Business
Update on Settlement with Logik Developments
Update on Settlement with Logik Developments.
About this update from Forgent Plc
[{"type":"text","content":"\n\n28 June 2024\n \nEQTEC plc\n(\"EQTEC\", the \"Company\" or the \"Group\") \n \nUpdate on Settlement Agreement with Logik Developments\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 is pleased to update on positive progress on the settlement agreement with Logik Developments Limited and its wholly-owned subsidiary Logik WTE Limited (collectively, \"Logik\"). As announced by the Company on 03 April 2024, the timing of the payment of the settlement sum is subject to and conditional on the sale of a site at Weighbridge Road in Deeside Industrial Park (the \"Land\"), with payment expected following completion of a sale.\n \nThe Company has been informed by Logik, with confirmation from legal representatives of the buyer, that legal execution of certain documents relating to the sale of the Land has taken longer than expected, it is now in the final stages of execution with completion expected in the coming weeks. \n \nTo accommodate finalising legal execution of documents in connection with the sale of the Land, the completion long stop date of 28 June 2024 has been extended to 12 July 2024 by mutual agreement between buyer and seller. Completion funds are expected to be transferred on or around the completion date.\n \nWhile there are still certain conditions to be satisfied for completion, on the basis completion does occur in accordance with the anticipated timetable, the Company would be due to receive £2,000,000 under the settlement agreement.\n \nA further update will be provided in due course.\n \nThis announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014, as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended, and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.\n \nENQUIRIES \n \n\n\n\n\nEQTEC plc\nDavid Palumbo / Jeffrey Vander Linden \n \n\n\n+44 20 3883 7009 \n\n\n\n\nStrand Hanson - Nomad & Financial Adviser\nJames Harris / Richard Johnson \n \n\n\n+44 20 7409 3494 \n\n\n\n\nFortified Se...