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IN BRIEF: Eqtec shares surge as reaches settlement with Logik

3rd Apr 2024 16:35

Eqtec PLC - Cork, Ireland-based thermochemical conversion technology company - Reaches settlement agreement with Logik Developments Ltd and its subsidiary Logik WTE Ltd. Eqtec will receive about GBP1.7 million by around early May, as Logik will pay the sum within the next business day of a sale of a site at Weighbridge Road in Deeside Industrial Park which is expected to complete on or before April 30. If the sale is delayed to between May 1 and November 30, Eqtec will receive GBP2.0 million, and if it is delayed beyond November Eqtec will receive the GBP2.0 million sum plus interest at 4% above the Bank of England base rate on any part of the settlement that it not paid according to the settlement terms.

Last year, Eqtec claimed a breach of the share purchase agreement made between Logik Developments and Deeside WTV Ltd, an Eqtec subsidiary, in December 2020. It had said that the claims specifically relate to payments made by Eqtec and Deeside to Logik. Eqtec had added that it has since January 2023 attempted to engage Logik, alleging Logik had failed to follow through on its agreements or meet with Eqtec.

Current stock price: 2.63 pence each, up 22% on Wednesday afternoon in London

12-month change: down 86%

By Tom Budszus, Alliance News slot editor

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