EQTEC

EQTEC PLC (formerly REACT Energy PLC and Kedco PLC) is a bioscience energy company operating in the United Kingdom and Ireland which was established in 2005.[1]

EQTEC PLC
TypePublic
AIM: EQT
ISINIE00BH3XCL94
IndustryEnergy
FoundedCork, Ireland (2005)
HeadquartersCork, Ireland
Key people
David Palumbo CEO

Stock market listing

Kedco floated on the Alternative Investment Market (AIM) of the London Stock Exchange on Monday 20 October 2008.[2][3][4] Kedco was admitted to the AIM at 17.5c per share giving the company a market capitalisation of €35 million.[5] Share price since launch spiked at over 30 cent a share before falling over the following months and as of early May 2010 stands at 7 cent a share.[6] The company has made significant losses since its foundation in 2005, however losses have fallen along with revenue since an investment by FBD and entry into the LSE.[7] On 17 February 2010 the company announced that it had "been unable to secure financing on suitable terms" for a development in Newry and that it may have to "pursue alternative means of maintaining adequate cash reserves including management of its working capital position".[8] On 10 May 2010 the company admitted that it had still not been successful in finding alternative funding and announced the appointment of external advisers to assist in this aim.[9] The company was subsequently able to source adequate funding to meet its day to day obligations, however February 2011 saw renewed fears being expressed that the company was about to delist from the AIM.[10] Subsequently the Chief Executive Officer resigned on 31 March 2011.[11]

React Energy plc

At the company's AGM in November 2013 it was decided to change the company's name from Kedco PLC to REACT Energy PLC to reflect the company's changed business focus.[12] The share price of the company has remained volatile since renaming and trading in the company's shares was briefly suspended in December 2014 amid concerns about the future viability of the company.[13]

In 2016, Farmer Business Development plc invested in REACT to keep the project afloat.[14][15][16]

EQTEC

In February 2017, the company was once again renamed, this time to EQTEC PLC.[17]

Kedco

Kedco operated 2 distinct divisions targeting both Residential and Industrial client bases.

The Power division specialises in power generation from sustainable fuel sources with Kedco providing bio-science solutions to industrial clients by converting waste into an energy resource.

The Energy division supplied renewable energy heating products within Ireland, primarily to residential customers. Kedco registered with the Sustainable Energy Authority of Ireland[18] as Wood Pellet Ireland.[19][20]

Both divisions remained in operation for a period of time, however the company stated in a press release in late 2008 that "Kedco Power constitutes the main part of the company going forward".[21] The company subsequently decided to cease supplying products to the domestic market and since 2012 it has focused exclusively on industrial energy solutions.

See also

References
  1. "Kedco annual report" (PDF). Archived from the original (PDF) on 15 February 2010. Retrieved 23 February 2010.
  2. Ireland's Kedco floats on AIM
  3. Kedco shares to begin trading on AIM
  4. Flotation of Kedco fuels new ventures
  5. "Announcement on official website of [[London Stock Exchange]]". Archived from the original on 23 December 2008. Retrieved 15 December 2008.
  6. Kedco Share Price tracker
  7. Business Plus Magazine, 9 Jan issue
  8. "February Trading Update | Investment". 17 February 2010. Archived from the original on 13 July 2011. Retrieved 8 April 2018.
  9. Statement of appointment of adviser
  10. KEDCO Share Chat – Chat About KED Shares – Stock Quotes, Charts, Trade History, Share Chat, Financial Terms Glossary. Lse.co.uk. Retrieved on 2011-04-01.
  11. BRIEF-Kedco CEO Donal Buckley resigns – Finance News – London South East. Lse.co.uk. Retrieved on 2011-04-01.
  12. "Circular and Notice of AGM 2013" (PDF). 29 November 2012. Archived from the original (PDF) on 24 September 2015. Retrieved 26 February 2015.
  13. "Reac Regulatory News. Live REAC RNS. Regulatory News Articles for".
  14. "React Energy soars as Newry Biomass is 'repowered'". Proactiveinvestors UK. 4 January 2016. Retrieved 4 July 2017.
  15. "REACT Energy fires up as Newry project gets new lease of life". Proactiveinvestors UK. 11 October 2016. Retrieved 4 July 2017.
  16. "React Energy notes heads of agreement". Interactive Investor. 11 October 2016. Archived from the original on 8 April 2018. Retrieved 8 April 2018.
  17. "React Energy PLC Result of EGM, Admission and Change of Name". ADVFN. Retrieved 4 July 2017.
  18. Sustainable Energy Ireland webpage listing wood pellet boiler manufacturers
  19. "Kedco listed as licensed importer of Opop Boilers for Irish market". Archived from the original on 20 December 2008. Retrieved 16 December 2008.
  20. Photographic comparison of Kedco and OPOP boilers
  21. "Kedco Press release" (PDF). Archived from the original (PDF) on 13 July 2011. Retrieved 17 December 2008.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.