Eqtec settlement with Logik moves closer to completing

14th Aug 2024 11:10

(Sharecast News) - Waste-to-value technology specialist Eqtec updated the market on its settlement agreement with Logik Developments and its subsidiary Logik WTE on Wednesday.

The AIM-traded firm said the settlement was contingent on the sale of a site at Weighbridge Road in Deeside Industrial Park.

It said it had now been informed that the sale agreement had become unconditional, with all conditions met, and a long stop date of 16 August had been set for the transfer of funds.

On successful completion, Eqtec said it expected to receive £2m under the settlement agreement.

Eqtec previously reported that the sale was expected to complete by mid-August, after several extensions.

The company said it would provide further updates following the contractual closing and receipt of the settlement funds.

At 1027 BST, shares in Eqtec were up 11.54% at 1.45p.

Reporting by Josh White for Sharecast.com.