Settlement Agreement with Logik Developments
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Further to the announcement of 20 September 2023, the Company is pleased to announce that it has reached a settlement agreement with Logik Developments Limited and its wholly-owned subsidiary Logik WTE Limited (collectively, "Logik").
On 03 April 2024, the Company and Logik entered into a settlement agreement (the "Settlement Agreement") relating to the Claim previously announced and detailed on 20 September 2023.
Pursuant to the Settlement Agreement, the Company and its wholly-owned subsidiaries EQTEC UK Services Limited and Deeside WTV Limited and Logik have agreed to the full and final settlement of certain claims between them.
In connection with this settlement, subject to and conditional on the sale of a site at Weighbridge Road in Deeside Industrial Park (the "Land") completing on or before 30 April 2024, Logik will pay the Company a settlement sum of £1.7 million within the next business day following the date of completion.
If the sale of the Land completes between 1 May 2024 and 30 November 2024 Logik will pay the Company a settlement sum of £2 million within the next business day following the date of completion. If a sale of the Land does not complete by 1 December 2024, Logik will be liable to pay to the Company £2,000,000 not conditional upon any sale of the Land. Under the terms of the Settlement Agreement, EQTEC will also receive interest at 4% above the Bank of England Base Rate on any part of the settlement sum that is not paid in accordance with the terms of the Settlement Agreement.
The Company has received confirmation from Logik that the Land is currently in the process of being sold and that the proposed purchaser is funded by a global investment company. Further, the Company has been informed that all elements of the transaction have now been agreed and the funder is seeking final sign-off and confirmation at its internal committee meeting in the coming days. Logik expects that the sale of the Land can complete shortly thereafter and possibly before 30 April 2024. The Company will make a further announcement as and when the intended completion date is confirmed by Logik.
Further information on the Company can be found at www.eqtec.com.
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