Business
Update on Deeside project share purchase agreement
Update on Deeside project share purchase agreement.
About this update from Forgent Plc
[{"type":"text","content":"\n \n \n 1 March 2023\n \n \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 Update on share purchase agreement for Deeside project\n \n \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 confirms that, further to the Company's announcements on 30 June 2022 and 01 September 2022, Deeside WTV Limited (\"Deeside WTV\"), a wholly-owned subsidiary of EQTEC, and Logik WTE Limited (\"Logik WTE\"), a wholly-owned subsidiary of Logik Developments Limited (\"Logik\") (the \"Parties\") have been unable to meet by the agreed deadline all completion requirements specified under the share purchase agreement signed by the Parties on 07 December 2020, and as amended by supplemental agreements announced on 06 December 2021, 01 April 2022 and 30 June 2022 (the \"SPA\").\n \n \n \n \n \n Under the SPA, the Parties set out to meet a number of objectives for development of the Deeside project (the \"Project\") including the sale of Logik WTE to one or more investors. Despite progress, a number of these objectives remain outstanding, most notably the sale of Logik WTE. As announced by the Company on 01 December 2022, after several months the Parties were unable to reach mutually acceptable commercial terms with an initial investor, and the Company is responding to interest from other prospective investors in the Project.\n \n \n \n \n \n While the SPA has not completed on the agreed date it remains in force and the Parties continue to discuss constructive options for moving forward with development of the Project, in line with the Company's stated business strategy of focusing on high-margin technology and innovation services, engaging partners and customers to develop and fund the capital projects that will deploy EQTEC's technologies.\n \n \n \n \n \n \n \n \n David Palumbo, CEO of EQTEC, commented:\n \n \n \n \n \n \n \"The Company remains highly committed to the Deeside project, to supporting Toyota Motor Company and local communities in Flintshire with clean, decarbonised solutions for waste management and energy generation. We are working with Anaergia, Inc. as an im...