Last checked at 31 Mar 2020 14:29
31 March 2020
EQTEC plc
("EQTEC", the "Company" or the "Group")
Creation of New Employee Incentive Warrant Pool
EQTEC plc (AIM: EQT), the technology solution company for advanced gasification in waste to energy projects,
announces that it has established an Employee Incentive Warrant Pool ("EIWP") for all employees.
The Board of Directors of the Company has approved the creation of an EIWP warrant instrument that allows for the issue of 590,906,437 warrants ("Warrants") over new ordinary shares of €0.001 each in the Company ("Ordinary Shares") to employees. The Warrants represent approximately 15% of the current issued Ordinary Share capital of the Company and will be used to incentivise performance and align the interests of employees with those of shareholders. The exercise price of the Warrants granted under the EIWP will be 0.25p per Ordinary Share, representing a premium of 43% to the last middle market closing price. The EIWP Warrant Instrument is dated today and each Warrant is exercisable for a period of 36 months from the date of the instrument.
Included in the total is the issue of the following Warrants to the Directors of the Company:
Director | Number of Warrants being issued |
David Palumbo | 196,968,812 |
Yoel Aleman | 98,484,406 |
Gerry Madden | 157,575,049 |
Thomas Quigley | 19,696,881 |
The remaining 118,181,289 Warrants will be issued to various staff members.
Related party transaction
As Directors of the Company, David Palumbo, Yoel Aleman, Gerry Madden and Thomas Quigley are considered related parties under the AIM Rules for Companies ("AIM Rules"). As a result, issue of Warrants to them constitutes a related party transaction pursuant to Rule 13 of the AIM Rules. Ian Pearson, being the sole Director independent of the transaction considers, having consulted with the Company's Nominated Adviser, Strand Hanson Limited, that the terms of the issue of the Warrants to the Directors are fair and reasonable in so far as the Company's shareholders are concerned.
This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014 and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.
Enquiries
EQTEC plc | +353 21 2409 056 |
David Palumbo / Gerry Madden
| |
Strand Hanson - Nomad & Financial Adviser | +44 20 7409 3494 |
James Harris / James Dance / Jack Botros
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SI Capital Limited - Broker | +44 1483 413 500 |
Nick Emerson / Jon Levinson
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IFC Advisory - Financial PR & IR | +44 20 3934 6630 |
Tim Metcalfe / Graham Herring / Zach Cohen |
Notes to Editors
About EQTEC plc
EQTEC is the technological solution partner for converting waste to clean energy.
EQTEC mission is to provides sustainable technological solutions to address two of the world's greatest challenges: managing rising levels of waste and meeting the growing demand for clean energy.
EQTEC's business model involves sourcing and providing assistance in developing waste elimination projects which will convert waste into clean energy, to which it will ultimately sell its EQTEC Advanced Gasification Technology and O&M services. EQTEC Advanced Gasification Technology enables project developers to construct waste elimination plants and recover electrical and thermal energy from the waste streams.
EQTEC sources projects that have a local supply of waste in need of elimination and conversion. It builds relationships and brings together the developers, the waste owners, the building contractors and funders. It then supplies the energy recovery technology and provides engineering services to the projects.
EQTEC also seeks to provide O&M services to established operating co-generation plants generating recurring revenues over the life of the projects.
The Company is quoted on AIM, bears the Green Economy Mark awarded by the London Stock Exchange and trades as EQT. Further information on the Company can be found at www.eqtecplc.com.
PDMR Notification Form:
The notification below is made in accordance with the requirements of the Market Abuse Regulation:
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | 1. David Palumbo 2. Yoel Aleman 3. Gerry Madden 4. Thomas Quigley | ||||
2. | Reason for the Notification | |||||
a) | Position/status | 1. CEO 2. CTO 3. FD 4. NED | ||||
b) | Initial notification/amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | EQTEC plc | ||||
b) | LEI | 63540085VSYVDEINJO04 | ||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv)each place where transactions have been conducted | |||||
a) | Description of the Financial instrument, type of instrument | Ordinary Shares of EUR0.001 each | ||||
Identification code | IE00BH3XCL94 | |||||
b) | Nature of the Transaction | Issue of warrants | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information Aggregated volume Price | N/A (Single transaction) | ||||
e) | Date of the transaction | 31 March 2020 | ||||
f) | Place of the transaction | AIM (LSE) | ||||