Business
Deeside RDF Project Development Update
Deeside RDF Project Development Update.
About this update from Forgent Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8614G\n EQTEC PLC\n 01 April 2022\n \n \n \n \n 1 April 2022\n \n \n \n \n \n EQTEC plc\n \n \n (\"EQTEC\", the \"Company\" or the \"Group\")\n \n \n \n \n \n Deeside RDF Project Development Update\n \n \n \n \n \n EQTEC plc (AIM: EQT), a world-leading technology innovation company enabling the Net Zero Future through advanced solutions for hydrogen, biofuels, SNG and other energy production, \n is pleased to announce that EQTEC's wholly owned subsidiary, Deeside WTV Limited (\"Deeside WTV\") has signed a binding supplemental agreement (the \"Supplemental Agreement\") with Logik Developments Limited (\"Logik\"). The Supplemental Agreement, inter alia, sets out the terms on which Logik and Deeside WTV (together, the \"Parties\") have agreed to vary the terms of the share purchase agreement signed by the Parties on 7 December 2020, as amended by the supplemental agreement announced on 6 December 2021 (the \"Existing SPA\"). \n \n \n \n \n \n Key terms of the Supplemental Agreement\n \n \n \n \n \n · \n Deeside WTV will acquire 32% of the share capital of Logik WTE Limited (the \"Project SPV\"), the entity which holds the land and necessary planning permissions for the Deeside RDF project (the \"Project\"), with the consideration to be satisfied by the settlement of advances from the Group to Logik and the Project SPV in an amount of c. £2.3 million;\n \n \n · \n Completion of Deeside WTV's acquisition of the interest in the share capital in the Project SPV is subject to third party consent and is expected to complete on or before 30 June 2022; \n \n \n · \n Parties are in discussions to procure a buyer for the Project SPV at a minimum valuation of £15 million. Subject to the sale of the Project SPV, EQTEC will invoice up to £2 million for its project development services to the Project SPV (such fee to be reduced on a pound for pound basis if the investment received is less than £17 million), subject to certain conditions to be finalised and agreed as part of ongoing discussions with potential buyers; and\n \n \n · \n While the amendment of the Existing SPA to extend the completion date to 30 June 2022 is immediately effective, the Parties have agreed to act in good faith and to use all reasonable endeavours to implement the additional undertakings and agreements i...