Last checked at 25 Jan 2019 18:16
25 January 2019
EQTEC plc
("EQTEC" or the "Company")
Nomad Update, Loan, and Director Declaration
EQTEC plc (AIM: EQT), the technology solution company for waste gasification to energy projects, announces the following:
Consolidation of loans
On 22 January 2019 the Company and Altair Group Investment Limited ("Altair") agreed to increase the loan facility available for drawdown by £0.879 million to £3.5 million. Altair also agreed to consolidate two loans between Altair and Ecofinance (GLI) Limited ("Ecofinance) and EQTEC into one facility. In order to facilitate the immediate drawdown of the £0.879 million, should the Company choose to do so, the Company and Ecofinance have entered into a Deed of Amendment to the existing Ecofinance loan which increases this secured facility by £0.879 million to £1.879 million on the same terms. This amended loan facility will form part of the consolidation of the two Altair loans. A further announcement will be made once the consolidation process is completed.
Nomad update
The Company is pleased to confirm that it is finalising the appointment of a new Nominated Adviser and looks forward to concluding the appointment prior to 31 January 2019.
AIM Rule 17 Update
The Company also announces the following changes in information in relation to Mr Oscar Leiva, a Non-Executive Director of EQTEC, pursuant to AIM Rule 17 and Schedule Two, Paragraph (g) of the AIM Rules for Companies:
Oscar Leiva was a director of Syngas Italy SARL until August 2018. Syngas Italy SARL entered voluntary liquidation in October 2018 and the liquidation process is ongoing.
Oscar Leiva was previously a director of Tnl equipamientos ambientales SA resigning in September 2018. In November 2018, Tnl equipamientos ambientales SA commenced insolvency proceedings, which are still ongoing.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
Enquiries
EQTEC plc | +353 (0)21 2409 056 |
Ian Price - Chief Executive Officer Gerry Madden - Finance Director | |
Northland Capital Partners Limited - Nomad and Broker | +44 (0)20 3861 6625 |
David Hignell | |
Luther Pendragon - Financial PR | +44 (0)20 7618 9100 |
Harry Chathli / Alexis Gore / Joe Quinlan |
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