QDE MAST.L Update Escaping A Capital Constraint 16122025
Quantum Data Energy (QDE, MAST.L) has been ‘set free’ to execute its operational plan by the warrants raise mechanism, raising net cash equating to >3x MCAP at the time and fixing the balance sheet. The warrants structures are positive for both new shareholders and historical shareholders. MAST.L is targeting 1GW of new flexible generation by 2030. Our current value range GBp 51-54 is based only on 150MW and our expected dilution of 223m shares. MAST shares in issue are 138,760,735, see RNS dated 02 Dec 25. The cash warrants package introduces up to ~242m value accretive new shares, 50% of which expire 11 Jan 26. Full dilution is potentially up to 417m shares. Our table below sets out dilution scenarios, e.g. our expected dilution impact on price p/s
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