EQTEC PLC Result of EGM and Admission of New Ordinary Shares (9516Z)
December 20 2017 - 7:05AM
UK Regulatory
TIDMEQT
RNS Number : 9516Z
EQTEC PLC
20 December 2017
20 December 2017
EQTEC plc
("EQTEC" or the "Company")
Result of Extraordinary General Meeting ("EGM") and Admission of
New Ordinary Shares
Further to the Company's announcement of 27 November 2017, EQTEC
is pleased to announce that at the EGM held earlier today in
respect of the proposed acquisition of Eqtec Iberia SL, all
Resolutions were duly passed.
The ordinary resolution to approve the authority to issue and
allot shares and the special resolutions relating to the
disapplication of pre-emption rights and the authorisation of share
buyback were all passed.
Accordingly, the Consideration Shares (consisting of 833,864,531
Ordinary Shares) will be issued to the Vendors pursuant to the
terms of the Acquisition Agreement.
Eqtec Iberia is 66.99 percent owned by EBIOSS, which currently
also holds 50.03 percent of EQTEC, and 33.01 percent owned by
Inava, a company owned by certain employees of Eqtec Iberia. As
EBIOSS is a substantial shareholder in the Company, the Acquisition
is deemed to be a related party transaction pursuant to Rule 13 of
the AIM Rules. The Directors, having consulted with the Company's
nominated adviser, Northland, consider that the terms of the
Acquisition are fair and reasonable insofar as Shareholders are
concerned.
In addition, EQTEC is pleased to announce that following the
passing of the resolutions, it has raised GBP1.6 million (before
expenses) through a Placing of 246,153,847 Ordinary Shares in the
capital of the Company at 0.65 pence per share. EQTEC will use the
proceeds from the Placing to fund the working capital needs of the
Enlarged Group and the continued development of its near-term
pipeline.
Pursuant to the Acquisition and Placing, application will be
made for the admission of 1,160,787,609 new Ordinary Shares to
trading on AIM. The new Ordinary Shares, which will be issued fully
paid, will rank pari passu in all respects with the existing
Ordinary Shares.
Further to the announcement on 19 December 2017, completion of
the Acquisition will take place by 29 December 2017 and the Company
will update the market in due course as to the revised date for
Admission of the new Ordinary Shares to trading on AIM under the
code EQT.
Following Admission, the Company will have 1,346,090,838
Ordinary Shares in issue. The Company holds no shares in treasury.
Shareholders should use the figure of 1,346,090,838 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 will hold Ordinary Shares carrying
voting rights over 50.25 percent of the Enlarged Issued Share
Capital.
Inava will hold Ordinary Shares carrying voting rights over
18.58 percent of the Enlarged Issued Share Capital following
Admission.
All capitalised terms in this announcement shall have the
meanings ascribed to them in the circular dated 27 November 2017, a
copy of which is available on the Company's website.
Enquiries
+353 (0)21
EQTEC plc 2409 056
Gerry Madden / Brendan Halpin
Northland Capital Partners Limited +44 (0)20
- Nomad and Joint Broker 3861 6625
Tom Price / Dugald J. Carlean
+44 (0)20
SVS Securities Plc - Joint Broker 3700 0093
Tom Curran / Ben Tadd
VSA Capital Limited - Financial Adviser +44 (0)20
and Joint Broker 3005 5000
Andrew Monk / Andrew Raca
+44 (0)20
Luther Pendragon - Financial PR 7618 9100
Harry Chathli / Alexis Gore / Ana
Ribeiro
This information is provided by RNS
The company news service from the London Stock Exchange
END
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