EQTEC PLC - waste to energy project developer - Unit Reforce Energy Ltd sells Pluckanes Windfarm Ltd to BVP 2019 Finance Company Ltd on a debt free and cash free basis for a maximum net cash consideration of EUR383,503. Under the sale agreement, gross consideration for the disposal is EUR1.1 million, which is subject to certain adjustments. EQTEC expects to make EUR32,882 profit from disposal. Pluckanes earned pretax profit of EUR24,827 in the six months to Jun 30 and EUR21,684 for 2019. Proceeds from disposal will be used for general working capital requirements.
Current share price: 0.56 pence
Year-to-date change: up more than 100%; 0.12p at December 31, 2019
By Tapan Panchal; tapanpanchal@alliancenews.com
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Eqtec (EQT)