Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksEqtec Regulatory News (EQT)

Share Price Information for Eqtec (EQT)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 2.25
Bid: 2.20
Ask: 2.30
Change: -0.10 (-4.26%)
Spread: 0.10 (4.545%)
Open: 2.35
High: 2.35
Low: 2.25
Prev. Close: 2.35
EQT Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Convertible Loan Agreements

16 Oct 2017 13:29

RNS Number : 7172T
EQTEC PLC
16 October 2017
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

16 October 2017

EQTEC PLC

("EQTEC", "Company" or the "Group")

Convertible Loan Agreements

EQTEC PLC (AIM: EQT), the technology solution company for waste gasification to energy projects, announces that the Company has entered into agreements pursuant to which an existing lender (the "Existing Lender") and a new lender (the "New Lender") have agreed to make interest free unsecured loans of an aggregate amount of £225,000 to EQTEC (the "Convertible Loans"). Such loans will convert into new Ordinary Shares on the earlier of the date of Completion (as defined in the announcement of 17 July 2017) and 31 December 2017 (the Longstop Date"). The Company will also grant warrants over Ordinary Shares ("Warrants") to the lenders at the time of conversion of the Convertible Loans.

Convertible Loans

The Company and the Existing Lender, who is an existing shareholder of the Company, are parties to a loan agreement dated 17 July 2017 (the "Original Loan Agreement") pursuant to which the Existing Lender has lent the Company £300,000. The terms of that loan are set out in the Company's announcement of 17 July 2017. The Company and the Existing Lender have agreed to terminate the Original Loan Agreement and have entered into a new agreement pursuant to which the parties have agreed the original £300,000 is treated as having been advanced pursuant to the terms of that agreement and the Existing Lender has agreed to make an additional £200,000 loan to the Company on or before 19 October 2017. The Company has also entered into an agreement with the New Lender, who is not an existing Shareholder of the Company, pursuant to which the New Lender has agreed to make a £25,000 loan to the Company on or before 19 October 2017.

The Convertible Loans are unsecured and non-interest bearing. The Convertible Loans will convert into Conversion Shares on the earlier of the date of Completion and the Longstop Date. The Convertible Loans will automatically convert into the Conversion Shares at 1 pence per share.

On the date of conversion of the Convertible Loans the lenders will also be granted Warrants for such number of new ordinary shares as is equal to the number of Conversion Shares issued. The Warrants will be exercisable for a period of two years from the date of grant. The exercise price of the Warrants will be 2.2 pence per share if the conversion event is Completion or 1.5 pence per share if the Convertible Loans convert on the Longstop Date.

Unless otherwise defined all capitalised terms contained in this announcement shall have the same meaning as in the announcement on 17 July 2017.

Enquiries

EQTEC PLC

+353 (0)21 2409 056

Gerry Madden / Brendan Halpin

 

 

 

VSA Capital Limited

Financial Adviser and Broker

+44 (0)20 3005 5000

Andrew Monk / Andrew Raca

 

 

 

ZAI Corporate Finance Limited

Nominated Adviser

+44 (0)20 3005 5000

John Treacy / Luis Brime

 

 

 

Luther Pendragon

Financial PR

+44 (0)20 7618 9100

Harry Chathli / Ana Ribeiro / Alexis Gore

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
AGRBDBDGLDBBGRL
Date   Source Headline
11th Mar 20247:00 amRNSUpdate on Verde Corporation Subscription
29th Feb 20247:17 amRNSUpdate on Initial Subscription
22nd Feb 20248:09 amRNSUpdate on Initial Subscription
13th Feb 20245:00 pmRNSHolding(s) in Company
13th Feb 20248:17 amRNSHolding(s) in Company
13th Feb 20247:00 amRNSNew Investor Subscription and Debt Conversion
16th Jan 20241:16 pmRNSJoint Venture with CompactGTL
16th Jan 20247:00 amRNSDrawdown of Bank Refinance Approved for Italy MDC
21st Dec 20237:00 amRNSItaly MDC - Refinance Update & Conversion Notices
18th Dec 20231:30 pmRNSResults of EGM
7th Dec 20237:00 amRNSEquipment Supply Agreement for Plant in USA
29th Nov 20237:00 amRNSTechnical Services Agreement for Plant in USA
28th Nov 20237:00 amRNSAchievement of ISO certifications
27th Nov 20237:00 amRNSCollaboration Framework Agreement
24th Nov 20237:00 amRNSNotice of EGM
20th Nov 20237:00 amRNSRefinancing of Debt Facilities and Company Update
6th Nov 20238:39 amRNSItalia MDC update and share ownership
16th Oct 20237:00 amRNSDirector/PDMR Shareholding
13th Oct 20234:28 pmRNSDirector/PDMR Shareholding
6th Oct 202310:55 amRNSHolding(s) in Company
4th Oct 20237:00 amRNSDirector/PDMR Shareholding
2nd Oct 20232:25 pmRNSDirector Dealing
28th Sep 20237:00 amRNSInterim results
26th Sep 20237:00 amRNSProject update
20th Sep 20234:15 pmRNSLegal claim against Logik Developments
20th Sep 202312:25 pmRNSDiscontinuation of Billingham Project
4th Sep 20237:00 amRNSBank Refinance of Italy Market Development Centre
17th Aug 20237:00 amRNSContract signed with Idex for FEED at France MDC
31st Jul 20237:00 amRNSSuccessful Steam-Oxygen Gasification Tests
25th Jul 20237:00 amRNSCollaboration Framework Agreement with Domi Ost
12th Jul 20237:00 amRNSSale of France Market Development Centre to Idex
23rd Jun 20239:40 amRNSGrant of Long-term Incentive Plan Options
22nd Jun 202312:55 pmRNSCompletion of Italy MDC handover
21st Jun 20234:15 pmRNSResults of 2023 AGM
25th May 20237:00 amRNSNotice of 2023 AGM
5th May 20237:00 amRNSFinal Results
21st Apr 20234:30 pmRNSResult of Broker Option
18th Apr 20237:00 amRNSPublication of 2022 annual report
17th Apr 20232:15 pmRNSCollaboration Framework Agreement
4th Apr 20237:00 amRNSUpdate re Director remuneration and Broker Option
27th Mar 20237:00 amRNSFrance project award with Idex Group
23rd Mar 20237:00 amRNSFrance government award for potential RNG project
21st Mar 202311:05 amRNSSecond Price Monitoring Extn
21st Mar 202311:00 amRNSPrice Monitoring Extension
21st Mar 20238:14 amRNSProposed Equity Issue to raise approximately £3.5m
14th Mar 20234:35 pmRNSPrice Monitoring Extension
14th Mar 20239:00 amRNSPrice Monitoring Extension
14th Mar 20237:00 amRNSItaly Market Development Centre operational
1st Mar 20237:00 amRNSHolding(s) in Company
1st Mar 20237:00 amRNSUpdate on Deeside project share purchase agreement

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.