14 August 2024
EQTEC plc
("EQTEC",
the "Company" or the "Group")
Update on Settlement
Agreement with Logik Developments
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 updates on progress on the
settlement agreement with Logik Developments Limited and its
wholly-owned subsidiary Logik WTE Limited (collectively,
"Logik"). As previously
announced, the timing of the payment of the settlement sum is
subject to and conditional on the sale (the "Sale") of a site at
Weighbridge Road in Deeside Industrial Park (the
"Land"), with payment
expected following completion of a sale.
On 1 May 2024 the Company notified
that it had received written confirmation from Logik of conditional
exchange for the sale of the Land, with a long stop date for
completion set for 28 June 2024, subsequently extended to 12 July
2024.
On 29 July 2024 the Company
announced that it had been informed that dialogue continued between
the parties to the transaction and legal execution of final funding
documents relating to the sale of the Land was ongoing and that
completion was still anticipated in the first half of August 2024
and with this in mind a new completion long stop date was not then
agreed.
The Company has now been notified by
the buyer that the Sale parties have executed an amendment to the
existing agreement such that the exchange for the sale of the Land
is now unconditional with no further conditions to be met and have
set a long stop date of 16 August 2024 for completion funds
transfers to be initiated following contractual closing.
On the basis completion does occur
in accordance with the indicated timetable, the Company would be
due to receive £2,000,000 under the settlement
agreement.
A further update will be provided
following contractual closing and receipt by the Company of the
settlement funds.
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
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+44 20 3883 7009
|
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Strand Hanson - Nomad & Financial
Adviser
James Harris / Richard
Johnson
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+44 20 7409 3494
|
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Fortified Securities - Broker
Guy Wheatley
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+44 20 3411 7773
|
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Global Investment Strategy UK Ltd -
Broker
Samantha Esqulant
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+44 20 7048 9045
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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.