Business
Legal claim against Logik Developments
Legal claim against Logik Developments.
About this update from Forgent Plc
[{"type":"text","content":"\n\n20 September 2023\n \nEQTEC plc\n(\"EQTEC\", the \"Company\" or the \"Group\")\n \nLegal claim against Logik Developments\nand updated revenue forecast\n \nEQTEC 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 notifies that, further to the Company's several announcements pertaining to the Deeside project (the \"Project\") between 08 December 2020 and 01 March 2023, the Company and its wholly-owned subsidiaries EQTEC UK Services Limited and Deeside WTV Limited (\"Deeside WTV\") (collectively, \"the Group\") have issued a claim against Logik Developments Limited (\"Logik Developments\") and its wholly-owned subsidiary Logik WTE Limited (\"Logik WTE\") (collectively, \"Logik\") in the London Circuit Commercial Court of the Business and Property Courts of England and Wales (the \"Court\") (the \"Claim\"). The Claim has been made in connection with payments made by the Group and due to the Group in relation to the Project, and for breach of the share purchase agreement between Logik Developments and Deeside WTV, originally executed on 07 December 2020 and amended several times since that date (the \"SPA\").\n \nClaim against Logik\n \nSpecifically, the payments that the Claim relates to are:\n \n(1) payments made by the Group to Logik, or payments made or costs incurred by the Group on behalf of Logik in relation to the satisfaction of certain conditions precedent under the SPA, or otherwise in relation to the development of the Project; and\n \n(2) payments made by Deeside WTV to Logik under the terms of the SPA.\n \nThe total amounts claimed by the Group total c. £4 million.\n \nThe Company has, since January 2023, made numerous attempts to engage Logik in constructive discussions toward resolution of these matters, more recently extending several invitations through the Company's legal counsel to seek to make clear the seriousness of its contentions and to formally invite Logik to work them through constructively. In response to every invitation, Logik either rejected the offer or failed to follow through on its agreements to meet with the Group.\n \nAs part of its considerable work in advancing the Project, th...