EQTEC PLC Placing and conversion of loan facility (9280Y)
09 March 2017 - 6:00PM
UK Regulatory
TIDMEQT
RNS Number : 9280Y
EQTEC PLC
09 March 2017
9 March 2017
EQTEC plc
("EQTEC" or the "Company")
Placing and conversion of loan facility
EQTEC PLC (AIM: EQT), is pleased to announce that it has raised
GBP485,000 (before expenses) through a placing of 7,461,538 new
ordinary shares of EUR0.001 each in the capital of the Company
("Ordinary Shares") at 6.5 pence per share ("Placing Shares") (the
"Placing").
EQTEC will use the net proceeds from the Placing primarily in
continuing the development of the Newry Biomass project, including
advancing some of the initial work streams involved in re-powering
the plant such as engineering, design and preliminary mechanical
and electrical works in readiness for the financing, construction
and commissioning of the project by Newry. The proceeds will also
be used for continuing investment in its pipeline of projects with
updates to follow as appropriate.
In addition, the Company has also agreed with its major
shareholder EBIOSS Energy AD ("EBIOSS") to convert an amount of
EUR335,717, being equal to the outstanding balance of capital plus
accrued interest due under the loan facility dated 8 January 2016,
which was amended on 12 December 2016 (the "Loan Facility"), into
4,491,197 new Ordinary Shares at a conversion price of 6.5 pence
per share ("Conversion Shares") (the "Conversion"). Accordingly,
following the Conversion, the obligation to repay the amounts drawn
to date under the Loan Facility plus accrued interest will be
deemed to have been satisfied in full. A further EUR482,000 is
still available to be drawn down under the Loan Facility.
EBIOSS currently has a 50.89 per cent. interest in the Company
and therefore is deemed to be a related party of the Company under
the AIM Rules for Companies ("AIM Rules"). Accordingly, the
Conversion is deemed to be related party transaction pursuant to
Rule 13 of the AIM Rules. The directors of the Company, having
consulted with the Company's Nominated Adviser, Strand Hanson
Limited, consider that the terms of the Conversion are fair and
reasonable insofar as the Company's shareholders are concerned.
Pursuant to the Placing and Conversion, application has been
made for the admission of 11,952,735 new Ordinary Shares to trading
on AIM ("Admission"). The new Ordinary Shares, which will be issued
fully paid, will rank pari passu in all respects with the existing
Ordinary Shares. Admission of the new Ordinary Shares to trading on
AIM is expected to occur on 16 March 2017.
As a result of the Placing and Conversion, the total number of
voting rights as at 16 March 2017 will increase to 185,303,229.
Shareholders should use this figure as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in the
Company, under the FCA's Disclosure and Transparency Rules.
Following Admission, EBIOSS will be interested in 92,701,197
Ordinary Shares, equating to 50.03 per cent. of the then enlarged
share capital of the Company.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014.
For further information:
+353 (0)21 2409
EQTEC PLC 056
Gerry Madden / Brendan Halpin
+44 (0)20 7409
Strand Hanson Limited - Nomad 3494
James Harris / Richard Tulloch
/ Ritchie Balmer
+44 (0) 20 3700
SVS Securities Plc - Broker 0093
Tom Curran / Ben Tadd
About EQTEC:
EQTEC PLC is committed to operating clean electricity and heat
generation plants in the UK and Ireland. The Company seeks to
identify, build, own and operate clean energy projects and
possesses significant knowledge of energy markets, clean
technologies, fuel sources, project development, project finance
and project delivery. EQTEC currently has four operational clean
energy plants generating revenue from the sale of electricity and
heat. The generation of clean electricity and heat from sustainable
sources has the potential to address the key energy challenges of
energy security and carbon commitment and provide strong returns on
capital employed.
The Company is quoted on AIM and trades as EQT. Further
information on EQTEC can be found at www.eqtecplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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