RE: RNS23 Jun 2020 08:04
Subsequent to the previous extension to the MOU (as announced on 23 October 2019), the Company commenced discussions with potential co-developers and funders to the Project, a number of which are progressing well. EQTEC also instructed and paid the grid operator, Northern Powergrid, to provide a full quotation for the grid connection, which has been received by the Company. The Company also initiated technical due diligence with potential funders and insurance providers, which is ongoing.
In addition to the extension to the MOU exclusivity period, Scott Bros has undertaken to enter into a legally binding option agreement, which, if agreed, will grant EQTEC and its partners the right, but not the obligation, to purchase the entire issued share capital of Billingham EFW Limited, the Project SPV, from Scott Bros, subject to agreement on consideration and other terms. The MOU extension announced herein sets out the intention of executing this option agreement within 45 days and that such option agreement, if and when entered into, will supersede all other agreements between the Parties regarding the potential acquisition of the SPV.