REG - EQTEC PLC - Update on Settlement Agreement with Logik

EQTECAnnouncement

14/08/2024 07:00

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RNS Number : 3268A  EQTEC PLC  14 August 2024

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                                      +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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