Last checked at 6 Feb 2017 15:37
6 February 2017
REACT Energy plc
("REACT" or the "Company")
Result of Extraordinary General Meeting ("EGM"), Admission of New Ordinary Shares and Change of Name
Further to the Company's announcement of 10 January 2017, REACT is pleased to announce that at the EGM held earlier today in respect of the investment by EBIOSS Energy in React, all Resolutions were duly passed.
The ordinary resolution to approve, on a poll, the waiver under Rule 9 of the Irish Takeover Rules and the special resolutions relating to the Share Capital Reorganisation and the change of the Company's name to EQTEC PLC were all passed.
Accordingly, the New EBIOSS Shares (consisting of 78,210,000 New Ordinary Shares) will be issued to EBIOSS Energy pursuant to the terms of the Conversion Agreement and Admission and dealings in the New Ordinary Shares (following the Share Capital Reorganisation) and the New EBIOSS Shares is expected to commence at 8.00 a.m. on 7 February 2017.
Following Admission, the Company will have 153,350,494 New Ordinary Shares in issue. The Company holds no shares in treasury. Shareholders should use the figure of 153,350,494 as the denominator for the calculations by which they will determine if they are required to notify their interest in or change to their interest in the Company, under the FCA's Disclosure and Transparency Rules.
Following Admission, EBIOSS Energy will hold New Ordinary Shares carrying voting rights over 51 per cent. of the Enlarged Share Capital, as well as the option, pursuant to the Warrant Purchase Agreement, over 38,450,000 Warrants.
Farmers Business Developments plc will hold New Ordinary Shares carrying voting rights over 11.3 per cent. of the Enlarged Share Capital following Admission.
Following approval at the EGM of the change of name to EQTEC PLC, dealings in the New Ordinary Shares under the new name are also expected to commence at 8.00 a.m. on 7 February 2017 and the Company's TIDM (ticker symbol) will also change from "REAC" to "EQT".
In compliance with AIM Rule 26, details of the Company will be available at the Company's new website address www.eqtecplc.com following the change of name becoming effective.
All capitalised terms in this announcement shall have the meanings ascribed to them in the circular dated 10 January 2017, a copy of which is available on the Company's website.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
For further information:
EQTEC PLC | +353 (0)21 2409 056 |
Gerry Madden / Brendan Halpin | |
Strand Hanson Limited - Nomad & Broker | +44 (0)20 7409 3494 |
James Harris / Richard Tulloch / Ritchie Balmer |
About EQTEC:
EQTEC PLC (formerly REACT Energy plc) is committed to operating clean electricity and heat generation plants in the UK and Ireland. The Company seeks to identify, build, own and operate renewable projects and possesses significant knowledge of energy markets, clean technologies, fuel sources, project development, project finance and project delivery. EQTEC PLC currently has four operational clean energy plants generating revenue from the sale of electricity and heat. The generation of clean electricity and heat from sustainable sources has the potential to address the key energy challenges of energy security and carbon commitment and provide strong returns on capital employed.
The Company is quoted on AIM and trades as EQT. Further information on EQTEC PLC can be found at www.eqtecplc.com.