EQTEC directors agree reductions to remuneration to subscribe for new shares

The five individuals include the company's chief technical and commercial directors, Yoel Aleman and David Palumbo

The new shares will be priced at 0.33p each, equal to the placing price announced on 28 June

Five EQTEC PLC (LON:EQT) directors have agreed cash reductions to their remuneration to subscribe for new shares in the firm.

The waste to energy group said Thomas Quigley, a non-executive director, will have his salary for the period from 1 July to 31 December paid in arrears on 1 January 2020, which will then be used to subscribe for new shares in the firm at a price of 0.33p each, equal to a placing announced on 28 June.

READ: EQTEC raises £750,000 from placing and pays down debt

Quigley has also agreed that his remuneration for the first six months of 2020 will be paid on a monthly basis and used to subscribe for new shares at the placing price.

Meanwhile, executive directors Ian Price and Gerry Madden have agreed to a similar arrangement for 40% of their salaries for the six months ending 31 December to be paid the day after the period-end and used to subscribe for new shares.

40% of their remuneration for the first six months of 2020 will then also be paid monthly and used for share subscriptions at the placing price.

An identical arrangement has been made for Yoel Aleman and David Palumbo, EQTEC’s chief technical and commercial director respectively.

The company also said each of the directors would only dispose of any interest in the new shares through the company’s broker until June 2020.

Quick facts: EQTEC PLC

Price: 0.135 GBX

Market: AIM
Market Cap: £4.31 m


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of EQTEC PLC named herein, including the promotion by the Company of EQTEC PLC in any Content on the Site, the Company receives from said issuer...



EQTEC signs framework agreement with California-based Phoenix Biomass Energy

EQTEC Plc's (LON:EQT) Ian Price adds some detail to the agreement announced today with California-based firm Phoenix Biomass Energy to develop biomass gasification power plants in the US. The companies have already identified five projects in the US. EQTEC will provide its proprietary...

on 22/5/19

2 min read