Environmental Clean Technologies Limited (ASX: ESI) (ECT or Company) provides the following update on capital management and planning activities.
- R&D Tax Incentive Refund received
- EFH facility clarification
R&D Tax Incentive Refund – FY 2016
The Company is pleased to advise it has received its 2016 financial year R&D Tax Incentive refund.
The refund of ~$1.5M is in line with expectations as stated in the audited accounts released to the market on 31 August 2016, and will satisfy the loan drawn from Brevet for the 2015-16 year.
EFH Facility Clarification
The Company yesterday announced the establishment by Equity First Holdings (EFH) of a facility for qualifying investors to finance the conversion of Options.
The announcement stated:
“These facilities will require that each of the shareholders transfer their converted shares to EFH under collateral arrangements for the period of 3 years (for staff and directors) and 2 years for other shareholders. Each shareholder taking up these loans will still be entitled to all the economic and voting rights of their shares.”
There was an error in the initial announcement. While shareholders will retain all economic benefits of their shares, voting rights will transfer to EFH, which is contractually prohibited from exercising any voting rights associated with the shares.
For further information, EFH have issued a press release covering this new facility, which can be found at the following link: http://finance.yahoo.com/news/equities-first-holdings-llc-develops-213000702.html
For further information, contact:
Ashley Moore – Managing Director firstname.lastname@example.org