EQTEC finance director Gerry Madden set to retire this year
EQTEC (LON:EQT), the gas company, will raise up to £15m via a share placing and subscription at 1.5p per share.
The AIM-listed company said the funds raised by the share issue will be allocated to supporting sustainable growth, entering new markets and enhancing the company’s capacity.
EQTEC outlined plans to take part in a settlement and termination agreement with Syngas Technology Engineering, whose owner is a director in the EQTEC board.
Syngas will be entitled to ongoing royalties on sales of EQTEC’s gasifier technology until the firm has received a max of €2.88m.
As of now Syngas has received €436,000 as part of the arrangement.
EQTEC has also confirmed that the company’s finance director Gerry Madden will retire. The firm has begun the process of finding a replacement, while Madden agreed to stay on during the transition process.
David Palumbo, CEO of EQTEC commented: “Gerry has been with EQTEC for 14 years, since its predecessor company was a developer of clean energy projects. He has been a steadfast custodian of the business through multiple stages of its development and he leaves it in the best position of its history. Gerry was Finance Director at the initial admission of the Company in 2008 and served as CEO between 2011 and 2018, after which he resumed the role of Finance Director and Company Secretary.”
“He steered the Group through its start-up days, the credit crunch of 2008, the ensuing recession and on to the successful acquisition and integration of EQTEC Iberia. We thank Gerry for his loyalty, care and attention to the Group over the longest tenure of anyone in the company. In the future, we will look forward to receiving his advice and in wishing him a well-deserved retirement.”
The EQTEC share price is down by 7.4% to 1.56p per share at early morning trading.
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