can anyone advise what happened to Cobra. I thought they were the EPC on Billingham
May 2019
Ian Price, chief executive of EQTEC, added: "We are extremely happy to have executed the MOU, representing our first deal with COBRA, our major strategic partner.
Director of Scott Bros, said: "We are delighted to have entered into this agreement with the highly experienced EQTEC team, alongside a world class EPC group such as Cobra.
FEB 2021
Following full commercial EPC offers being reviewed and negotiated to contract, a final decision will be made with regards to the funding structure for the Project, on which EQTEC will then provide an update to shareholders.
Mr N
i see your point now
But the conditions around the LPA had to be in place before the LPA could be signed. Therefore the finance must be in place. One thought could be that a potentially better offer could be on the table subject to...........the aries thing being concluded, a collaboration with A N Other or any other expected news
It could be (it would have to be) that everything is in place ready to go and the reason we don't have a completion date is that if one of the above suggestions comes good soon the proposition gets a whole lot better
personally i would think end of Q1 see what happens with these things then decide on how we push ahead with Billingham.
However in my mind if the terms of the LPA have been met then this could complete at any time
In Addition
The proposed terms of the LPA provide that completion will be subject to the satisfaction of certain conditions
1.) the Buyer has reached financial close in respect of such financing,
2.) the Buyer having agreed the form of the key construction, operational, offtake and feedstock contracts
3.) the Project being fully permitted by the relevant planning and environmental authorities.
The funny thing now is that this share could take off at warp speed at any time. Completion on Billingham will now just pop up on a random RNS, Aries could just pop up at any time and the Wood report and future collaboration (due Q4 2020) could be any time. Could all be in the same day.
I have filled my limited boots with Eqtec shares and look forward to a happy retirement on the back of this
Taken from RNS 18/12 It’s in the bag !!!
The proposed terms of the LPA provide that completion thereunder will be subject to the satisfaction of certain conditions precedent relating to the development and financing of the Project, including that the Buyer has reached financial close in respect of such financing, the Buyer having agreed the form of the key construction, operational, offtake and feedstock contracts, and the Project being fully permitted by the relevant planning and environmental authorities.
This was never going to complete today.
Confirmation it’s signed and sealed is great.
No one would sign an agreement ( exchange on a property) without an offer of finance ( mortgage)
This is all sorted IMO it’s just a case of when ....
I would view this like exchange and completion on a property.
Today we have exchanged and (like with a residential purchase) completion must take place within 12 months. However in most cases not completed on the day, usually complete the following week. This is just to arrange the transfer of funds.
This agreement being signed is great news
Fantastic news to follow very soon IMO
I'm with you on that Slappy watching all these others up and down like yoyo's whilst eqtec has really found its feet at around the 2p mark. All the day traders have gone and good news will promote price increases. Then the day traders return and its 2 steps forward and 1 back, until the next bit of good news. With so many open projects it would be great to get a definitive time line of expectations
The aries case is a bit "wishy washy" as i recall there were no real specifics mentioned. Also Aries bought the patents as part of a bankruptcy purchase, so I wonder what real value they have ($140k i believe) and issued court proceedings on the day eqtec got their last funding finalised............
This is taken from the interim results printed in September. I’m wondering if anyone has insight to any Asian developments
In Asia, we have received numerous enquiries, based on the strength of our technologies and the significant advantages our technologies have over alternatives in Asian markets including South Korea, Japan, Indonesia and Malaysia.
Don't you think that Friday 26th would be too late to announce that the LPA needed extending. I would have thought if there was no way of it proceeding this week we would already be told. I think leaving an announcement like that to go to the wire generates a feeling of incompetence rather than Covid delays. Personally if we hadn't already heard its fair to say its still to come this week. good news pending!
Could not agree more with your sentiment.
I can’t see anything other than closure on the LPA this week.
So much has gone into it already, I feel the notification will be this week, otherwise legally the LPA will need extending.
I’m very excited about this week.
I have no reason other than anticipation.
The share price is static around the 2p mark
The spread has opened up today
The LPA on the Billingham project will be updated by Friday
The wood review should be completed soon
The court case decision coming soon
It’s building and I’m like a kid waiting for Christmas morning
This option must be agreed or lapsed by 28th Feb
within the Agreement to acquire Billingham Project
Key terms of the Call Option and Exclusivity Agreement
· Scott Bros grants to the Buyer an exclusive call option (the "Option") to require Scott Bros to enter into a binding conditional Land Purchase Agreement (the "LPA") to sell the Project Site to the Buyer.
· The Option may be exercised any time up to 28 February 2021 ("Option Lapse Date"), and the Buyer and Scott Bros have agreed to use all reasonable endeavours in good faith to agree the LPA by such date and to enter into the same on or before such date. If an option notice is not served before the Option Lapse Date, or it is served but the terms of the LPA are not (in the event) agreed by the Option Lapse Date, then the Option shall lapse and will be of no further effect.
· The consideration for the grant of the Option is £260,000, which is payable £100,000 on exchange of the Option and £160,000 if completion under the Option (and the LPA is agreed and entered into) no later than 28 February 2021.
· The Option Agreement contains the key commercial terms of the LPA together with an all reasonable endeavours good faith obligation to agree an LPA on such terms, but such terms will only become legally binding on the execution of the LPA.
· The Option Agreement provides that the purchase price for the Project Site will be £8,600,000, less the consideration of £260,000 for the grant of the Option.
· The proposed terms of the LPA provide that completion thereunder will be subject to the satisfaction of certain conditions precedent relating to the development and financing of the Project, including that the Buyer has reached financial close in respect of such financing, the Buyer having agreed the form of the key construction, operational, offtake and feedstock contracts, and the Project being fully permitted by the relevant planning and environmental authorities.
· The Option Agreement provides that the Seller shall not (and will procure than no member of its group shall), other than with the Buyer, enter into, re-start or solicit, or initiaite, acquiesce or participate in, any negotiations with third parties as to any investment in the Project Site, any disposal of all or any part of the Project Site, or any development of the Project, during the period ending on the Option Lapse Date.