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LONDON - EQTEC plc (AIM:EQT), a licensor of syngas technology, announced Friday plans for a capital reorganisation to reduce the nominal value of its ordinary shares, addressing its inability to raise funds through equity issuance.
The company’s shares have been trading below their nominal value of €0.01 per share on AIM, which under Irish law prevents the company from issuing new shares below nominal value.
The proposed reorganisation, which requires shareholder approval at the Annual General Meeting scheduled for September 25, 2025, would subdivide each existing ordinary share into one new ordinary share of €0.0001 and one deferred share of €0.0099.
The deferred shares will carry no voting or dividend rights and will not be listed or traded on AIM. Shareholders’ proportionate interests and the aggregate value of their holdings will remain unchanged following the reorganisation.
If approved, the last day of trading on AIM in the existing ordinary shares will be September 25, 2025, with the new ordinary shares admitted to trading on September 29, 2025.
The company’s issued share capital currently consists of 640,657,138 ordinary shares, which would remain the same number of new ordinary shares after the reorganisation.
EQTEC is also seeking shareholder approval to amend its Articles of Association to reflect the rights and restrictions of the new deferred shares, as well as authorisation for directors to issue ordinary shares up to an aggregate nominal value of €4,500,000 (which would become €45,000 after the reorganisation).
The information in this article is based on a press release statement from EQTEC.
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