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
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.