27th Sep 2021 10:55
Eqtec PLC - Cork, Ireland-based gasification company focused on turning waste into sustainable energy - Signs share purchase agreement with Rotunda Group Ltd and its subsidiary Shankley Biogas Ltd to acquire full ownership of the refuse-derived-fuel Southport Hybrid Energy Park project from Rotunda through the acquisition of Shankley Biogas.
Initial consideration will be GBP382,000. Eqtec also will issue fixed dividend shares to Rotunda, giving Rotunda the right to 20% of distributable profits in Southport WTV. Eqtec notes the shares carries no voting rights or dividend entitlements.
Chief Executive David Palumbo says: "I'm delighted that Eqtec is taking another RDF-to-energy project in the UK to the next stage of development. In signing this agreement to acquire the project SPV for Southport, we are closer to bringing an innovative and sustainable type of waste-to-energy facility to the local community, where we will source excess municipal, commercial and industrial waste from the surrounding area and convert it with our advanced gasification technology into green electricity."
Current stock price: 1.23 pence, up 4.2% on Monday
Year-to-date change: down 53%
By Paul McGowan; [email protected]
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