Marine group announces fundraising and plans to de-list from main market
OTAQ, the Lancaster-based marine technology group, has announced plans to raise £3.6m through a placing and open offer, and its de-listing from the stock exchange official list and a switch to the access segment of the SME-focused AQSE Growth Market.
The company said it has raised £2m from a placing, and announced that shareholders are to be offered the opportunity to participate in an open offer at the same issue price of the placing, which was 4p per share.
OTAQ is also planning a capital reorganisation to reduce the nominal value of the existing share capital of the company from 15p for each existing ordinary share to 1p, conditional on AQSE admission.
It is also proposing to appoint to the board Harald Rotsch as chief technology officer and Giles Clifford as non-executive director.
Dowgate Capital is acting as financial adviser, proposed AQSE corporate adviser and broker in connection with the proposals. Dowgate is not underwriting the fundraising.
The company said it will use the net proceeds of the fundraising to strengthen the balance sheet and support the group through its planned next stage of growth, further developing its portfolio of innovative technologies targeting the global aquaculture, geotracking and offshore markets.
It already has a strong portfolio of products and is pursuing organic and acquisitive growth opportunities that will enhance reach and underpin further revenue growth as the company progresses towards profitability.
OTAQ is planning to commence trading on the AQSE Growth Market on November 9, 2022.
Phil Newby, OTAQ chief executive, said: “Through proprietary engineering and via acquisition, OTAQ has created a skill base and leading portfolio of products with significant growth potential.
“We see opportunities for these technologies within the global aquaculture, geotracking and offshore sectors where applied innovation gives significant safety, productivity, welfare and competitive advantage opportunities to customers.
“These three target sectors of aquaculture, geotracking and offshore have shared characteristics to enable technology transfer and access to a global customer base which has very exciting potential.
“With a strengthened board and balance sheet we look forward to building a profitable and cash generative business.”
