Business
Update on Eqtec Iberia acquisition - replacement
Update on Eqtec Iberia acquisition - replacement.
About this update from Forgent Plc
[{"type":"text","content":"\n \nRNS Number : 6083X EQTEC PLC 27 November 2017 \n\n \n \nReplacement: This announcement amends and replaces the announcement made by the Company on 27 November 2017 at 07:00am under RNS No 5278X.\n \nIn the third paragraph, the final sentence should have read: \"for a period of six months following Admission\" and not \"for a period of four months following Admission.\"\n \nAll other details remain unchanged. The full amended text is shown below.\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.\n \nPrior to its publication, certain information in this announcement was deemed to constitute inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.\n \n27 November 2017\n \nEQTEC plc\n(\"EQTEC\", the \"Company\" or the \"Group\")\n \nUpdate on Proposed Acquisition of Eqtec Iberia\n \nand\n \nNotice of Extraordinary General Meeting\n \nFurther to the announcement of 17 July 2017, EQTEC plc (AIM: EQT), the technology solution company for waste gasification to energy projects, is pleased to announce that terms have been agreed for the proposed acquisition of the entire issued share capital of EQTEC Iberia, an engineering company specialising in the design, construction, operation and maintenance of power plants.\n \nTerms of the deal\n \nThe total consideration for the Acquisition is £14 million, based on the suspension price, which will be satisfied by the issue of 833,864,531 Ordinary Shares on Admission. In addition, in order to fund the working capital needs of the Enlarged Group and the continued development of its near-term pipeline the Company is undertaking a Placing to raise £1.6 million (before expenses) by the issue of 246,153,847 Ordinary Shares (\"Placing Shares\") at 0.65 pence. The Placing Shares will represent 18.3 per cent. of the Enlarged Share Capital on Admission and rank pari passu in all respects with the Existing Ordinary Shares, including the right to receive future dividends and other distributions declared, made or paid in respect of the Ordinary Shares.\n \nThe Placing Agreement contains indemnities from the Company and warranti...