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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
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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.

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