AIM Schedule One Update - Eqtec Plc (9813Z)
December 20 2017 - 10:40AM
UK Regulatory
TIDMEQT
RNS Number : 9813Z
AIM
20 December 2017
ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT
PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2
OF THE AIM RULES FOR COMPANIES ("AIM RULES")
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COMPANY NAME:
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EQTEC PLC
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COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT,
COMPANY TRADING ADDRESS (INCLUDING POSTCODES)
:
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BUILDING 1000, CITY GATE
MAHON, CORK
T12W7CV
REPUBLIC OF IRELAND
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COUNTRY OF INCORPORATION:
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REPUBLIC OF IRELAND
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COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION
REQUIRED BY AIM RULE 26:
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WWW.EQTECPLC.COM
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COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF
OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY,
DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION
IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER
UNDER RULE 14, THIS SHOULD BE STATED:
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Eqtec plc (the "Company") is a company with
access to a proprietary advanced gasification
technology used in industrial size power plants
to convert waste into synthetic gas to generate
electricity.
The terms have been agreed for the proposed
acquisition of the entire issued share capital
of Eqtec Iberia, an engineering company founded
in 1997 and headquartered in Barcelona (Spain)
specialising in the design, construction, operation
and maintenance of power plants.
Eqtec Iberia has obtained patents for its gasifier
technology: EGT. This proprietary technology
is based on a bubbling fluid bed gasifier and
is fueled with solid biomass or waste which
is converted into gas. Once conditioned, the
gas is used as fuel in Internal Combustion engines.
This process enables waste elimination and also
the ability to convert RDF (refuse derived fuel)
into thermal and electrical energy. EGT enables
project developers to construct waste elimination
plants converting the waste into electrical
and thermal energy. The high energy efficiency
also provides project developers with a competitive
advantage allowing them to quote more competitive
gate fees for the waste supply.
As Eqtec Iberia is 66.99 per cent. owned by
EBIOSS, which currently also holds 50.03 per
cent. of Eqtec plc the Acquisition is a related
party transaction in terms of the AIM Rules
and accordingly all notifications in accordance
with Rule 13 of the AIM Rules will be disclosed.
The Company is undertaking a Placing to raise
GBP1.6 million (before expenses) by the issue
of the placing shares. Given the scale of the
Acquisition, , the transaction is a reverse
takeover under the AIM Rules Accordingly, the
Acquisition is conditional, inter alia, on the
approval by Shareholders of the Resolutions
to be proposed at the Extraordinary General
Meeting to be held on 20 December 2017.
The company has signed heads of terms relating
to two projects in the north of England and
is currently negotiating a further agreement
on a project in Wales. The strategy will be
focused on sourcing projects that have a local
supply of waste in need of conversion. It will
build relationships and bring together the developers,
the waste owners, the building contractors and
funders, providing assistance developing the
waste elimination projects to which it will
ultimately sell its technology and O&M services.
Main country of operation: UK
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DETAILS OF SECURITIES TO BE ADMITTED INCLUDING
ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES
(i.e. where known, number and type of shares,
nominal value and issue price to which it seeks
admission and the number and type to be held
as treasury shares):
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All new shares are ordinary shares of EUR0.001
each
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CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE)
AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:
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GBP1,600,000
Market Cap: GBP8.7 million.
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PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS
AT ADMISSION:
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68.83%
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DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM
TO WHICH THE AIM COMPANY HAS APPLIED OR AGREED
TO HAVE ANY OF ITS SECURITIES (INCLUDING ITS
AIM SECURITIES) ADMITTED OR TRADED:
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None
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FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED
DIRECTORS (underlining the first name by which
each is known or including any other name by
which each is known):
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Current Board:
1. Dermot Jeremiah O'Connell - Non-Executive
Chairman
2. Brendan John Halpin - Executive Director
3. Michael Gerard ("Gerry") Madden - Chief Executive
Officer and Interim Finance Director
New Board (From Admission):
1. Ian Phares Pearson - Non-Executive Chairman
2. Neil Christoper O'Brien - Non-Executive Director
3. Jose Oscar Leiva Mendez - Non-Executive Director
4. Luis Sanchez Angrill - Chief Executive Officer
5. Michael Gerard ("Gerry") Madden - Finance
Director
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FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS
EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE
CAPITAL, BEFORE AND AFTER ADMISSION (underlining
the first name by which each is known or including
any other name by which each is known):
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Before Admission After Admission
------------------ ------------------------------ ----------------------------
Shareholder Number Percentage Number Percentage
of Ordinary of Existing of Ordinary of Enlarged
Shares Share Capital Shares Share
Capital
------------------ ------------- --------------- ------------- -------------
EBIOSS Energy
SE 92,701,197 50.03% 676,406,371 50.25%
------------------ ------------- --------------- ------------- -------------
Farmer Business
Developments
plc 17,396,295 9.39% 17,396,295 1.29%
------------------ ------------- --------------- ------------- -------------
Concert Party
* 7,204,545 3.89% 7,204,545 0.54%
------------------ ------------- --------------- ------------- -------------
Mike Joseph 5,559,344 3.00% 86,328,575 6.41%
------------------ ------------- --------------- ------------- -------------
Inava Ingenieria
de Analisis
SL - - 250,159,360 18.58%
------------------ ------------- --------------- ------------- -------------
* The Concert Party includes each of EcoFinance
(GLI) Limited, Alchemy Capital Limited, Origen
Capital LLP, Altair Group Investment Limited
(including Mr. Gabriel Quintero), Ms. Ruby Sayed,
Mr. David Palumbo (including Origen Capital
Partners Limited, Mr. Thomas Quigley and Mr
Richard Harrop.
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NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE
WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:
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1. ZAI Corporate Finance Limited*
2. Strand Hanson Limited*
3. Origen Capital Limited**
*The above mentioned advisers are no longer
engaged by Eqtec plc
**Origen Capital Limited have and continue to
perform consulting services for Eqtec Plc from
time to time.
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(i) ANTICIPATED ACCOUNTING REFERENCE DATE
(ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION
IN THE ADMISSION DOCUMENT HAS BEEN PREPARED
(this may be represented by unaudited interim
financial information)
(iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST
THREE REPORTS PURSUANT TO AIM RULES 18 AND 19:
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(i) 31 December
(ii) 31 December 2016 and 30 June 2017
(iii) 30 June 2018 (Final results for the period
ended 31 December 2017)
30 September 2018 (Interim results for the
period ended 30 June 2018)
30 June 2019 (Final results for the period
ended 31 December 2018)
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EXPECTED ADMISSION DATE:
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Late December 2017
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NAME AND ADDRESS OF NOMINATED ADVISER:
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Northland Capital Partners Limited
4(th) Floor
60 Gresham Street
London
EC2V 7BB
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NAME AND ADDRESS OF BROKER:
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VSA Capital Ltd
New Liverpool House
15-17 Eldon Street
London
EC2M 7LD
Northland Capital Partners Limited
4(th) Floor
60 Gresham Street
London
EC2V 7BB
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OTHER THAN IN THE CASE OF A QUOTED APPLICANT,
DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS)
THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM,
WITH A STATEMENT THAT THIS WILL CONTAIN FULL
DETAILS ABOUT THE APPLICANT AND THE ADMISSION
OF ITS SECURITIES:
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The Admission Document, when published, will
be available from the Company's website: www.eqtecplc.com/investors/
and will contain full details about Eqtec plc
and the admission of its securities.
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DATE OF NOTIFICATION:
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20 December 2017
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NEW/ UPDATE:
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Update
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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