StockMarketWire.com - Gasification solutions company Eqtec said its subsidiary, Southport WTV, had signed a share purchase agreement with Rotunda Group to acquire the Southport Hybrid Energy Park project through the acquisition of Shankley Biogas.

Under the terms of the contract, the company agreed to pay an initial consideration of £382,000 from which the existing exclusivity payment of £100,000 would be deducted, and payable on the achievement of development milestones of the project on or before a date 12 months from the date of signing of the agreement.

'One of the conditions precedent is that the company is granted a lease in relation to the project sufficient for the development and operation of the project and on terms generally acceptable to the buyer [Southport WTV] and any funder (in their entire discretion),' the company said.

Rotunda would also receive a fixed dividend share, granting it the right to 20% of distributable profits in Southport WTV.




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