EQTEC plc (AIM: EQT), the technology solution company for advanced gasification in waste to energy projects,
announces that it has established an Employee Incentive Warrant Pool (“EIWP”) for all employees.
The Board of Directors of the Company has approved the creation of an EIWP warrant instrument that allows for the issue of 590,906,437 warrants (“Warrants”) over new ordinary shares of €0.001 each in the Company (“Ordinary Shares”) to employees. The Warrants represent approximately 15% of the current issued Ordinary Share capital of the Company and will be used to incentivise performance and align the interests of employees with those of shareholders. The exercise price of the Warrants granted under the EIWP will be 0.25p per Ordinary Share, representing a premium of 43% to the last middle market closing price. The EIWP Warrant Instrument is dated today and each Warrant is exercisable for a period of 36 months from the date of the instrument.
Included in the total is the issue of the following Warrants to the Directors of the Company:
The remaining 118,181,289 Warrants will be issued to various staff members.
Related party transaction
As Directors of the Company, David Palumbo, Yoel Aleman, Gerry Madden and Thomas Quigley are considered related parties under the AIM Rules for Companies (“AIM Rules”). As a result, issue of Warrants to them constitutes a related party transaction pursuant to Rule 13 of the AIM Rules. Ian Pearson, being the sole Director independent of the transaction considers, having consulted with the Company’s Nominated Adviser, Strand Hanson Limited, that the terms of the issue of the Warrants to the Directors are fair and reasonable in so far as the Company’s shareholders are concerned.
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.
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