30th Jul 2018 18:23
LONDON (Alliance News) - EQTEC PLC said Monday it has reached a standstill agreement on its unsecured GBP1.2 million and GBP2.4 million loans, as well as the capitalisation of its interest payments to certain lenders.
Shares in EQTEC closed down 16% at 1.28 pence on Monday in response to the news.
EQTEC was required to satisfy certain conditions in order to have access to the loans, including changes to its board of directors and the approval of a growth plan, but the 21-day deadline to satisfy these conditions has been extended to Friday.
EBIOSS Energy SE, the majority shareholder in EQTEC, is currently considering a further equity investment in the company. The standstill has been arranged so that further discussions over the investment can take place.
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