF THE COMPANY (A) ACCOUNTANT’S REPORT ON THE HISTORICAL FINANCIAL 56 INFORMATION OF THE COMPANY (B) HISTORICAL FINANCIAL INFORMATION OF THE COMPANY 58 PART V FINANCIAL INFORMATION OF SLOANE GROUP (A) ACCOUNTANT’S REPORT ON THE HISTORICAL FINANCIAL 64 INFORMATION OF SLOANE GROUP (B) HISTORICAL FINANCIAL INFORMATION OF SLOANE GROUP 66 (C) UNAUDITED INTERIM FINANCIAL INFORMATION OF SLOANE 83 GROUP PART VI UNAUDITED PRO FORMA FINANCIAL INFORMATION (A) ACCOUNTANT’S REPORT ON THE UNAUDITED PRO FORMA 91 FINANCIAL INFORMATION (B) UNAUDITED PRO FORMA FINANCIAL INFORMATION 93 PART VII TAXATION 97 PART VIII ADDITIONAL INFORMATION 99 PART IX NOTICE TO INVESTORS 121 DEFINITIONS 123 3 SUMMARY SECTION A – WARNING TO INVESTORS This summary should be read as an introduction to this Document.