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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Eqtec Plc | LSE:EQT | London | Ordinary Share | IE000955MAJ1 | ORD EUR0.01 (CDI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.01 | -0.43% | 2.34 | 2.20 | 2.30 | 2.35 | 2.25 | 2.35 | 1,521,135 | 16:35:04 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Electric Services | 7.97M | -10.53M | -0.0712 | -0.32 | 3.33M |
TIDMEQT
RNS Number : 3310C
EQTEC PLC
19 January 2018
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
19 January 2018
EQTEC PLC
("EQTEC", "Company" or the "Group")
Partial repayment of Five-Year Loan Facility
EQTEC PLC (AIM: EQT), the technology solutions company for waste gasification to energy projects, is pleased to announce that it has made a partial repayment of GBP378,882 on its Secured Loan Facility ("SLF"), which comprises a five-year term loan of GBP1,000,000 at 15% per annum fixed rate of interest, with Ecofinance GLI Limited ("Ecofinance"). The SLF, commencing in 2015, was repayable in full in July 2020. The Company, with the agreement of Ecofinance, has decided to repay GBP378,882 of capital and GBP2,958 in accrued interest to Ecofinance, earlier than scheduled, in order to reduce the cost of debt to the Group. The remaining balance of GBP621,118 is repayable in July 2020.
Separately, as set out in its Admission Document published on 27 November 2017, the Company had also reached agreement to further restructure its existing 7.5% GBP2,000,000 Convertible Secured Loan Note ("CSLN") with Altair Group Investment Limited ("Altair"). The CSLN was originally due for repayment with accrued interest on 14 July 2017. However, as set out in the Admission Document, standstill agreements were entered into by both parties in July and October 2017. As a result of the early repayment on the SLF, Altair will become the sole beneficiary of the SLF and shareholder of Ecofinance.
In accordance with those agreements, the CSLN was amended such that (i) the maturity date of the CSLN is extended to 14 July 2020 (ii) the interest rate applicable to the CSLN is varied to 15% p.a. (subject to a reduction in the interest rate for early repayment of the CSLN) and (iii) the price at which the CSLN converts has been amended to 0.585 pence per share. It was agreed that in consideration of Altair agreeing to these changes to the CSLN, after admission of EQTEC's enlarged share capital to trading on AIM following the acquisition of Eqtec Iberia SL, which occurred on 28 December 2017, the Company would grant to Altair warrants to subscribe for 105,263,158 ordinary shares exercisable at 0.975 pence per share for a period of five years and that the Company would pay Altair interest outstanding on the CSLN to July 2017 of GBP300,000. The Company and Altair have agreed that this interest payment will not now be paid until the earlier of the next capital raise that may be conducted by the Company or 30 April 2018.
Pursuant to its pre-existing rights under CSLN instrument, Altair has nominated a non-executive director to the Board of Directors of EQTEC who will add to the experience and expertise already available to the Company. A further announcement regarding this appointment will be made once the appointment is effective.
The Company looks forward to updating the market with further information in due course.
Enquiries
+353 (0)21 2409 EQTEC plc 056 Luis Sanchez - Chief Executive Officer Gerry Madden - Finance Director Northland Capital Partners Limited +44 (0)20 3861 - Nomad and Joint Broker 6625 Dugald J. Carlean / Tom Price +44 (0)20 3700 SVS Securities Plc - Joint Broker 0093 Tom Curran / Ben Tadd +44 (0)20 3005 VSA Capital Limited - Joint Broker 5000 Andrew Monk / Andrew Raca +44 (0)20 7618 Luther Pendragon - Financial PR 9100 Harry Chathli / Alexis Gore / Ana Ribeiro
Notes to Editors
About EQTEC plc
EQTEC's business model involves sourcing and providing assistance in developing waste elimination projects to which it will ultimately sell its EQTEC Gasifier Technology ("EGT"), and O&M services. EGT enables project developers to construct waste elimination plants converting the waste into electrical and thermal energy. The high energy efficiency also provides project developers with a competitive advantage allowing them to quote more competitive gate fees for the waste supply.
EQTEC will source projects that have a local supply of waste in need of conversion. It will build relationships and bring together the developers, the waste owners, the building contractors and funders and provide the technology and engineering services to the projects. Furthermore, the Enlarged Group will provide O&M services to the operating projects generating recurring revenues over the life of the projects.
The Company is quoted on AIM and trades as EQT. Further information on the Company can be found at www.eqtecplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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(END) Dow Jones Newswires
January 19, 2018 02:00 ET (07:00 GMT)
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