Last checked at 29 Oct 2018 07:00
29 October 2018
EQTEC plc
("EQTEC" or the "Company")
Director share subscription and share issue
EQTEC plc (AIM: EQT), the technology solution company for waste gasification to energy projects, announces the following subscription for new shares in the Company's ordinary shares of €0.001 each ("Ordinary Shares") by certain Directors of the Board. The Ordinary Shares were issued by the Company to the below Directors at an issue price of 0.93 pence per Ordinary Share and were allotted on 26 October 2018.
Ian Pearson, Chairman of EQTEC, commented:
"Following recent agreements, the Company is well capitalised and is continuing to execute on its growth optimisation plan whilst maintaining tight cost control. Today's subscription by the Directors is a demonstration of our belief in the way the outcomes of the Strategic Review recently completed by Ian Price as CEO are being implemented as well as the execution of EQTEC's strategy going forward."
Details of the shares allotted to Directors are set out below:
Director | Number of Ordinary Shares Allotted | Allotment Price per Ordinary Share | Beneficial Interest following the Purchase | Total per cent. held after the issue |
Ian Pearson Non-Executive Chairman |
537,634
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0.93 pence |
537,634 |
0.03% |
Ian Price Chief Executive Officer |
725,806 |
0.93 pence |
725,806 |
0.04% |
Gerry Madden Finance Director | 569,677 | 0.93 pence | 1,386,817 | 0.08% |
Tom Quigley Non-Executive Director |
193,548 |
0.93 pence |
193,548 |
0.01% |
Under the agreement with the Company's Joint Broker VSA Capital Limited, advisor fees totaling £39,750 are to be converted into 4,274,194 Ordinary Shares in the Company at an issue price of 0.93 pence per share.
Application will be made for the admission to AIM of these 6,300,859 new ordinary shares and trading is expected to start on 2 November 2018.
Following admission, the Company will have a total of 1,804,744,243 Ordinary Shares in issue carrying voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Enquiries
EQTEC plc | +353 (0)21 2409 056 |
Ian Price - Chief Executive Officer Gerry Madden - Finance Director |
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Northland Capital Partners Limited - Nomad and Broker | +44 (0)20 3861 6625 |
Tom Price / Dugald J. Carlean |
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Luther Pendragon - Financial PR | +44 (0)20 7618 9100 |
Harry Chathli / Alexis Gore / Joe Quinlan |
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Notes to Editors
About EQTEC plc
EQTEC's business model involves sourcing and providing assistance in developing waste elimination projects to which it will ultimately sell its EQTEC Gasifier Technology ("EGT") and O&M services. EGT 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. Furthermore, EQTEC will provide O&M services to the operating projects generating recurring revenues over the life of the projects.
The Company is quoted on AIM and trades as EQT. Further information on the Company can be found at www.eqtecplc.com
The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail:
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
(Disclosure in relation to purchase of Ordinary Shares)
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||||||||||||||
a) | Name | - Ian Pearson - Non-Executive Chairman - Ian Price - Chief Executive Officer - Gerry Madden - Finance Director - Tom Quigley - Non-Executive Director | ||||||||||||||||
2. | Reason for the Notification | |||||||||||||||||
a) | Position/status | See 1(a) above for positions - all Directors of the Company | ||||||||||||||||
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 0.001 cent | ||||||||||||||||
Identification code | IE00BH3XCL94 | |||||||||||||||||
b) | Nature of the transaction | - Ian Pearson - purchase of Ordinary Shares - Ian Price - purchase of Ordinary Shares - Gerry Madden - purchase of Ordinary Shares - Tom Quigley - purchase of Ordinary Shares | ||||||||||||||||
c) | Price(s) and volume(s) | Ian Pearson:
Ian Price:
Gerry Madden:
Tom Quigley:
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d) | Aggregated information: · Aggregated volume · Price | See 4(c) above | ||||||||||||||||
e) | Date of the transaction | 26 October 2018 | ||||||||||||||||
f) | Place of the transaction | London Stock Exchange AIM | ||||||||||||||||