Business
Agreement of loan facility with Altair Group
Agreement of loan facility with Altair Group.
About this update from Forgent Plc
[{"type":"text","content":"\n \n \n \n \n \n 09 December 2022\n \n \n \n \n \n \n EQTEC plc\n \n \n \n (\"EQTEC\", the \"Company\" or the \"Group\")\n \n \n \n \n \n \n Agreement of loan facility with Altair Group\n \n \n \n \n \n \n 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 it has today entered into a loan facility (the \"Facility\") with Altair Group Investment Ltd. (\"Altair\"), the Company's largest shareholder.\n \n \n \n \n \n \n The Facility\n \n \n \n \n \n \n The Facility will provide the Company with an up to £2.0 million unsecured loan with a term of 24 months from the date of execution. The Facility carries an annual interest rate of 8.0% on funds drawn and outstanding, with interest payable quarterly in advance. Additionally, the Company will pay a 2.5% fee for arrangement of the Facility.\n \n \n \n \n \n The Facility provides that the Company may, at its own discretion, make payment against part or all of the loan in new ordinary shares (\"Shares\"), such number of Shares to be calculated by reference to\n the volume weighted average Share price over the five business days immediately preceding the relevant payment date\n .\n \n \n \n \n \n Additionally, the Company will issue to Altair Group 666,666,666 warrants with a strike price of £0.0045, being a premium of 55 percent to the closing Share price of £0.0029 on 08 December 2022, valid for a period of two years.\n \n \n \n \n \n Proceeds from the Facility will support general working capital, acceleration of project sales and technology deployment, in particular for the Company's Market Development Centres (\"MDCs\").\n \n \n \n \n \n \n Related party transaction\n \n \n \n \n \n \n Altair has an existing holding of 1,714,091,107 Shares, representing 18.19 percent of the Company's issued share capital and, as such, is a substantial shareholder as defined in the AIM Rules. The Company's entering into the Facility is therefore a related party transaction pursuant to Rule 13 of the AIM Rules.\n \n \n Accordingly, the directors of the Company, having consulted with the Company's nominated adviser, Strand Hanson Limited, consider the terms of the Facility to be fair ...