EQTEC PLC Placing, conversion of loan facility & Broker appt (2436X)
February 20 2017 - 2:00AM
UK Regulatory
TIDMEQT
RNS Number : 2436X
EQTEC PLC
20 February 2017
20 February 2017
EQTEC plc
("EQTEC" or the "Company")
Placing, conversion of loan facility and appointment of
Broker
EQTEC PLC (AIM: EQT), is pleased to announce that it has raised
GBP500,000 (before expenses) through a placing of 10,000,000 new
ordinary shares of EUR0.001 each in the capital of the Company
("Ordinary Shares") at 5.0 pence per share ("Placing Shares") (the
"Placing").
EQTEC will use the proceeds from the Placing for working capital
purposes and for continuing investment in its portfolio of
projects.
In addition, the Company has also agreed with its major
shareholder EBIOSS Energy AD ("EBIOSS") to convert an amount of
EUR585,000 (GBP500,000) under the loan facility dated 8 January
2016, which was amended on 12 December 2016, into 10,000,000 new
Ordinary Shares at a conversion price of 5.0 pence per share
("Conversion Shares") (the "Conversion"). Following the Conversion,
principal of EUR283,000, excluding accrued interest, will be
outstanding and a further EUR482,000 is still available to be drawn
down under the loan facility.
EBIOSS currently has a 51 per cent. interest in the Company and
therefore is deemed to be a related party of the Company under the
AIM Rules for Companies ("AIM Rules"). Accordingly, the Conversion
is deemed to be related party transaction pursuant to Rule 13 of
the AIM Rules. The directors of the Company, having consulted with
the Company's Nominated Adviser, Strand Hanson Limited, consider
that the terms of the Conversion are fair and reasonable insofar as
the Company's shareholders are concerned.
Pursuant to the Placing and Conversion, application has been
made for the admission of 20,000,000 new Ordinary Shares to trading
on AIM ("Admission"). The new Ordinary Shares, which will be issued
fully paid, will rank pari passu in all respects with the existing
Ordinary Shares. Admission of the new Ordinary Shares to trading on
AIM is expected to occur on 27 February 2017.
As a result of the Placing and Conversion, the total number of
voting rights as at 27 February 2017 will increase to 173,350,494.
Shareholders should use this figure 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 FCA's Disclosure and Transparency Rules.
Following Admission, EBIOSS will be interested in 88,210,000
Ordinary Shares, equating to 50.89 per cent. of the then enlarged
share capital of the Company.
In addition, the Company has appointed SVS Securities Plc as the
Company's broker with immediate effect. Strand Hanson Limited will
continue to be the Company's Nominated Adviser.
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.
For further information:
+353 (0)21 2409
EQTEC PLC 056
Gerry Madden / Brendan Halpin
+44 (0)20 7409
Strand Hanson Limited - Nomad 3494
James Harris / Richard Tulloch
/ Ritchie Balmer
+44 (0) 20 3700
SVS Securities Plc - Broker 0093
Tom Curran / Ben Tadd
About EQTEC:
EQTEC 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 clean energy projects and
possesses significant knowledge of energy markets, clean
technologies, fuel sources, project development, project finance
and project delivery. EQTEC 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 can be found at www.eqtecplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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