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EQT Eqtec Plc

2.34
-0.01 (-0.43%)
28 Mar 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
  -0.01 -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

EQTEC PLC Standstill Agreement on Loan Conditions (2100W)

30/07/2018 4:02pm

UK Regulatory


Eqtec (LSE:EQT)
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TIDMEQT

RNS Number : 2100W

EQTEC PLC

30 July 2018

30 July 2018

EQTEC plc

("EQTEC" or the "Company")

Standstill Agreement on Loan Conditions and Conversions

EQTEC plc (AIM: EQT), the technology solution company for waste gasification to energy projects, announced on 5 July 2018 that it had entered into arrangements with Cuart Investments Fund and associates (the "Lenders") in respect of the provision of new loan facilities for up to US$3.2 million (approximately GBP2.4 million), an equity investment of GBP1.15 million and the capitalisation of interest payments due to existing lenders.

Origen Capital LLP ("Origen") invested GBP1.15 million in consideration for the issue of 191,666,667 new ordinary shares of EUR0.001 each in the Company ("Ordinary Shares") at a price of 0.6 pence per share (the "Issue Price"). Altair Group Investments Limited ("Altair") and Ecofinance (GLI) Limited ("Ecofinance") capitalised interest payments of an aggregate of GBP693,168 pursuant to existing debt facilities by the issue of an aggregate of 115,528,000 Ordinary Shares at the Issue Price (Origen, Altair and Ecofinance together the "Subscribers").

The equity subscription and capitalisation of interest payments was structured on the basis that unsecured loans were advanced to the Company which automatically convert into Ordinary Shares at 0.6 pence per share on the earlier of (i) 31 July 2018, (ii) the date of completion of the Acquisition and (iii) the date on which the Company's majority shareholder, EBIOSS Energy SE ("EBIOSS"), completes a further equity investment in the Company (the "Conversion Date"). The subscription and capitalisation of interest payments were structured in this way in order to facilitate ongoing conversations with the Company's majority shareholder EBIOSS regarding further investment.

Under the terms of the loan facility the Company was required to satisfy certain conditions subsequent within 21 days following the date of advance of the initial instalment of the Loan Facility being 30 July 2018. These conditions relate to the implementation of changes to the composition of the Board of Directors of the Company and the formulation and approval of a growth optimisation plan.

The Company has agreed with the Lenders and the Subscribers to a standstill on the satisfaction of the conditions subsequent and the conversion of the unsecured loans until Friday 3 August 2018.

The standstill has been arranged to facilitate further discussions with EBIOSS following its recent announcement on 24 July 2018 of the signing of an agreement between EBIOSS, its main Bondholders and Black Toro Capital ("BTC") which includes BTC providing additional funding to EBIOSS.

Enquiries

 
                                               +353 (0)21 2409 
 EQTEC plc                                      056 
 Luis Sanchez - Chief Executive Officer 
  Gerry Madden - Finance Director 
 
 Northland Capital Partners Limited - Nomad     +44 (0)20 3861 
  and Joint Broker                               6625 
 Tom Price / Dugald J. Carlean 
 
 
                                               +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 
 

Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. With the publication of this announcement, this information is now considered to be in the public domain.

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

MSCWGUUUMUPRGAU

(END) Dow Jones Newswires

July 30, 2018 11:02 ET (15:02 GMT)

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