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Share Price: 1.20
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Change: 0.025 (2.13%)
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Open: 1.175
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Eqtec now due GBP2.0 million settlement payment from Logik

Wed, 01st May 2024 12:10

(Alliance News) - Eqtec PLC on Thursday updated on the "positive" progress on its settlement with Logik Developments Ltd and its wholly-owned subsidiary Logik WTE Ltd, detailing it now expects to receive GBP2.0 million due to the timing of a site sale by Logik.

Shares in Cork, Ireland-based thermochemical conversion technology company Eqtec were up 2.9% to 1.80 pence each in London on Wednesday at midday.

Last year, Eqtec claimed a breach of the share purchase agreement made between Logik Developments and Deeside WTV Ltd, an Eqtec subsidiary, in December 2020. It had said that the claims specifically relate to payments made by Eqtec and Deeside to Logik.

Eqtec had added that it had since January 2023 attempted to engage Logik, alleging Logik had failed to follow through on its agreements or meet with Eqtec.

Early last month, Eqtec said it agreed a deal with Logik and its subsidiary in which it would receive about GBP1.7 million by around early May, as Logik would pay the sum within the next business day of a sale of a site at Weighbridge Road in Deeside Industrial Park. This was expected to complete on or before Tuesday.

Eqtec on Wednesday said it has received written confirmation from Logik that exchange for the sale of the land to a proposed purchaser has now taken place.

Completion of the purchase remains conditional "only upon the the final legal execution of certain documents pertaining to the project", Eqtec said.

It said the long stop date for completion is June 28 with completion expected by the end of this month.

Last month, Eqtec noted that if the sale was delayed to between May 1 and November 30, it would receive GBP2.0 million,. If it was delayed beyond November. Eqtec would receive the GBP2.0 million sum plus interest at 4% above the Bank of England base rate on any part of the settlement that it not paid according to the settlement terms.

Eqtec on Wednesday confirmed it is now due to receive GBP2.0 million under the settlement agreement, subject to conditions. It said it will provide a further update "in due course".

By Greg Rosenvinge, Alliance News senior reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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24 Jun 2022 12:15

IN BRIEF: Eqtec signs deal with Anaergia to build waste-to-energy plant

Eqtec PLC - Cork, Ireland-based gasification company focused on turning waste into sustainable energy - Signs deal with Anaergia Inc for the construction and operation of a multi-technology, waste-to-energy facility at Southport Hybrid Energy park in Merseyside, UK. The company says the plant will accept 80,000 tonnes of pre-processed municipal solid waste annually. It will both recover organics produce refused-derived fuel and an Anaergia anaerobic digestion facility, which is designed to convert the recovered organics into six million cubic metres of biomethane every year, to be injected into the national gas transmission system.

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24 Jun 2022 11:56

Eqtec signs Anaergia on to Southport energy development

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21 Jun 2022 22:13

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21 Jun 2022 14:52

Eqtec agrees proposed joint venture funding with Optima Bank

(Sharecast News) - Hydrogen and biofuels-focussed technology developer Eqtec announced the receipt and acceptance of non-binding heads of terms with Optima Bank for a debt facility on Tuesday, to support the construction of a 1MWe waste-to-energy project at Livadia, in Boeotia, Greece.

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30 May 2022 17:35

IN BRIEF: Eqtec rises on University of Lorraine study finding

Eqtec PLC - Cork, Ireland-based gasification company focused on turning waste into sustainable energy - Notes that the Universite de Lorraine has released a report verifying that the company's Advanced Gasification Technology successfully converts contaminated plastic waste into synthesis gas cleanly, stably and efficiently. Report was compiled by UoL following a series of successful tests on contaminated plastics undertaken in December 2021 at Eqtec's technology innovation facility in France.

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30 May 2022 14:43

Eqtec upbeat after positive report on its syngas technology

(Sharecast News) - Hydrogen and biofuel energy specialist Eqtec announced on Monday that the Université de Lorraine (UoL) has released a report verifying that its advanced gasification technology successfully converts contaminated plastic waste into synthesis gas (syngas) "cleanly, stably and efficiently".

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12 May 2022 16:01

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Copyright 2022 Alliance News Limited. All Rights Reserved.

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25 Apr 2022 17:50

TRADING UPDATES: Audioboom in maiden annual profit; Eqtec loss narrows

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25 Apr 2022 09:18

Eqtec revenue more-than-quadruples in 2021

(Sharecast News) - Hydrogen, biofuel and sustainable energy company Eqtec reported revenue of €9.2m (£7.75m) in its final results on Monday, up from €2.2m year-on-year.

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1 Apr 2022 18:11

IN BRIEF: Eqtec amends share purchase agreement for Deeside project

Eqtec PLC - Cork, Ireland-based gasification company focused on turning waste into sustainable energy - Says its subsidiary, Deeside WTV Ltd, has signed a binding supplemental agreement with Logik Developments Ltd pertaining to a share purchase agreement.

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29 Mar 2022 18:24

IN BRIEF: Eqtec signs GBP10 million loan facility for development

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14 Mar 2022 12:09

Eqtec signs collaboration deal, launches France subsidiary

(Sharecast News) - Eqtec announced the launch of a subsidiary company in France on Monday, as well as completion of a collaboration agreement for the handling of contaminated plastic waste.

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(Alliance News) - Eqtec PLC said on Monday it launched a subsidiary company in France and completed a collaboration agreement for the handling of contaminated plastic waste.

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