New Board Appointments & Appointment of Broker

RNS Number : 3310K

EQTEC PLC

28 August 2019

 

28 August 2019

EQTEC plc

("EQTEC", the "Company" or the "Group")

New Board Appointments

Appointment of Broker

EQTEC plc (AIM: EQT), the technology solution company for waste gasification to energy projects, is pleased to announce the appointments of Mr David Palumbo and Mr Yoel Alemán Méndez to the Board of Directors of the Company (the "Board") as Executive Directors with immediate effect.  As announced on 28 June 2019, Mr Palumbo and Mr Alemán were appointed to the senior management of the Group as Commercial Director and Chief Technical Director respectively.  They will continue to fulfil these roles alongside their Board responsibilities.

Mr David Palumbo is an experienced entrepreneur with 20 years' experience in private equity, business development and asset management.  Since 2006, David has founded and co-founded a number of companies in various industries such as renewable energy, wealth management, property and real estate.  David is the Founding and Managing Partner of Origen Capital LLP ("Origen"), a private investment firm representing family offices and private consortia in Europe, CIS and Latin America.  He has a B.Sc and a M.Sc in electrical engineering.

Origen has previously been engaged by the Company to introduce potential investors.  Origen facilitated the introduction of Altair Group Investment Ltd ("Altair") to the Company in 2014, together a number of additional investors since, which have invested in and/or provided funding to the Company.  Origen has also acted as an adviser to Altair in other real estate investments since 2015.  Altair currently owns approximately 28.1 per cent of the Company's issued share capital.  Recognising the relationship between Altair and Origen, whilst Mr. Palumbo serves on the Board, Altair has committed not to exercise its right to nominate an appointee to the Board (see the Company's announcement of 28 June 2019 for further information).

Mr Yoel Alemán Méndez is an experienced chemical engineer with over 20 years' experience in Biomass Gasification.  He has designed, built and operated gasification facilities of various industrial capacities, is the author of three technology patents related to specialty power generation, has been a University Associated Professor and Researcher at three universities and holds a PhD in chemical engineering.  Prior to his appointment to the senior management of the Company in June 2019, Yoel was the Chief Technical Officer of EQTEC Iberia from April 2010.

Commenting on the Board appointments, Ian Pearson, Non-Executive Chairman of the Company, said: "I am very pleased to welcome David and Yoel to the Company's Board.  Since starting their senior management roles at the end of June they have already provided a valuable contribution to the Company.  I look forward to working with them as we seek to accelerate progress with our significant pipeline of projects and opportunities across the UK, Europe and US."

Appointment of Broker

The Company is pleased to announce the appointment of SI Capital as sole broker with immediate effect.

Director Disclosures

Further disclosures in relation to the appointments of Mr David Palumbo and Mr Yoel Alemán Méndez pursuant to Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies appears below.

David Lawrence Palumbo (aged 43)

Current Directorships / Partnerships	Past Directorships / Partnerships
Arkha 1 LLP	Ark Property Portfolio Services Limited
Argentari Capital LLP	Ecofinance (GLI) Limited
Arkha 2 LLP	Infusion Capital Limited
Ark Living Limited	MCC Modular Living Limited
Commando 750 Limited	Origen Brazil Consultoria Empresarial Ltda
Origen Capital LLP	Quaestus Capital Sarl (Previously Origen Gestion Sarl)
Origen Capital Advisors LLP
Origen Capital Partners Limited
UBQT Limited

Mr Palumbo is a director of and, together with his wife, a 50 per cent. shareholder in Origen Capital Partners Limited.  Origen Capital Partners Limited holds 204,545 ordinary shares in the Company, representing 0.01 per cent. of its issued share capital.

Yoel Santiago Alemán Méndez (aged 47)

Current Directorships / Partnerships	Past Directorships / Partnerships
Syngas Technology Engineering SI	None

Mr Yoel Alemán Méndez is a 30 per cent shareholder in Inava Ingerieria de Análisis SI ("Inava").  Inava was formed to hold collectively shares in Eqtec Iberia SLU and subsequently in EQTEC when it acquired Eqtec Iberia SLU.  The individual shareholders in Inava have decided to enter into a shareholders' voluntary liquidation process in order to be able to distribute the EQTEC shares in specie to the individual shareholders of that company.  This process has commenced and is ongoing.  Inava is currently interested in 224,368,361 ordinary shares in the Company, representing 7.26 per cent of its issued share capital.  Accordingly, Mr Alemán has an indirect interest in 67,310,508 ordinary shares, representing 2.18 per cent. of the Company's issued share capital.  For the purposes of MAR, he is not considered to exercise control over Inava or any of its shares in EQTEC.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). 

Enquiries

EQTEC plc	[phone]
Ian Price - Chief Executive Officer Gerry Madden - Finance Director
Strand Hanson - Nomad & Financial Adviser	[phone]
James Harris / Richard Tulloch / Jack Botros SI Capital Limited - Broker      Nick Emerson and Jon Levinson	[phone]  [phone]
IFC Advisory - Financial PR & IR	[phone]
Tim Metcalfe / Graham Herring / Zach Cohen

Notes to Editors

About EQTEC plc

EQTEC's business model involves sourcing and providing assistance in developing waste elimination projects to which it will ultimately sell its EQTEC Gasifier Technology ("EGT") and O&M services.  EGT enables project developers to construct waste elimination plants and recover electrical and thermal energy from the waste streams.

EQTEC sources projects that have a local supply of waste in need of elimination and conversion.  It builds relationships and brings together the developers, the waste owners, the building contractors and funders.  It then supplies the energy recovery technology and provides engineering services to the projects. Furthermore, EQTEC will provide O&M services to the operating projects generating recurring revenues over the life of the projects.

The Company is quoted on AIM and trades as EQT.  Further information on the Company can be found at www.eqtecplc.com.

 

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