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Share Name Share Symbol Market Type Share ISIN Share Description
Eqtec Plc LSE:EQT London Ordinary Share IE00BH3XCL94 ORD EUR0.001 (CDI)
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 1.32 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
1.30 1.35
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Alternative Energy 2.07 -5.20 -0.09 111
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 1.32 GBX

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DateSubject
23/6/2021
09:20
Eqtec Daily Update: Eqtec Plc is listed in the Alternative Energy sector of the London Stock Exchange with ticker EQT. The last closing price for Eqtec was 1.32p.
Eqtec Plc has a 4 week average price of - and a 12 week average price of -.
The 1 year high share price is - while the 1 year low share price is currently -.
There are currently 8,435,044,926 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Eqtec Plc is £111,342,593.02.
22/6/2021
10:44
stevea171: Align Research note post the capital raise. Note they say the placing was over subscribed, EQT chairman putting in £100,000 of his own money, and they are currently working on updating their financial model and valuation (currently 3.115p but likely to be revised higher). EQTEC – RAISES £16 MILLION TO ADVANCE BUSINESS STRATEGY. REITERATED BUY STANCE May 31, 2021 | Posted by admin By Richard Gill, CFA EQTEC (EQT), the waste gasification to energy technology provider, has raised a total of £16 million via a share placing, offer and subscription at 1.5p per share, an 11.24% discount to the previous day’s closing price. As our previous updates have highlighted, EQTEC has over the past few months developed a significant pipeline of projects. Between July 2020 and February 2021, non-contracted tender opportunities worth a total potential of €316 million were added for a total potential pipeline value of €657 million. With this in mind, the company will use the proceeds of the placing to take full advantage of a number of near-term opportunities and to prepare itself for further long-term growth. In the UK the funds will be deployed to secure and deliver the refuse derived fuel (RDF) pipeline. This will include capital investment in freehold land and full project rights for one or more of the existing projects in Billingham, Deeside and Southport, along with other similar opportunities in the pipeline. In Europe, revenue growth will be accelerated in the company’s target markets of Greece, Croatia, Italy and Spain. This will include the acquisition and recommissioning of specific plants, including the recently announced revival of the 1MWe waste-to-energy plant in Castiglione d’Orcia, Tuscany, Italy. The funds will also be used for the delivery of biomass-to-energy solutions within local communities, to showcase EQTEC technology capabilities and performance and to accelerate interest and growth in those markets. Additionally, there will be further establishment and funding of joint ventures with local partners in target markets, for dedicated, local operations to drive sales growth and delivery. Further inroads will be made in the US by pursuing existing opportunities in the biomass-to-energy pipeline in California, including formalising partnership agreements with local partners and investing development capital in accelerated pursuit of new deals. Finally, EQTEC will invest the funds in its operational infrastructure to extend its platform for growth. This will include the acquisition of additional engineering capability and capacity to support concurrent delivery of multiple projects in multiple geographies, as well as further growth of the business development and partner management teams. There is also planned to be investment in monitoring, measurement and data management technologies as part of EQTEC solutions, for remote management and for growing the library of operational performance data. ASSESSMENT This is a substantial fundraising for EQTEC, which puts the company in an excellent position to accelerate both its near and long term revenue growth. We note that the placing was over subscribed, further demonstrating strong investor interest in the company and the alternative energy sector, with Ian Pearson, Non-Executive Chairman and Director, also putting in £100,000 of his own money. Over the next few months we now expect the strong flow of news coming from the company to accelerate. In the UK all eyes are on the flagship RDF project at Billingham, which is anticipated to have a contract value in excess of €30 million to EQTEC and lead the way for two more similarly-sized UK RDF facilities in 2022, in Deeside, Flintshire and Southport, Merseyside. Meanwhile in Europe, EQTEC is pursuing multiple deals, mainly in Greece, Croatia, Italy and other central and southern countries. Five to eight deals are expected to close this year with contract values over their life totalling €20 – 30 million. We last updated our valuation on EQTEC in April this year following the announcement of the surge in the project pipeline. At the time we expected a maiden EBITDA profit for the current financial year of €3.46 million, with this rising sharply to €23.5 million in 2023 as the substantial non-contracted pipeline is expected to translate into commercial success. However, with this latest funding round allowing the acceleration of revenue growth we now expect these figures to be materially higher and are currently working on updating our financial model and valuation. EQTEC shares currently trade at 1.56p, pretty much half the value of our current EV/EBITDA/peer comparable valuation. of 3.115p per share. So with the shares looking extremely cheap even before our forecasts revision we are happy to retain a stance of Conviction Buy. hTTps://www.alignresearch.co.uk/eqtec/eqtec-raises-16-million-to-advance-business-strategy/
21/6/2021
13:54
marktime1231: I suppose it is progress that they have signed paperwork, but this is another example where rns is being used to report project "progess" which is not really a significant financial announcement. The details are interesting but the same as described in May, the plant in Tuscany first commissioned in 2015 will take up to a year and E2.5 Million to recommission. I wonder what is involved, they are already hooked up to the grid and the gasification plant is in place. Using COSMI a local contractor that EQT has worked with before and presumably it trusts has the know-how to make the plant operable. The economics, if the project is successful and if the operation delivers the 1MWe capacity, are excellent hoping to deliver a 20% rate of return. It says it will process 7,000t per year ... is that dry or wet, does that produce 1 MWe ... my guess is the Tuscan EQT plant is scheduled to operate in shifts eg batches rather than 24/7 continuous. The Tuscan EQT plant is also described as providing local CHP, is that infrastructure and customer already in place? Not enough detail to understand how gasification trumps incineration, both claim to be clean but carbons/ghg still end up in the atmosphere. They will start off using agricutural straw (pelletised?) and forestry waste (chipped?) ... we know these are the easiest forms of material to provide a homogenous feedstock into the gasifier ... and will (not may, will) be upgraded to handle other types of waste in future. I wonder why they would want or need to "upgrade", if it works properly on woody biomass why not stick with that, and how does further planned investment alters the economics. Curious to know how they will do the important boring stuff like gathering and prepping material from farms and forestry operations in the region around Castiglione d'Orcia. A shame the share price is weakening, EQT seem to be on a credibly deliverable pathway to revenues within a year from this project.
21/6/2021
11:20
stevea171: It seems Eqtec may be planning to take full ownership of this Italian plant within 2 years provided it is successful in operations as expected and Eqtec has the funds to trigger the call options. This is likely a template for the upcoming Croatian plant where I would expect provision for taking up to full ownership there as well. DP shows he is adept in structuring deals that conserve initial capital requirements and minimise initial risk exposure but allow for huge upside later on. From MetalNRG's RNS today: "EQTEC has a call option to acquire some or all of the remaining equity in the Project at a fixed price during the first two years from the date of financial close. MetalNRG and the other Parties have a put option to sell some or all of their equity in the Project to EQTEC at a fixed price for the first two years of operations. Both the call and put options are set at a fixed return on the capitalisation amount and protect the Parties' capital investments." Rolf Gerritsen, CEO of MetalNRG, commented: "Our strategic partnership with EQTEC has now resulted in our first joint investment along with the two-family offices mentioned. The sustainable waste-to-energy project meets our investment criteria and I look forward to updating the market with progress about this exciting project."
17/6/2021
14:15
marktime1231: Pictures of the engineering involved and site progress with the installations very interesting to me as a lapsed engineer, thank you Steve. Looks like a hot sunny location, do they need a water supply? An awful lot of heavy erected steel framework, there must be terrific weight in the EQT plant, and significant temperatures, pressures and volatiles to contend with. What I cannot make out from the snaps, and in my mind this is where EQT and other gasification plants succeed or fail, is the construction of the reception, bunkering, hoppering, masceration, augering and flow control of the waste feedstock. We know a continuously operating plant can be made to work with nicely prepped homogenous materials eg biomass pellets etc. We also know that, so far, gasification of raw mixed residual waste streams have hit insurmountable snags. By buying up old stalled plants EQT seem to think that they have the know how to engineer and integrate and operate on a continuous basis. Fascinating and pivotal. The EQT share price has reached a level where it is a worth a small bet that they can succeed where others have failed, top of my watching list for a rebuy.
28/5/2021
21:32
stevea171: Some more from the new Arden Research Note. There is new news in this note so I would expect that EQT will have to release an RNS on Tuesday to update the market generally. Project Ownership EQTEC will take a majority shareholding in three plants due to produce earnings for the company by Q2 2022 and all three will be cash-generative by Q4 2022. The real benefit to EQTEC beyond cash-generating assets is unlocking a phenomenal business development platform. Two are within Europe and the other in the USA, which EQTEC will be able to showcase as well as operate. On a weighted basis, the average gross margin for the ownership of these plants is forecast to be 33%. EQTEC’s plants are targeted for an unlevered IRR of upwards of 15%, with a minimum of 11%. Summary/Arden View We maintain a strong buy rating. We believe that there is a very strong business case for the assets EQTEC intends to purchase in this equity raise. The ability to address its growing market with its technological advantage over peers is critical for unlocking future shareholder value, given how competitive the landscape. The licensing route unlocked by this raise would not only provide superior margins but allow EQTEC to scale into new territories far faster than purely relying on its robust technology sales revenue stream. Management have given significant consideration and investment to the use of high-quality data in decision-making and furthermore, using this ever-growing database as a means of ensuring that the high calibre operational capabilities, as a co-ordinator of stakeholders, translate into this new revenue line for EQTEC. Clean tech peers such as Vestas attract a high multiple as their margins grow, EQTEC have it well within its reach to secure a similar valuation given the considerable structural drivers which act as a tailwind and the shrewd business model which is in action.
06/4/2021
10:27
stevea171: Align Research. 6 Apr 2021 10:08. EQTEC CONVICTION BUY - Price target 3.115p Forecasts update following record project pipeline. EBITDA profits expected this year with further growth beyond EQTEC provides engineering and design services and sells its EQTEC Advanced Gasification Technology to waste-to-value operators and enterprise partners. - March trading update confirms growth of commercial opportunities EQTEC has experienced considerable growth in its non-contracted project pipeline since September 2020. The number of opportunities has grown from 41 to 75, up 83% over six months. Additionally, between July 2020 and February 2021, non-contracted tender opportunities worth a total potential of €316 million were added for a total potential pipeline value of €657 million. - Maiden EBITDA profits expected this year with further growth in 2022/23 For 2021 EQTEC is targeting considerable, contracted sales growth from 6 – 8 projects across Europe, including new technology collaborations. This includes the RDF plant at Billingham in the UK, the company’s largest project, valued at over €30 million in sales to EQTEC over the construction phase of the project. Revenues for 2021 from existing, inflight projects, from new projects and from gradual growth in maintenance and consulting contracts, are forecast to drive positive annual EBITDA for the first time. Further growth is forecast for 2022 and 2023 based on the breadth and variety of deals in the pipeline. - Forecasts revised to consider enlarged pipeline and project delays Given the increase in the pipeline, offset by certain project delays, we have revised our forecasts. While our 2021 numbers have been revised down, our 2022 EBITDA expectations are broadly similar, edging up by €0.1 million to €10.9 million. We introduce 2023 forecasts, expecting the substantial non-contracted pipeline to translate into commercial success, with revenues more than doubling to €118.5 million and EBITDA growing by 116% to €23.5 million. - Blended EV/EBITDA & peer valuation suggests upside of 43% For our target price we choose a blended valuation comprising of 50% of our EV/EBITDA valuation and 50% of our peer comparable valuation. This gives a figure of 3.115p per share. We therefore update coverage of EQTEC with a target price of 3.115p and a stance of Conviction Buy. Table: Financial Overview Year to Dec 2020E 2021E 2022E 2023E Revenue (€m) 2.4 15.5 55.6 118.5 Pre-tax (€m) (3.8) 3.46 10.93 23.5 EPS (c) (0.043) 0.048 0.117 0.251 Source: Align Research CONVICTION BUY - Price target 3.115p Key data Share price 2.175p 52 week high/low 3.17/0.25p Exchange AIM EPIC EQT Shares in issue 7.2bn Market Cap £156.78m Sector Alternative Energy IMPORTANT: EQTEC is a research client of Align Research. Align Research owns shares in EQTEC. For full disclaimer information please refer to the last page of the full document.
24/3/2021
21:51
stevea171: EQTEC shares soar as company predicts profit for 2021 By Liam Roche. 22/03/2021 EQTEC (LON:EQT) announced on Monday that it is anticipating profitability in 2021 as its pipeline continues to grow. The company is also expecting to confirm a loss no lower than €4m for 2020 before any potential one-off adjustments. Into afternoon trading, EQTEC’s share price was up by 19.7% at 2.275p per share EQTEC said it had seen “considerable growth” in its pipeline, particularly in Europe, and also with new interest from Asia, the Middle East and Australia. Between July and February this year, the company added non-contracted tender opportunities worth an estimated €316m for a total potential pipeline value of €657m. EQTEC is forecasting its revenue to be around €15m in 2021 which would make it the company’s first year of profitability. Its final year results for 2020 will be announced in April. David Palumbo, chief executive of EQTEC, commented on the company’s progress during the pandemic while looking forward to the coming year. “I am pleased with our progress to date – not only because amid a global pandemic crisis we grew the influence and reach of our business by further developing partnerships, pipeline and impact of EQTEC development capital, but also because of the increasing operational and managerial discipline we established,” said Palumbo. “The business platform we now have in place is exactly what we set out to build and has grown our reach and impact toward building more advanced gasification plants in more markets with a greater, cleaner impact on local communities and greater returns for our shareholders. Supported by our strategic partners, we are better positioned than ever for growth and profitability in 2021 and beyond.” EQTEC confirmed a week ago that the company had been called in to look at a waste-to-energy solution for Toyota’s engine manufacturing plant in Deeside. The EQTEC subsidiary that is overseeing the Deeside Refuse Derived Fuel (RDF) project will collaborate with Toyota Motor Manufacturing (UK) over a period of three years. hxxps://ukinvestormagazine.co.uk/eqteq-shares-soar-as-company-predicts-profit-for-2021/
22/3/2021
22:09
stevea171: 22nd March 2021 MetalNRG plc (The "Company" or "MetalNRG") FRAMEWORK PARTNERSHIP AGREEMENT WITH EQTEC PLC MetalNRG plc (LON:MNRG), the natural resource investing and exploration company, announces it has entered into a Framework Partnership Agreement (FPA) to develop sustainable Green Energy projects in partnership with EQTEC plc (AIM: EQT), a world leading gasification technology solutions company for sustainable waste-to-energy projects. MetalNRG has set up a Special Purpose Vehicle, MetalNRG Eco Ltd, to develop biomass, waste to energy and sustainable green energy projects in the UK and Europe. EQTEC and MetalNRG will work in partnership on investments, with EQTEC advising technically, financially, and operationally, becoming MetalNRG's preferred technology partner for Green Energy Projects. The focus will be on "shovel ready" projects, that meet the Company's existing investment criteria, are sited in the UK and Europe, will have a CAPEX investment of between £5 million to £15 million, can be financed by a combination of debt and equity and will deliver revenues within 18 months of transaction close and have a minimum unlevered IRR of 11% About the Framework Partnership Agreement: MetalNRG will be part of the transition to renewable green energy and seeks to invest, develop, and deliver sustainable green energy solutions that help reduce CO2 emissions and contribute to the achievement of 2050 net zero goals. Working alongside EQTEC the Company will have an ideal technical partner with tremendous technical knowhow that will enable MetalNRG to accelerate its route to market and revenues. MetalNRG has set up a Special Purpose Vehicle, MetalNRG Eco Ltd, to focus exclusively on the development of green energy projects. Over the next few months, we will advance a pipeline of viable projects that meet the Company's existing investment criteria, and we will progress a number of investments that can deliver revenues via the application of green energy solutions with specific focus on biomass projects and waste to energy projects in the UK and Europe. To add substance to the intentions of the Business Development Partnership, EQTEC and MetalNRG have agreed that EQTEC will acquire £500,000 of MetalNRG shares when MetalNRG finalises its prospectus. EQTEC will acquire the MetalNRG shares via the allocation of EQTEC shares to MetalNRG. Rolf Gerritsen, CEO of MetalNRG commented: "EQTEC is the ideal partner for MetalNRG to work with and accelerate the generation of environmental impactful projects. Their technical and project delivery expertise in creating commercial and sustainable waste to energy plants, which we believe is the future of energy market especially in Europe, makes them the ideal partner for us to work with. I look forward to updating the market with additional information as we move forward with this extremely exciting project, which will see MetalNRG at the heart of the energy transition and help the world shift from fossil fuels to renewable energy. We have always said that energy transition will come from within the market and for MetalNRG this is the natural next step following BritNRG's acquisition of Sunswept and has been in planning for a number of months." hxxps://polaris.brighterir.com/public/metalnrg/news/rns_widget/story/w9872dr
03/3/2021
13:13
davidblack: Text from that link above EQTEC CEO: 'Companies like us are becoming the prize' Jonathan McNair 2:38 PM 02 March 2021 inspiratia recently caught up with David Palumbo, CEO of the advanced gasification specialist EQTEC to talk about project plans, the cleantech frenzy in public markets, and unsolicited proposals from infrastructure funds It has been a busy time of late for EQTEC, with planning approval granted for its 25MW Billingham, UK, waste-to-energy plant at the end of January, following on from its acquisition of a similar development project in Deeside, Wales in December. On the back of that deal, the company also last month inked a cooperation agreement with land developer Logik Developments – which sold it the Deeside site – under which the pair will partner on a future portfolio of energy-from-waste plants in the UK. And it was on this topic where Palumbo was keen to highlight the importance of such relationships. "In the case of Logik, they are strategic land developers. This is a group that is very credible in their market and with strong relationships with blue-chip parties from the funding side," he says. "We know of many sites that may have planning, or that could not have been executed before. Now we can go to Logik and say, 'could you take a look at that land deal, and we will take care of the technical side'. "They are then able to go pitching for a deal, with EQTEC as a technology partner…for us it becomes another good pathway to growing our pipeline that makes EQTEC more interesting for owners-operators of these types of site." Operating record This latter point is also understood to be poised to play a part in the company's near-term strategy, with the news of the Billingham progress coming with mention of ongoing talks with a European waste-to-energy specialist over the potential provision of construction finance. Turning that relationship into a concrete partnership with capital deployed into EQTEC's projects would not only be another vote of confidence for the company, but also for the growing niche but commercially robust position it occupies as an international company within the sustainable part of the waste-to-energy market. Advanced gasification as a technology has experienced a history filled with a number of false-starts but, as he detailed in his appearance on inspiratia's Joint Venture podcast last year, Palumbo is focussed on making his company among the first to properly break through with its proven and patented technology and solutions for sustainable waste-to-energy projects. A key way to do this is to accrue a firm track record of successful operations (to date, four commercial plants have been built and are using EQTEC's advanced gasification technology) and it is setting itself apart as not only an advanced gasification technology innovator but one that leads or resources project funding, integrating technologies, engineering (mechanical, electrical, civil), procurement, construction management, commissioning and O&M. Plus, the company is approaching engineering, procurement and construction contracts in a customised, package-driven approach rather than through one partner, not only creating local jobs but supporting the best local businesses for the work, too. "We have advanced discussions with a European owner-operator of energy-from-waste for district heating infrastructure, and the reason why we are interesting is that they're very progressive, they understand that gasification in the past has not worked but they are impressed with the fact that we have operating hours at the level that we have and the end-to-end project capabilities," says Palumbo. "What makes them speed up the relationship with us is the fact that we have the pathway to a pipeline. We can say to them that we have the gasification technology that can deliver the right operating hours and the right business case for them, but in addition to that there is £300-400 million worth of infrastructure that they could own." Aside from those kinds of partnerships, there are other options currently occupying Palumbo's inbox, although ones that may not be taken up in the immediate future. It will surprise few of you reading this that there is currently a lot of capital in the market for infrastructure opportunities and, according to Palumbo, advanced gasification is one of the sectors on the radar of investors. "The interesting thing now is companies like us are becoming the prize," he says. "We now have one or two calls, if not more, a week which are unsolicited approaches from infrastructure funds saying they've got £400 million and want to invest in infrastructure. "Or it's a family office saying they like what the company's been doing and want to invest, when is the next round? Or a company saying they are invested in another technology which is complementary to ours. "Now we have more alternatives than ever; we can invest directly in projects, we are now of a size of market cap that we could look to use our own balance sheet to finance the small projects but also provide the relevant insurance-backed warranties to secure competitive funding for the larger projects." Retail hype But it is not only the specialist investors who are eyeing this space. One needs only to casually glance at business pages at the moment to spot the huge upswell in IPOs, share issuances, and the share prices of almost all the already-listed cleantech or sustainable energy companies. At the extreme end you have the bloating of Tesla's share price, seemingly sustained by an online fan-base of devotees buying ever more shares even as the price rises. It would not take long to search around social media (particularly on Twitter and Reddit) to find this phenomenon in action, and it has existed for long before the recent GameSpot machinations that exploded into the mainstream. Others also want in on the action it seems, and the current favoured ploy is to conduct an IPO through a merger with a special purpose acquisition company (SPAC), with groups like hydrogen truck specialist Nikola Motor and the Indian solar and wind IPP ReNew Power among the high profile names to have gone down this route. As an already-listed company, EQTEC too has experienced this wave of attention as retail and institutional investors seek to climb on board the sustainability mega-trend. On top of this, these investors are often not merely passive pot-builders, despite usually being part-time traders. "We've developed a really good following; they reach out from all channels and introduce us to local government [for instance]," says Palumbo. "They are true advocates of the company. "The small investor has many more platforms to be heard through social media, some of which were not there before. Now they have the tools to quickly organise and we are seeing the rise of the 'stakeholder investor' which we believe is of particular importance in our sector." Hydrogen One area that has been attracting huge attention, on both social media, in the SPAC space, and pretty much everywhere else within the investment community, is hydrogen. And this is a segment that EQTEC could potentially pivot into given the syngas it produces in its plants is rich in hydrogen which could be extracted for use in a variety of applications. But this is perhaps something that could come a little further down the line for the company. "I'm usually quite tame about our own capability in hydrogen, because I think there's too much of that noise in the market already," says Palumbo. "I think it is really 10-years-plus before the market is anywhere near to this being a strong business case. [But] between 40-45% of our syngas, depending on feedstock, is hydrogen and separating the hydrogen is something we have done, we know how to do. "[But] we say that it is not mature enough a market and we already have a significant and growing pipeline For now, EQTEC is firmly focused on its core markets and developments either in construction or being developed to that stage. These are in mainland Europe and Ireland, where plant and agricultural waste biomass takes precedence, in the UK – where three RDF from MSW plants are in development – and one venture in California for waste forestry wood. And there is additional pipeline in those markets, looking further ahead. However, with the pace that various trends are moving within the clean energy and wider sustainability spaces, and as countries flesh out net zero targets with ever more detail, other opportunities cannot perhaps be ruled out. And the gathering synergies between various renewable technologies – as we have seen with offshore wind and hydrogen, for instance – will certainly be an area to observe with interest over the coming months and years.
11/2/2021
12:36
skinny: Long Term Incentive Plan and Share Allocation. All Employee Long-term Incentive Plan and Allocation of Incentive Shares EQTEC plc (AIM: EQT), a world leading gasification technology solutions company for sustainable waste-to-energy projects, announces the adoption of the EQTEC All Employee Long-term Incentive Plan (the "LTIP"), effective as of 11 February 2021. The LTIP is a core part of the Company's new approach to business planning, performance management and employee incentives and is designed to drive individual and team performance in line with Company performance, thereby creating value for shareholders while minimising cash outlay. All Company Executive Directors and employees are eligible to participate in the LTIP. Any awards made under the LTIP will comprise zero-cost share allocations ("Incentive Shares"). 60% will vest providing the relevant individual is employed by the Company as of the vesting date, subject to no notice of termination, disciplinary proceedings or similar, and in the view of the Board, fulfilling his/her responsibilities to the highest possible standards. The remaining 40% of Incentive Shares will vest provided the relevant individual has met the aforementioned employment conditions and, in addition, a Company-wide performance condition. The condition will be set annually by the Board against one or more of the Company's priority financial targets. In respect of these Company performance allocations, there will be a minimum or 'threshold' achievement that must be obtained to qualify, with a 'straight-line' calculation of award up to a maximum level. Both types of Incentive Shares will be allocated annually and, subject to the above vesting conditions would vest over three years. For example, the 2021 share allocation would vest in three equal instalments on 1 May 2022, 1 May 2023 and 1 May 2024, following announcement of the Company's annual results. All vested awards are subject to a lock-in period, whereby any new ordinary shares of EUR0.001 each issued ("Ordinary Shares") cannot be sold for two years from vesting for Directors and Heads of Function, or 12 months for all other employees. Awards are further subject to certain malus and clawback provisions, at the Board's discretion. On 11 February 2021, the Board approved the terms of the LTIP and the maximum allocation of 30,524,234 Incentive Shares at a price of 2.20p, representing a 5% premium on the closing, mid-market share price on 10 February 2021. 22,342,416 Incentive Shares have been newly allocated in aggregate for employees of the Company who are not Directors, with 8,181,818 Incentive Shares newly allocated in aggregate for Director, Jeffrey Vander Linden. In addition, David Palumbo and Yoel Alemán, Directors of the Company, have agreed that the Company's obligation to issue them new Ordinary Shares pursuant to the subscription arrangements (the "Subscription Arrangements") announced by the Company on 9 July 2020 for the period 1 July 2020 - 30 June 2021 will be replaced by Incentive Shares, subject to the same vesting conditions as outlined above. The maximum number of new Ordinary Shares that can be issued from these allocations on vesting would be 11,111,111 and 9,445,379 respectively, which is the same number of Ordinary Shares that would have been issued pursuant to the Subscription Arrangements, thereby creating no additional dilution on vesting and the potential for less dilution, should the vesting conditions not be achieved. Going forward, all executive Directors and employees will be on standardised LTIP structures and the LTIP is the Company's sole, long-term incentive programme. There will be no further issues of warrants under the employee incentive warrant programme announced on 31 March 2020, whereby the Directors were issued with, in aggregate, 472,725,148 warrants to subscribe for new Ordinary Shares from a March 2020 warrant pool of 590,906,437. The Company has a total of 658,210,979 employee related warrants and options outstanding. Assuming the maximum number of new Ordinary Shares were issued pursuant to the Incentive Shares allocated today (being 51,080,724 new Ordinary Shares, albeit only 30,524,234 of these shares represent additional dilution, due to the cancellation of the Subscription Arrangements), the Company would have 709,291,703 employee-related dilutive instruments outstanding, representing 9.09% of the Company's then enlarged issued share capital. Ian Pearson, Chairman of EQTEC, commented: "The implementation of EQTEC's All Employee Long-term Incentive Plan demonstrates the Company's commitment to attracting and retaining top talent who are invested in the long-term future of our business and in our role in Cleantech. This standardised framework for incentivising EQTEC's people is built on a new robust performance management framework that will drive common focus and individual excellence toward delivery of the business plan, aligning performance with enhancing value for our shareholders while minimising cash outlay. I view these approaches as additional support to EQTEC's platform for sustainable growth and performance in 2021 and for years to come."
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