REG - EQTEC PLC - Settlement Agreement with Logik Developments

EQTECAnnouncement

03/04/2024 15:15

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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 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                                      +44 20 3883 7009

 David Palumbo / Jeffrey Vander Linden

 Strand Hanson - Nomad & Financial Adviser      +44 20 7409 3494

 James Harris / Richard Johnson

 Fortified Securities - Broker                  +44 20 3411 7773

 Guy Wheatley

 Global Investment Strategy UK Ltd - Broker     +44 20 7048 9045

 Samantha Esqulant

 

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
(http://www.eqtec.com/) .

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