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EQT Eqtec Plc

1.15
0.00 (0.00%)
Last Updated: 08:00:00
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% 1.15 1.10 1.20 1.15 1.15 1.15 1,019,448 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Electric Services 7.97M -10.53M -0.0712 -0.16 1.7M

EQTEC PLC Settlement Agreement with Logik Developments

03/04/2024 3:09pm

RNS Regulatory News


RNS Number : 2025J
EQTEC PLC
03 April 2024
 

03 April 2024

 

EQTEC plc

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

 

Settlement Agreement with Logik Developments

 

Further to the announcement of 20 September 2023, the Company is pleased to announce that it has reached a settlement agreement with Logik Developments Limited  and its wholly-owned subsidiary Logik WTE Limited (collectively, "Logik").

 

On 03 April 2024, the Company and Logik entered into a settlement agreement (the "Settlement Agreement") relating to the Claim previously announced and detailed on 20 September 2023.

 

Pursuant to the Settlement Agreement, the Company and its wholly-owned subsidiaries EQTEC UK Services Limited and Deeside WTV Limited and Logik have agreed to the full and final settlement of certain claims between them. 

 

In connection with this settlement, subject to and conditional on the sale of a site at Weighbridge Road in Deeside Industrial Park (the "Land") completing on or before 30 April 2024, Logik will pay the Company a settlement sum of £1.7 million within the next business day following the date of completion.

 

If the sale of the Land completes between 1 May 2024 and 30 November 2024 Logik will pay the Company a settlement sum of £2 million within the next business day following the date of completion. If a sale of the Land does not complete by 1 December 2024, Logik will be liable to pay to the Company £2,000,000 not conditional upon any sale of the Land. Under the terms of the Settlement Agreement,  EQTEC will also receive interest at 4% above the Bank of England Base Rate on any part of the settlement sum that is not paid in accordance with the terms of the Settlement Agreement.

 

The Company has received confirmation from Logik that the Land is currently in the process of being sold and that the proposed purchaser is funded by a global investment company. Further, the Company has been informed that all elements of the transaction have now been agreed and the funder is seeking final sign-off and confirmation at its internal committee meeting in the coming days. Logik expects that the sale of the Land can complete shortly thereafter and possibly before 30 April 2024.  The Company will make a further announcement as and when  the intended completion date is confirmed by Logik.

 

This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No596/2014, 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 

Fortified Securities - Broker 

Guy Wheatley 

 

+44 20 3411 7773 

Global Investment Strategy UK Ltd - Broker 

Samantha Esqulant 

 

+44 20 7048 9045 

  

About EQTEC

 

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.

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