Strategic investor backs SRT Marine’s £10m fundraise

A global marine technology company is to take a 9% stake in SRT Marine as part of a £10m fundraise by the Bath-based company.

Ocean Infinity is to invest £7.0m, with a further £3.0m to be raised from a share placing with new and existing investors, and £0.5m from a retail offer.

The fundraising is “to strengthen the company’s balance sheet and facilitate the growth of both the surveillance systems and navigation transceivers businesses”.

SRT, which is listed on the Alternative Investment Market, has pioneered the next generation of advanced digital technologies and systems for maritime surveillance, vessel monitoring and navigation safety.

SRT chief executive Simon Tucker said: “We were pleased to receive an approach from Ocean Infinity, and subsequent synergistic investment alongside other existing shareholders.

“Both companies share a common vision for the future of maritime domain awareness, are leaders in our respective fields and have directly complementary skills and technologies.

“This synergy, combined with this significant investment both facilitates our existing business and creates new opportunities for us to optimise the growing global MDA market potential.”

Oliver Plunkett, chief executive of Ocean Infinity, added: “Ocean Infinity is at the forefront of robotic technology deployed to gather data from the oceans.

“Creating a close and proactive relationship with SRT allows us together to offer clients a complete data solution, from acquisition to insights, for managing and securing coastal territories and beyond.”

The 35p issue price represents a 16% discount to last night’s closing share price of 41.5p.

SRT also raised £4.6m in June via a share placing.