EQTEC PLC Partial redemption of Unsecured Convertible Loan (9509O)
23 May 2018 - 4:01PM
UK Regulatory
TIDMEQT
RNS Number : 9509O
EQTEC PLC
23 May 2018
23 May 2018
EQTEC plc
("EQTEC" or the "Company")
Partial redemption of Unsecured Convertible Loan
EQTEC PLC (AIM: EQT), the technology solution company for waste
gasification to energy projects, announces that it is making a
partial redemption of the Unsecured Convertible Loan Note ("UCLN")
facility signed on 28 February 2018.
As stated in the announcement of 27 March 2018, the Company had
ceased discussions with the investor of the UCLN (the "Investor")
and their advisers for the redemption of existing amounts
outstanding. The Company is pleased to announce that, following a
resumption of discussions recently, it has now agreed with the
Investor a partial redemption of the UCLN amounting to GBP157,500
to be paid immediately. This amount will be the initial payment
ahead of the full redemption of the remainder of outstanding
Unsecured Convertible Loan Notes. Additionally, the Investor has
also agreed, on full redemption of the remaining UCLN, to give up
any future or past equity rights in the Company in the form of
warrants that were attached to the original UCLN.
The balance of the UCLN will be redeemed once final negotiations
are completed between the Company and a new debt provider and a
drawdown is made on the new facility. The facility under
negotiation is a straight debt only facility which is expected to
be drawn down in two tranches. The facility has been structured as
straight debt to eliminate any dilutive effect for shareholders at
the current share price.
The Company is also in discussion with its major shareholder
EBIOSS Energy SE regarding further investment in the Company to
execute the expansion of its business plan.
Progress on Projects
The Company has made solid progress in some of the requests for
quotations on a range of near term projects both in the UK and
overseas markets totalling more than 30 MW and awaits conclusion of
assessments on others. The Company has also made good progress on
the strategic alliances announced with COBRA and Rafako and joint
meetings with prospective project owners have taken place adding 40
MW to the pipeline of projects under review.
As previously announced, the Company is also looking at the
opportunity of becoming an owner operator of smaller energy
gasification sites. Preliminary conversations have started with two
owners to acquire a stake in the projects, the benefit of the
acquisitions being the recurrent income derived from Operation
& Maintenance works and the sale of energy.
Enquiries
+353 (0)21 2409
EQTEC plc 056
Luis Sanchez - Chief Executive
Officer
Gerry Madden - Finance Director
Northland Capital Partners Limited +44 (0)20 3861
- Nomad and Joint Broker 6625
Tom Price / Dugald J. Carlean
+44 (0)20 3005
VSA Capital Limited - Joint Broker 5000
Andrew Monk / Andrew Raca
+44 (0)20 7618
Luther Pendragon - Financial PR 9100
Harry Chathli / Alexis Gore /
Ana Ribeiro
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014 and has
been announced in accordance with the Company's obligations under
Article 17 of that Regulation.
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.
END
CONGMGZKZZLGRZZ
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