EQTEC - Settlement with Logik

EQTEC have reached a settlement with Logik Developments that will see EQTEC receiving at least £1.7m on the sale of the Deeside Land where a project had previously been planned. This could potentially rise to £2m if the sale of the Deeside land does not complete before 1 May 2024 and if not completed by 30 November 2024 then the £2m balance will remain payable along with interest regardless of whether a sale completes or not. This is clearly a positive outcome for EQTEC, providing some useful li

EQTEC - Fundraise on Better Terms

The delay in completing the £1.5m equity raise announced in February is now effectively over with Verde Corporation having completed the unrelated transaction that held up completion. The fund raising will now go ahead and the delay has allowed EQTEC to achieve improved terms. The equity raise and associated debt restructuring give EQTEC useful working capital to the group as it works through its strategic turnaround towards becoming a technology provider while executing a portfolio of legacy pr

EQTEC - Fundraise Due Diligence Complete

EQTEC have announced a slight delay in the receipt of the funds from Verde Corporation in relation to the fundraise announced on 11 February 24. The required due diligence has now been completed, allowing the full subscription to move ahead and Verde are now awaiting the closure of a separate transaction in the USA before they can complete the fundraise with EQTEC. Accordingly, EQTEC have issue a new subscription letter with largely unchanged terms to update the timelines and remove the elements

EQTEC - Company Better Placed on Raise

We see the equity subscription and debt restructuring announced yesterday as providing useful working capital to the group as it works through its strategic turnaround towards becoming a technology provider while executing a portfolio of legacy projects. With continued new project potential, notably in France, and the backing of a strategic investor, the deal leaves the company better placed to realise its potential in our view.

EQTEC - Subscription and Debt Restructure

EQTEC has completed a subscription of £0.5m from a strategic investor, Verde Corporation, with the potential for another £1m to provide additional working capital as the group continues its strategic turnaround. This has been accompanied by a debt to equity conversion of the outstanding loan balances owed to Altair Group and Pitcole Limited. Existing shareholders YA II PN and Riverfort Global have also been introduced to a UK Special Situations investor with the intention of disposing of their s

EQTEC - JV to Advance Liquid Fuels

EQTEC has announced that its collaboration with CompactGTL has been deepened with the formation of a new 50:50 JV aiming to address the demand for synthetic drop in fuels. CompactGTL have a proprietary gas-to-liquids technology which can convert syngas and when combined with EQTEC’s advanced gasification technology the JV will be able to provide an integrated waste-to-liquid fuel solution, potentially opening up new revenue streams for the company.

2024 Outlook - Clean Energy In 2024

Performance of clean energy shares was weak in 2023 other than in storage. 2024 is likely to see storage continue to perform but renewables, bioenergy and hydrogen could also see an improved environment in the year. While elections in the US and the EU could result in weaker support for clean energy, these are to an extent offset by progress at COP28 and the extent to which electorates recognise climate change in the face of almost unavoidable evidence.

EQTEC - Performance Improvements Complete

EQTEC has provided an update on the shareholding of the Italia Market Development Centre (MDC) where performance improvement works have now been completed. This ought to allow the MDC to access a €2.9m loan secured for the refinancing of the MDC pending a site visit from the lender in January. The performance improvements will allow the plant to operate more effectively as a standalone entity whilst also showcasing the EQTEC advanced gasification technology as they look to license the technology

Hybridan Small Cap Feast - 07 Dec 23

7th December 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje

EQTEC - Project Win Brings Up Front Cash

A new contract with a project in California has the potential to bring helpful early cash to EQTEC as well as further significant income totalling US$10.3m. This is the second project involving Phoenix Bioenergy and could lead to further projects in time.

EQTEC - USA Contract Win

EQTEC has announced a contract win in Hawaii with Simonpietri Enterprises (SEL) to provide engineering services and equipment for a plant to convert 15,000 tonnes of wood waste per annum into syngas. Work is to commence in late 2023 and conclude in early 2024. Initial revenues of €165k are expected, with the option for follow on revenues of €300k if the partners progress into FEED and €7m should SEL secure the required funding and proceed with the project. This is a promising development for EQT

EQTEC - Collaboration Framework Agreement

EQTEC has entered into a Collaboration Framework Agreement with Tresca Energia, a Spanish based engineering and infrastructure group. The agreement looks to deploy EQTEC’s solution in developing advanced biofuels and includes an identified project in Castilla y Leon for the conversion of 50,000 tonnes of biomass per year into renewable natural gas. Whilst the project is currently going through the feasibility stage, there has already been early interest with regards to both financing and offtake

Hybridan Small Cap Feast - 20 Nov 23

20th November 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj

EQTEC - Debt Restructuring and Savings

EQTEC is refinancing its current debt and unlocking up to £3m of new financing for the company, with £950k to be drawn down immediately. In light of the refinancing the company is undertaking a cost saving exercise to reduce expenses with savings of over £1.5m a year expected. Meanwhile the company continues to progress its existing project portfolio with revenues from the Gardanne project of €186k for pre-feed work due imminently and follow on FEED studies worth €900k. The company is also incre

EQTEC - Italia MDC Update

EQTEC has provided an update on the shareholding of the Italia Market Development Centre (MDC) following financing changes to the project. In order to access the €2.9m loan secured for the refinancing of the project from a local bank, certain performance improvements to the plant were first required. The works are due to complete in Q4 2023 and have been funded by Quainstone Limited and EQTEC, two of the four shareholders in the plant and this has changed the overall shareholdings in the project

Supreme (SUP LN) - Record performance, EBITDA ~doubled

Supreme’s FY24 trading update confirms a record performance in the 12 months to 31 March 2024. Organic revenue and profit growth across all four divisions has driven Group revenue +45% YOY to £225m, with FY24 adj. EBITDA almost doubling to ‘at least £38m’, driving record levels of cash generation. Supreme is actively exploring complementary M&A, supported by a debt free balance sheet. Trading on an undemanding FY25 PE of just 6.7x, with a 3.4% yield, we believe downside risks are more than price

Morning Note – 22 April 2024

Supreme+ (SUP, House Stock at 125p) - Supreme, Supreme!

SP Angel Spec Sits: FY Trading Update (LTHM)

Headlam Group - Strategy for growth in tougher market

Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

Morning Note – 25 April 2024

LIBERUM: Ilika: CMD confirms operational progression

SP Angel Morning View: Copper prices hit $9,700/t as China smelts concentrates for zero charge Tc/Rc

Hybridan Small Cap Feast - 24 April 24

24th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

Vianet - FY24 ahead, strategic forecourt customer win

Vianet’s FY24 trading update shows FY24 revenue +1% ahead of our previous forecast, adjusted EBITA +2% ahead, EFCF and net debt +£0.6m ahead, and a strategic new customer win with prominent forecourt operator Wilcomatic. A robust FY25 pipeline and outlook leads us to reiterate our FY25E forecasts at this point, with the update highlighting: strong progress renewing and winning new customers on 3-5 year contracts as they migrate from 3G to Vianet’s advanced 4G LTE solutions; the successful integr

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LIBERUM: Capex Cycle: Miners' spending continues to lift