Business
Option for Grant of a Lease for Billingham Site
Option for Grant of a Lease for Billingham Site.
About this update from Forgent Plc
[{"type":"text","content":"\n \n \n \n \n \n 20 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 Option for Grant of a Lease with Scott Bros for Billingham Site\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 is pleased to announce that, further to its announcement of 30 September 2022, its wholly-owned subsidiary Haverton WTV Limited (\"Haverton WTV\") has executed, with Scott Bros. Enterprises Limited (\"Scott Bros\"), as landlord, and its wholly-owned subsidiary Billingham EFW Limited, an option for the grant of a lease (the \"Option\") in respect of land at New Road, Billingham (the \"Project Site\"),\n on which an up to 25 MWe waste gasification and power plant is proposed to be constructed (the \"Project\").\n \n \n \n \n \n \n The Option\n \n \n \n \n \n \n The Option replaces in full the conditional land purchase agreement contracted by the parties and dated 25 February 2021, releasing the Company from all liabilities therein including purchase of the Project Site for a balance outstanding of £8,090,000. Additionally, the Option has been agreed with the following terms:\n \n \n \n \n \n ·\n The initial period for exercise of the Option is from 19 December 2022 through 20 December 2023;\n \n \n ·\n The fee payable in respect of the Option is £1, and the Option can be exercised at nil cost;\n \n \n ·\n The intial period for exercise of the Option may be extended by the Company or any other owner/s of Haverton WTV for a maximum of one year, for additional fees of £125,000 for each three month extension;\n \n \n ·\n The Option may be exercised by the Company or any other owner/s of Haverton WTV for an initial lease of 25 years, with the potential to renew the lease thereafter; and\n \n \n ·\n At either expiration of the Option or at completion of the lease, the tenant of the land must transfer the existing grid connection offer or contract to Scott Bros together with the title to the land.\n \n \n \n \n \n \n David Palumbo, CEO of EQTEC, commented:\n \n \n \n \n \n \n \"We are happy to continue our relationship with Scott Bros and to progress the Billingha...