Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. With the publication of this announcement, this information is now considered to be in the public domain.
6 August 2018
EQTEC plc
("EQTEC" or the "Company")
Appointment of new CEO, issue of shares, fulfilment of conditions subsequent and Board changes
EQTEC plc (AIM: EQT), the technology solution company for waste gasification to energy projects, is pleased to announce the appointment of Ian Joseph Price as the new CEO of the Company with immediate effect and confirms that it has fulfilled the conditions subsequent under the loan facility entered into on 5 July 2018.
Mr. Price comes from a background in waste and renewables and the development of low carbon energy assets using refuse derived fuels where he has a successful track record of managing and executing transactions. His skills and experience are expected to be specifically relevant to EQTEC as it executes its project pipeline.
Mr. Price has had a career spanning over 20 years, mainly in the waste and renewables sectors. His career has included being Director of Commercial Services for Covanta Energy and a Director of KSP Renewables Limited, a company which specialises in the development of merchant energy from waste ("EfW") plants in the UK focusing on using refuse derived fuel ("RDF") from commercial and industrial waste sources. Ian also held management and operations roles at Biffa, FCC Environment, Veolia and Sita (Suez).
He currently serves as a Non-Executive Director of West Wind Ventures Limited which is also involved in waste and renewables in an advisory capacity. Mr. Price's previous roles have given him financial and management experience working across the renewable energy, recycling and waste sectors.
Mr. Price graduated from the University of Manchester and holds an MBA from the University of Bath. He is also a member of the Chartered Management Institute.
Ian Price commented: "I am looking forward to taking on the role of CEO at EQTEC at a time of tremendous opportunity. The challenge of increased global consumption leading to more and more waste coupled with an increasing need for sustainable energy is creating a highly receptive environment for our waste conversion technology. I look forward to driving the strategic development of the business including adding value and synergies through a number of potential acquisitions with the support of all of our stakeholders."
Issue of shares
The Company also announces that in accordance with arrangements entered into on 5 July 2018 and the conclusion of the standstill period announced on 30 July 2018 the Company has issued and allotted 307,194,667 Ordinary Shares arising from the conversion of loan notes entered into on 5 July 2018 with Origen Capital LLP ("Origen"), Altair Group Investments Limited ("Altair") and Ecofinance (GLI) Limited ("Ecofinance").
Upon issue, each of Origen, Altair and Ecofinance will hold ordinary shares, comprising the following percentage of the enlarged issued share capital of the Company:
Origen |
191,666,667 |
10.71% |
Altair |
100,000,000 |
5.54% |
Ecofinance |
15,528,000 |
0.87% |
Each of Origen, Altair and Ecofinance have entered into an orderly market agreement with the Company under which they have agreed to certain restrictions on the disposal of any Ordinary Shares issued to them under the above mentioned arrangements depending on the trading volumes of the Ordinary Shares on any given trading day. Such restrictions apply for a period of four months following today's date. Altair and Ecofinance are longstanding investors in the Company and have supported its development with investment since 2013.
The conversion of the loan notes also resulted in Origen being granted with warrants to subscribe for 95,833,333 Ordinary Shares, Altair being granted with warrants over 50,000,000 Ordinary Shares and Ecofinance being granted with warrants over 7,764,000 Ordinary Shares, all at an exercise price of 0.75p per share, and all exercisable for two years from the date of grant.
Application will be made for the admission to AIM of these new ordinary shares and trading is expected to start on 10 August 2018.
Following Admission, the Company will have a total of 1,790,093,838 Ordinary Shares in issue carrying voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Director changes
As part of an agreed restructuring the Board also announces that Mr. Neil O'Brien is stepping down from the Board with immediate effect. Mr. Luis Sanchez is stepping down as CEO and will continue with a senior executive role on the Board. Further board changes will be announced in due course.
The Company confirms that it has fulfilled the conditions subsequent under the loan facility entered into on 5 July 2018, relating to the implementation of changes to the composition of the Board of Directors of the Company (the "Board") and the formulation and approval of a growth optimisation plan.
The following additional information is provided in accordance with paragraph (g) of Schedule Two to the AIM Rules for Companies:
Ian Joseph Price (aged 47) holds or held the following Directorships or Partnerships in the past 5 years:
Current Directorships/Partnerships |
Past Directorships/Partnerships |
Provenance Consulting Limited The Good Loaf CIC KSP Renewables Limited West Wind Ventures Limited |
NONE |
There is no further information required to be disclosed pursuant to Schedule Two, paragraph (g) of the AIM rules.
Enquiries
EQTEC plc |
+353 (0)21 2409 056 |
Ian Price - Chief Executive Officer Gerry Madden - Finance Director |
|
Northland Capital Partners Limited - Nomad and Joint Broker |
+44 (0)20 3861 6625 |
Tom Price / Dugald J. Carlean |
|
VSA Capital Limited - Joint Broker |
+44 (0)20 3005 5000 |
Andrew Monk / Andrew Raca |
|
Luther Pendragon - Financial PR |
+44 (0)20 7618 9100 |
Harry Chathli / Alexis Gore / Ana Ribeiro |
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