ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

EQT Eqtec Plc

1.95
0.00 (0.00%)
19 Apr 2024 - Closed
Delayed by 15 minutes
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% 1.95 1.90 2.00 1.95 1.95 1.95 173,940 07:34:45
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Electric Services 7.97M -10.53M -0.0712 -0.27 2.88M

EQTEC PLC Italy MDC - Refinance Update & Conversion Notices (5301X)

21/12/2023 7:00am

UK Regulatory


Eqtec (LSE:EQT)
Historical Stock Chart


From Oct 2023 to Apr 2024

Click Here for more Eqtec Charts.

TIDMEQT

RNS Number : 5301X

EQTEC PLC

21 December 2023

21 December 2023

EQTEC plc

("EQTEC", the "Company" or the "Group")

Update on Bank Refinance for Italy Market Development Centre

and Shareholders Conversion Notices

EQTEC plc (AIM: EQT), a global technology innovator powering distributed, decarbonised, new energy infrastructure through its waste-to-value solutions for hydrogen, biofuels, and energy generation, is pleased to provide an update on bank refinance for its Italy Market Development Centre (the "Plant") and to confirm that it has received two shareholder conversion notices pursuant to the financial restructuring announced by the Company on 20 November 2023.

Refinance for Italy Market Development Centre

This update follows the Company's announcement on 4 September 2023 that it had entered into a loan facility of EUR2.9 million (the "Facility") with Banca del Fucino S.p.A. (the "Lender") to refinance the Plant.

The Company can now confirm that it has successfully completed all performance improvements and achievement of performance criteria set by the Lender. The Lender has not been available to visit the Plant prior to the holiday period in December 2023, however it has now arranged to visit in early January 2024. The Company expects to be able to draw down the amount of the full Facility shortly after that visit, and will make a further announcement accordingly.

The Plant became operational in March 2023 and EQTEC completed handover protocols and transfer of plant operations to EQTEC Italia MDC Srl ("Italia MDC") i n June 2023. The Company remains actively involved with supporting Italia MDC in its endeavours to drive more productive and continual operations.

Shareholders conversion notices

The Company on 19 December 2023 received two conversion notices pursuant to the Altair Group Investment Limited ("Altair") and Pitcole Limited ("Pitcole") Settlement Agreements as set out in the Company's announcement of 20 November 2023.

In light of the Company's capital reorganisation and share consolidation, which completes today with admission to trading on AIM of the Company's consolidated ordinary EUR0.01 shares ("Consolidated Shares"), the Pitcole Conversion Shares and Altair Conversion Shares shall be issued in the form of Consolidated Shares.

In accordance with the Pitcole Settlement Agreement, Pitcole has elected to convert a remaining balance of GBP400,000 into 13,986,014 new Consolidated Shares in the Company ("Pitcole Conversion Shares") at a price equal to the average of the daily VWAPs for each of the five consecutive trading days immediately prior to 18 December 2023 the date of the conversion notice which was 2.86p (as adjusted for the share consolidation).

In accordance with the Altair Settlement Agreement, Altair has elected to convert a remaining balance of the Altair Redemption Sum of GBP562,500 into 19,667,832 new Consolidated Shares in the Company ("Altair Conversion Shares") at a price equal to the average of the daily VWAPs for each of the five consecutive trading days immediately prior to 18 December 2023 the date of the conversion notice which was 2.86p (as adjusted for the share consolidation).

Upon conversion of this remaining balance under the Altair Settlement Agreement, the Company is released from all liabilities and obligations pursuant to the debt facility with Altair announced on 09 December 2022.

Application will be made to the London Stock Exchange for both the Pitcole Conversion Shares and the Altair Conversion Shares, being in aggregate 33,653,846 new Consolidated Shares (the "New Shares"), to be admitted to trading on AIM. Dealings in the New Shares, which will all rank pari passu with the Company's Consolidated Shares at that time, are expected to commence at 8.00 a.m. on or around 29 December 2023.

Following Admission, there will be 181,485,890 Consolidated Shares in issue. The Company holds no Consolidated Shares in Treasury. This number may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014, as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended, and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.

ENQUIRIES

 
EQTEC plc 
 David Palumbo / Jeffrey Vander Linden       +44 20 3883 7009 
Strand Hanson - Nomad & Financial Adviser 
 James Harris / Richard Johnson              +44 20 7409 3494 
                                             ---------------- 
Global Investment Strategy UK Ltd - Broker 
 Samantha Esqulant                           +44 20 7048 9045 
                                             ---------------- 
Fortified Securities - Broker 
 Guy Wheatley                                +44 20 3411 7773 
                                             ---------------- 
Panmure Gordon - Broker 
 John Prior / Hugh Rich                      +44 20 7886 2500 
                                             ---------------- 
 

About EQTEC Italia MDC srl

EQTEC Italia MDC Srl ("Italia MDC") is a company registered in Italy for the purpose of transforming agricultural and forestry waste into electrical power and biochar in a relatively remote and heaviliy agrarian community. The Company currently owns 49.0% of Italia MDC, with an option to acquire further equity in future.

Italia MDC owns and operates a 1 MWe plant in Gallina (the "Plant"), a village near Castiglione d'Orcia in Tuscany's Val d'Orcia, an area considered to be the region's most scenic. It is on a site originally owned by Toscana Cereali Societa' Cooperativa Agricola, from whom Italia MDC is currently leasing and with whom Italia MDC have agreed to purchase the land by 30 July 2024. With EQTEC technology at its core, the Plant is capable of converting multiple types of biomass feedstock into electrical power and thermal energy.

Initially, the Plant is converting higher-density wood waste into electrical power for export to the national grid, for which a connection has been secured with a preferential tariff. In addition to the electricity, the Plant is producing biochar for purchase by two European wholesalers of the product. Thermal energy produced through the continuous EQTEC thermochemical conversion process is being recycled to dry the feedstock, improving the Plant's waste-to-energy conversion efficiency.

Feedstock is being delivered by multiple suppliers, and Italia MDC has identified additional, potential suppliers in order to maintain continuity of supply and leverage over cost and availability. Further, the Plant has been upgraded to support lower-density feedstocks such as straw or other agricultural waste. This ability to switch amongst feedstock types and suppliers adds resilience to Italia MDC's business model.

About EQTEC plc

As one of the world's most experienced thermochemical conversion technology and engineering companies, EQTEC delivers waste management and new energy solutions through best-in-class innovation and infrastructure engineering and value-added services to owner-operators. EQTEC is one of only a few technology providers directly addressing the challenge of replacing fossil fuels for reliable, baseload energy. EQTEC's proven, proprietary and patented technology is at the centre of clean energy projects, sourcing local waste, championing local businesses, creating local jobs and supporting the transition to localised, decentralised and resilient energy systems.

EQTEC designs, specifies and delivers clean, syngas production solutions in the USA, EU and UK, with highly efficient equipment that is modular and scalable from 1MW to 30MW. EQTEC's versatile solutions process 60 varieties of feedstock, including forestry waste, agricultural waste, industrial waste and municipal waste, all with no hazardous or toxic emissions. EQTEC's solutions produce a pure, high-quality synthesis gas ("syngas") that can be used for the widest range of applications, including the generation of electricity and heat, production of renewable natural gas (through methanation) or biofuels (through Fischer-Tropsch, gas-to-liquid processing) and reforming of hydrogen.

EQTEC's technology integration capabilities enable the Group to lead collaborative ecosystems of qualified partners and to build sustainable waste reduction and green energy infrastructure around the world.

The Company is quoted on the London Stock Exchange's Alternative Investment Market (AIM) (ticker: EQT) and the London Stock Exchange has awarded EQTEC the Green Economy Mark, which recognises listed companies with 50% or more of revenues from environmental/green solutions.

Further information on the Company can be found at www.eqtec.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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDPPGWUPUPWGRU

(END) Dow Jones Newswires

December 21, 2023 02:00 ET (07:00 GMT)

1 Year Eqtec Chart

1 Year Eqtec Chart

1 Month Eqtec Chart

1 Month Eqtec Chart

Your Recent History

Delayed Upgrade Clock