Business
Placing, conversion of loan facility & Broker appt
Placing, conversion of loan facility & Broker appt.
About this update from Forgent Plc
[{"type":"text","content":"\n \nRNS Number : 2436X EQTEC PLC 20 February 2017 \n\n20 February 2017\n \nEQTEC plc\n(\"EQTEC\" or the \"Company\")\n \nPlacing, conversion of loan facility and appointment of Broker\n \nEQTEC PLC (AIM: EQT), is pleased to announce that it has raised £500,000 (before expenses) through a placing of 10,000,000 new ordinary shares of €0.001 each in the capital of the Company (\"Ordinary Shares\") at 5.0 pence per share (\"Placing Shares\") (the \"Placing\").\n \nEQTEC will use the proceeds from the Placing for working capital purposes and for continuing investment in its portfolio of projects.\n \nIn addition, the Company has also agreed with its major shareholder EBIOSS Energy AD (\"EBIOSS\") to convert an amount of €585,000 (£500,000) under the loan facility dated 8 January 2016, which was amended on 12 December 2016, into 10,000,000 new Ordinary Shares at a conversion price of 5.0 pence per share (\"Conversion Shares\") (the \"Conversion\"). Following the Conversion, principal of €283,000, excluding accrued interest, will be outstanding and a further €482,000 is still available to be drawn down under the loan facility.\n \nEBIOSS currently has a 51 per cent. interest in the Company and therefore is deemed to be a related party of the Company under the AIM Rules for Companies (\"AIM Rules\"). Accordingly, the Conversion is deemed to be related party transaction pursuant to Rule 13 of the AIM Rules. The directors of the Company, having consulted with the Company's Nominated Adviser, Strand Hanson Limited, consider that the terms of the Conversion are fair and reasonable insofar as the Company's shareholders are concerned.\n \nPursuant to the Placing and Conversion, application has been made for the admission of 20,000,000 new Ordinary Shares to trading on AIM (\"Admission\"). The new Ordinary Shares, which will be issued fully paid, will rank pari passu in all respects with the existing Ordinary Shares. Admission of the new Ordinary Shares to trading on AIM is expected to occur on 27 February 2017. \n \nAs a result of the Placing and Conversion, the total number of voting rights as at 27 February 2017 will increase to 173,350,494. Shareholders should use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, ...