TIDMEQT
RNS Number : 4579N
EQTEC PLC
01 February 2021
1 February 2021
EQTEC plc
("EQTEC", the "Company" or the "Group")
Issue of Equity
Directors' Dealings
Total Voting Rights
AIM Rule 17 Update
EQTEC plc (AIM: EQT), a world leading gasification technology
solutions company for sustainable waste-to-energy projects,
announces the issue of, in aggregate, 66,426,341 new ordinary
shares of EUR0.001 each in the Company (the "New Ordinary Shares")
pursuant to existing Director remuneration arrangements and in
satisfaction of fees owed to certain strategic suppliers.
Directors' Dealings
As part of the fundraise announced by the Company on 9 July
2020, certain Directors agreed cash reductions to their
remuneration for the 12 month period from 1 July 2020 to 30 June
2021 (the "2020 Director Remuneration Arrangements"), which would
be satisfied by the issue of shares, at the end of each six month
period dated 31 December 2020 and 30 June 2021, at the issue price
of 0.45 pence per share.
Accordingly, the Company announces that it has issued, in
aggregate, 37,980,000 New Ordinary Shares to the following
Directors to satisfy the unpaid remuneration (net of tax where
relevant), owed to them for the six months ended 31 December 2020
under the 2020 Director Remuneration Arrangements and on Admission
(as defined below), the relevant Directors' interests will be as
follows:
Director Number of New Ordinary Resultant holding Percentage of
Shares of Ordinary Shares total voting rights
on Admission on Admission
Thomas Quigley 1,600,000 27,854,154 0.39%
----------------------- -------------------- ---------------------
David Palumbo 20,000,000 43,659,090 0.62%
----------------------- -------------------- ---------------------
Gerry Madden 6,780,000 25,510,038 0.36%
----------------------- -------------------- ---------------------
Yoel Aleman 9,600,000 87,809,666 1.24%
----------------------- -------------------- ---------------------
Issue of equity to Strategic Suppliers
The Company further announces that it will issue, in aggregate,
28,446,341 New Ordinary Shares (the "Supplier Shares") to certain
strategic service providers who have provided business development
and advisory services to the Group, and who previously agreed to
receive such shares in satisfaction of fees due to them, such
number of shares being determined by reference to the share price
at certain points in time. The Supplier Shares will reduce the
Group's creditors by GBP136,500. Included in the Supplier Shares
are 12,844,444 New Ordinary Shares to be issued to Morichella
Associates Limited, a company owned and controlled by Jeffrey
Vander Linden, an Executive Director of the Company. Under a
consultancy agreement entered into prior to Mr Vander Linden
becoming an employee of the Company, which terminated on his
appointment as a Director, certain amounts owed to Morichella
Associates Limited could be converted into 12,844,444 new Ordinary
Shares in lieu of fees owed. On Admission, Mr Vander Linden will be
interested in 15,477,732 Ordinary Shares representing 0.22% of the
Company's then issued share capital.
AIM Rule 17 Update
The Company also takes the opportunity to update the position in
relation to Mr David Palumbo, Chief Executive Officer of the
Company, pursuant to AIM Rule 17 and Schedule Two, paragraph (g) of
the AIM Rules for Companies: Mr Palumbo was appointed as a director
of Eagle Tower Investments Limited on 8 November 2005 and resigned
on 24 April 2009. A receiver was appointed on 1 March 2010 and the
commencement of winding up the company began on 18 May 2011 and
concluded on 12 November 2014. The company was subsequently
dissolved via a company liquidation on 19 February 2015.
Admission and Total Voting Rights
The Company will make an application to London Stock Exchange
plc for the 66,426,341 New Ordinary Shares to be admitted to
trading on AIM ("Admission"). It is expected that Admission will
become effective and dealings will commence on or around 5 February
2021. The New Ordinary Shares will rank pari passu with the
existing Ordinary Shares.
Following Admission, there will be 7,093,912,190 Ordinary Shares
in issue. This number may be used by shareholders as the
denominator for the calculation by which they will determine if
they are required to notify their interest in, or a change in their
interest in, the share capital of the Company.
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014 as it forms
part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("UK MAR") and has been announced in
accordance with the Company's obligations under Article 17 of UK
MAR.
ENQUIRIES
EQTEC plc +353 21 2409 056
David Palumbo / Gerry Madden
------------------------------
Strand Hanson - Nomad & Financial Adviser +44 20 7409 3494
------------------------------
James Harris / James Dance / Jack Botros
------------------------------
Arden Partners - Broker +44 20 7614 5900
------------------------------
Paul Shackleton (Corporate) / Simon Johnson
(Sales)
------------------------------
Maitland/AMO - Communications & PR/IR adviser +44 20 7379 5151
------------------------------
James Benjamin/Rhys Jones EQTEC-maitland@maitland.co.uk
------------------------------
About EQTEC plc
EQTEC is a world leading gasification technology partner with
proven proprietary patented technology for sustainable
waste-to-value applications.
EQTEC designs and supplies advanced gasification solutions that
have a higher efficiency product offering and are modular and
scalable from 1MW to 25MW. EQTEC's versatile solutions are
independently proven to process over 50 different types of
feedstock, including municipal waste, agricultural waste, biomass
and plastics with no hazardous waste or toxic emissions . EQTEC's
solutions produce a uniquely pure high-quality synthesis gas
(syngas), that is capable of being used for the widest applications
in the creation of energy, hydrogen and biofuels.
EQTEC's proprietary technology design together with deployment
and maintenance capabilities mitigate the risks when using third
party equipment. EQTEC's Technology Integration capabilities enable
the Group to lead collaborative ecosystems that build sustainable
waste elimination and green energy infrastructure.
The Company is quoted on AIM (ticker: EQT) and the London Stock
Exchange awarded EQTEC the Green Economy Mark that recognises
listed companies with 50% or more of revenues from
environmental/green solutions.
Further information on the Company can be found at www.eqtec.com
.
PDMR Notification Form :
The notification below is made in accordance with the
requirements of UK MAR:
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name 1. Thomas Quigley
2. David Palumbo
3. Gerry Madden
4. Yoel Aleman
5. Jeffrey Vander Linden
------------------------------- ---------------------------------
2. Reason for the Notification
------------------------------------------------------------------
a) Position/status 1. NED
2. CEO
3. FD
4. CTO
5. COO
------------------------------- ---------------------------------
b) Initial notification/amendment Initial notification
------------------------------- ---------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------
a) Name EQTEC plc
------------------------------- ---------------------------------
b) LEI 63540085VSYVDEINJO04
------------------------------- ---------------------------------
4. Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii)
each date; and (iv)each place where transactions have been
conducted
------------------------------------------------------------------
a) Description of the Financial Ordinary Shares of EUR0.001 each
instrument, type of
instrument
------------------------------- ---------------------------------
Identification code IE00BH3XCL94
------------------------------- ---------------------------------
b) Nature of the Transaction Issue of shares
------------------------------- ---------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
0.45 pence 1. 1,600,000
2. 20,000,000
3. 6,780,000
4. 9,600,000
5. 12,844,444
---------------
------------------------------- ---------------------------------
d) Aggregated information N/A (Single transaction)
Aggregated volume Price
------------------------------- ---------------------------------
e) Date of the transaction 1 February 2021
------------------------------- ---------------------------------
f) Place of the transaction AIM (LSE)
------------------------------- ---------------------------------
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END
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