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Eqtec PLC - Cork, Ireland-based gasification company focused on turning waste into sustainable energy - Says its subsidiary, Deeside WTV Ltd, has signed a binding supplemental agreement with Logik Developments Ltd pertaining to a share purchase agreement.
Deeside WTV will acquire 32% of the share capital of Logik WTE Ltd, the entity that holds the land and necessary planning permissions for the Deeside RDF project. The consideration is to be satisfied by the settlement of £2.3 million of advances from Eqtec to Logik and Logik WTE.
Says Deeside WTV and Logik Developments are in talks to procure a buyer for Logik WTE for at least £15 million.
Completion of Deeside WTV's acquisition of the interest in Logik WTE is expected to complete in the first half of 2022.
Current stock price: 0.90 pence
12-month change: down 61%
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