Update on Settlement Agreement with Logik Developments
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 updates on progress on the settlement agreement with Logik Developments Limited and its wholly-owned subsidiary Logik WTE Limited (collectively, “Logik”). As previously announced, the timing of the payment of the settlement sum is subject to and conditional on the sale (the “Sale”) of a site at Weighbridge Road in Deeside Industrial Park (the “Land”), with payment expected following completion of a sale.
On 1 May 2024 the Company notified that it had received written confirmation from Logik of conditional exchange for the sale of the Land, with a long stop date for completion set for 28 June 2024, subsequently extended to 12 July 2024.
On 29 July 2024 the Company announced that it had been informed that dialogue continued between the parties to the transaction and legal execution of final funding documents relating to the sale of the Land was ongoing and that completion was still anticipated in the first half of August 2024 and with this in mind a new completion long stop date was not then agreed.
The Company has now been notified by the buyer that the Sale parties have executed an amendment to the existing agreement such that the exchange for the sale of the Land is now unconditional with no further conditions to be met and have set a long stop date of 16 August 2024 for completion funds transfers to be initiated following contractual closing.
On the basis completion does occur in accordance with the indicated timetable, the Company would be due to receive £2,000,000 under the settlement agreement.
A further update will be provided following contractual closing and receipt by the Company of the settlement funds.
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
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EQTEC plc David Palumbo / Jeffrey Vander Linden
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+44 20 3883 7009 |
