EQTEC PLC Holdings in MetalNRG plc and Convertible Loan Note (1486C)
October 07 2022 - 2:00AM
UK Regulatory
TIDMEQT
RNS Number : 1486C
EQTEC PLC
07 October 2022
07 October 2022
EQTEC plc
("EQTEC", the "Company" or the "Group")
Holdings in MetalNRG plc and Convertible Loan Note
EQTEC plc (AIM: EQT), a global technology innovator powering
distributed, decarbonised, new energy infrastructure through its
waste-to-value solutions for hydrogen, biofuels, and energy
generation, announces that, further to the Framework Partnership
Agreement with MetalNRG plc (LON: MNRG) ("MNRG") announced on 16
December 2021 and subsequent to the Company's receipt of
100,000,000 shares of MNRG in a share-for-share exchange, the
Company acted as guarantor for a Convertible Loan Note entered into
by MNRG on 02 February 2022 with Global Investment Strategy UK
Limited ("GIS").
Further, and in satisfaction of the Company's guarantee
obligations to GIS, the Company transferred GBP100,000 worth of
MNRG shares to GIS (being 100,000,000 Ordinary Shares at an average
price of 0.1p per share after costs) on 03 October 2022. On the
basis of this transaction, the Company's obligations to GIS as
guarantor were fully settled.
As a result of this transfer, the Company's holding in MNRG has
decreased from 13.31% to 5.02% of the issued voting share
capital.
In consideration of the Company's actions as guarantor, MNRG has
subsequently issued GBP100,000 of zero-coupon, unsecured
convertible loan notes to the Company (the "CLN"). The CLN gives
the Company the right, to convert the CLN, in whole or in part to
MNRG shares either (i) at such time as MNRG has available share
authority headroom, convertible at the closing, mid-market share
price on the day prior to conversion; or (ii) if a prospectus is
issued by MNRG, enabling MNRG to issue sufficient shares,
convertible at the price at which any funds were raised by MNRG in
connection with the issue of a prospectus.
The purpose of the CLN is to allow the Company to re-establish
its equity position in MNRG at approximately the same level that
existed prior to discharge of its GIS liability as guarantor on
behalf of MNRG. The exact number of shares to be issued to the
Company might be higher or lower than the number applied to
satisfaction of the guarantee.
ENQUIRIES
EQTEC plc +44 20 3883 7009
David Palumbo / Nauman Babar
---------------------
Strand Hanson - Nomad & Financial Adviser +44 20 7409 3494
---------------------
James Harris / Richard Johnson
---------------------
Panmure Gordon - Joint Broker +44 20 7886 2500
---------------------
John Prior / Harriette Johnson
---------------------
Canaccord Genuity - Joint Broker +44 20 7523 8000
---------------------
Henry Fitzgerald-O'Connor / James Asensio /
Patrick Dolaghan
---------------------
Alma PR - Financial Media & Investor Relations +44 20 3405 0205
---------------------
Josh Royston / Sam Modlin EQTEC@almapr.co.uk
---------------------
+44 20 7457 2381
Instinctif - General Media Enquiries +44 788 788 4794
---------------------
Chris Speight / Tim Field EQTEC@instinctif.com
---------------------
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
.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCEASEXELLAFEA
(END) Dow Jones Newswires
October 07, 2022 02:00 ET (06:00 GMT)
Eqtec (LSE:EQT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Eqtec (LSE:EQT)
Historical Stock Chart
From Jul 2023 to Jul 2024