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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.85 | 1.80 | 1.90 | 1.85 | 1.85 | 1.85 | 299,729 | 08:00:24 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Electric Services | 7.97M | -10.53M | -0.0712 | -0.26 | 2.73M |
TIDMEQT
RNS Number : 7594N
EQTEC PLC
22 January 2019
22 January 2019
EQTEC plc
("EQTEC" or the "Company")
Altair Loan Facility - Update
EQTEC plc (AIM: EQT), the technology solution company for waste gasification to energy projects, is pleased to announce that it has entered into an agreement with Altair Group Investment Limited ("Altair") to increase the loan facility available for drawdown by GBP0.879 million to GBP3.5 million. Altair will also consolidate two loans between Altair and EQTEC, for which Altair has the ultimate benefit, into one facility. This increases the amount of loan facility available, consolidates and simplifies the Company's funding arrangements, and represents Altair's continued support for the Company.
Ian Price, CEO of EQTEC plc, commented:
"As demonstrated by the recently announced equipment purchase contract with Phoenix Energy, the Company is focusing its efforts on executing projects in its pipeline with blue chip clients. We believe we now have greater control on the key workstreams required for a successful sales execution. EQTEC currently finds itself presented with significant near-term contract opportunities ranging from EUR10-EUR100 million, which we wish to capitalise on in the near future.
"Increasing the available Altair facility by GBP0.879 million is significant for EQTEC as part of its previously announced growth optimisation plan as it ensures that the Company is in a sound financial position to capitalise on delivering projects within its pipeline in the near term.
"Altair's team has been working with EQTEC since 2014 and they are encouraged by the Company's potential. We are grateful for their continued and long-standing support.
"EQTEC is looking forward to providing shareholders with further updates on contracts and projects as appropriate."
Background
On 14 July 2015, the Company issued GBP2 million of secured convertible loan notes ("CLN") to Altair and entered into a secured five year term loan agreement with Ecofinance GLI Limited ("Ecofinance") for GBP1 million (the "Ecofinance Loan"). On 19 January 2018, the Company announced that it had made an early repayment of GBP378,882 along with GBP2,958 of accrued interest on the Ecofinance Loan, leaving a remaining balance of GBP621,118 which is repayable in 2020. As a result of the early repayment to third party shareholders in Ecofinance, Altair has the sole benefit of the Ecofinance Loan.
Modification of Loan Facility
Altair and the Company have now agreed that the Ecofinance Loan and the CLN are to be streamlined into one new loan facility agreement (the "Combined Secured Loan Facility" or "CSLF") with the Company.
The terms of the existing agreements will be incorporated into the CSLF with the following amendments:
-- Increase of GBP0.879 million from GBP2.621 million to GBP3.5 million in the loan facility to be available for drawn down at the Company's request for a period of 12 months;
-- The interest rate on the CSLF facility has been reduced from 15% to 10% per annum; and -- The maturity date of the CSLF has been extended from 14 July 2020 to 20 December 2020.
The CLSF is to be secured by way of the existing debentures and guarantees granted to Ecofinance in 2015.
Cuart Loan Facility
On 5 July 2018, the Company entered into a loan facility (the "Loan Facility") with Cuart Investments Fund and associates (the "Lenders"). On 3 October 2018, the Company and the Lenders increased the Loan Facility to up to US$10 million (approximately GBP7.6 million). On 11 January 2019, the Company announced that, in order to pursue its near-term opportunities and targets, it had reached agreement with the Lenders to further amend the terms of the Loan Facility so that repayment amounts due pursuant to the Loan Facility after 5 January 2019 will now commence on 5 April 2019.
The Company has to date agreed two advance drawdown schedules with the Lenders. Further advances will be made by agreement between the Lenders and the Company in accordance with the terms of the Loan Facility.
The amount of capital and interest currently outstanding under the Cuart Loan Facility is US$3,267,311. The amount of capital and interest currently outstanding under the CSLF is GBP2,621,118.
This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014 and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.
Enquiries
EQTEC plc +353 (0)21 2409 056 Ian Price - Chief Executive Officer Gerry Madden - Finance Director Northland Capital Partners Limited - Nomad and Broker +44 (0)20 3861 6625 David Hignell / Dugald J. Carlean Luther Pendragon - Financial PR +44 (0)20 7618 9100 Harry Chathli / Alexis Gore / Joe Quinlan
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 and recover electrical and thermal energy from the waste streams.
EQTEC sources projects that have a local supply of waste in need of elimination and conversion. It builds relationships and brings together the developers, the waste owners, the building contractors and funders. It then supplies the energy recovery technology and provides engineering services to the projects. Furthermore, EQTEC 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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
UPDEANFAALXNEEF
(END) Dow Jones Newswires
January 22, 2019 04:53 ET (09:53 GMT)
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