EQTEC said it has reached a settlement agreement in its dispute with Logik Developments
In connection with this settlement and conditional on the sale of a site at Weighbridge Road in Deeside Industrial Park before April 30, Logik will pay EQTEC £1.7 million within the next business day following the date of completion.
If the sale of the land completes between May 1 and November 30 Logik will pay EQTEC a settlement sum of £2 million,
If a sale is not completed by then, Logik will be liable to pay £2 million not conditional upon any sale of the land.
Logik has informed EQTEC that the land is currently in the process of being sold to a purchaser funded by a global investment company.
It expects the sale to be completed shortly thereafter and possibly before 30 April 2024.