TIDMEQT
RNS Number : 8516X
EQTEC PLC
01 September 2022
1 September 2022
EQTEC plc
("EQTEC", the "Company" or the "Group")
Update on Deeside Project Share Purchase Agreement and Sale of
Project
Issue of Equity and Director Shareholding correction
EQTEC plc (AIM: EQT), a world-leading technology innovation
company enabling the Net Zero Future through advanced solutions for
hydrogen, biofuels, SNG and other energy production confirms that,
further to its announcement on 30 June 2022, Deeside WTV Limited
("Deeside WTV"), a wholly owned subsidiary of EQTEC, and Logik
Developments Limited (" Logik ") are in advanced discussions with a
third party for the sale of the Project*. To facilitate the
transaction an agreement to further extend the date ("Long Stop")
for completing the share purchase agreement signed by Deeside WTV
and Logik on 7 December 2020 (as amended by the supplemental
agreement announced on 6 December 2021 and further amended by the
supplemental agreements announced on 1 April 2022 and 30 June 2022)
(the "SPA"), will be required. The extension to the SPA Long Stop
is expected to be incorporated in the heads of terms of the
intended sale transaction ("HoTs") which the parties expect to
enter into by the end of September 2022, although there can be no
certainty the HoTs will complete. The Company will update the
market accordingly.
* The SPA relates to the currently approved 182,000 tonne waste
reception plant along with 2 MW anaerobic digestion facility and a
9.9 MWe EQTEC Advanced Gasification Technology facility, (the
"Project") at Deeside, Flintshire, UK.
Project progress
The Company is in advanced stages of discussions with Toyota
Motor Manufacturing (UK) Limited, a global vehicle manufacturer, on
heads of terms for the supply of gas and electricity to their
Deeside Engine Plant from the Project.
Deeside WTV has also received updated head of terms (subject to
contract) for gas and power offtake from TotalEnergies, a broad
energy company that produces and markets energies on a global
scale, with new tariffs which significantly improve project
economics.
Discussions with shortlisted technology partners and EQTEC are
ongoing, in order that the selected companies can provide their
technical and commercial proposal for the downstream technology to
convert syngas into hydrogen.
Further information about the Project
EQTEC is lead developer and technology provider for the Project
in partnership with Logik and Anaergia Inc. through the Project
SPV. As announced on 28 October 2021, Flintshire County Council's
Planning Committee has resolved to grant planning permission for
the proposed 9.9 MWe plant to enable a complete and local
waste-to-energy solution, combining a 182,000 tonnes waste
reception plant along with 2 MW anaerobic digestion ( "AD" ) and
EQTEC Advanced Gasification Technology. The planning authority's
decision follows its prior approval of the site for the original
plan of a recycling and AD facility. Additionally, through the
Project, EQTEC and Toyota are exploring an innovative, circular and
sustainable waste-to-energy solution for Toyota's engine
manufacturing plant in Deeside. The site is currently on 6.27
hectares of land off Weighbridge Road on Deeside Industrial Estate,
one of Europe's largest such industrial sites. The Project site is
wholly owned by the Project SPV (acquired December 2020) and was
formerly a Gaz de France power station.
The Project is one of three waste-to-energy/fuel projects that
the Group is developing in the UK, including at Billingham,
Teesside and Southport, Merseyside.
Issue of Ordinary Shares to strategic providers
The Company further announces that it is proposing to issue, in
aggregate, 20,100,000 new Ordinary Shares (the "Supplier Shares")
to certain strategic service providers providing business
development and advisory services to the Group in satisfaction of
fees due to them. The issue of the Supplier Shares will further
align the interests of strategic advisers and service providers
with those of the Company and its shareholders.
Admission
Application will be made to the London Stock Exchange for the
Supplier Shares, which will rank pari passu with the Company's
existing Ordinary Shares, to be admitted to trading on AIM
("Admission"). Dealings in the Supplier Shares are expected to
commence on 8.00 a.m. on 6 September 2022 .
Following Admission, there will be 9,401,782,212 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.
Director Shareholding Correction
Reference is made to RNS 4623S of the Company issued at 7.00
a.m. on 14 July 2022 in which the resultant shareholding and
percentage for Thomas Quigley , Non-executive Director , should
have been 35,054,154 shares and 0.37% respectively.
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014, as it
forms part of United Kingdom domestic law by virtue of the European
Union (Withdrawal) Act 2018, as amended, and has been announced in
accordance with the Company's obligations under Article 17 of that
Regulation.
ENQUIRIES
EQTEC plc +44 203 883 7009
David Palumbo / Nauman Babar
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Strand Hanson - Nomad & Financial Adviser +44 20 7409 3494
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James Harris / Richard Johnson
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Arden Partners - Joint Broker +44 20 7614 5900
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Ruari McGirr (Corporate) / Simon Johnson
(Sales)
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Canaccord Genuity - Joint Broker +44 20 7523 8000
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Henry Fitzgerald-O'Connor / James Asensio
/ Patrick Dolaghan
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Alma PR - Financial Media & Investor
Relations +44 20 3405 0205
-----------------------
Josh Royston / Sam Modlin EQTEC@almapr.co.uk
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+44 (0) 20 7457 2381
Instinctif - General Media Enquiries / +44 (0) 7887 884794
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Chris Speight / Tim Field EQTEC@instinctif.com
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About EQTEC plc
As one of the world's most experienced gasification technology
and engineering companies, with a growing track record of
delivering operational and commercial success for transforming
waste-to-energy through best-in-class technology innovation,
engineering and project development , EQTEC brings together design
innovation, project delivery discipline and solid commercial
experience to add momentum to the global energy transition. EQTEC's
proven, proprietary and patented technology is at the centre of
clean energy projects, sourcing local waste, championing local
businesses, creating local jobs and supporting the transition to
localised, decentralised and resilient energy systems.
EQTEC designs, supplies and builds advanced gasification
facilities in the UK, EU and US, with highly efficient equipment
that is modular and scalable from 1MW to 30MW. EQTEC's versatile
solutions process over 50 varieties of feedstock, including
forestry wood waste, vegetation and other agricultural waste from
farmers, industrial waste and sludge from factories and municipal
waste, all with no hazardous or toxic emissions . EQTEC's solutions
produce a pure, high-quality synthesis gas ("syngas") that can be
used for the widest range of applications, including the generation
of electricity and heat, production of synthetic natural gas
(through methanation) or biofuels (through Fischer-Tropsch,
gas-to-liquid processing) and reforming of hydrogen.
EQTEC's technology integration capabilities enable the Group to
lead collaborative ecosystems of qualified partners and to build
sustainable waste reduction and green energy infrastructure around
the world.
The Company is quoted on AIM (ticker: EQT) and the London Stock
Exchange has awarded EQTEC the Green Economy Mark, which 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
.
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