Maritime specialist reveals £8.5m fundraise
A Bath-headquartered AIM-quoted developer and supplier of maritime surveillance systems and navigation safety products has announced a conditional fundraising of £8.5m before expenses.
SRT Marine Systems, which makes maritime domain awareness systems and technologies for security, safety and environmental protection, said the fundraising comprises a fully underwritten subscription, placing and retail offer.
The net proceeds of the fundraising are expected to fund working capital to further strengthen the company’s balance sheet. They will also facilitate the growth of both the surveillance systems and navigation transceivers businesses.
The business has placed shares worth £1.13m with existing shareholders. It has also raised at least £5.36m by way of a subscription agreement entered into between the company and Ocean Infinity, an existing shareholder. Ocean Infinity has committed to participating in the fundraising.
In addition to the subscription and the placing, existing shareholders will be given the opportunity to subscribe for, in aggregate, up to 5,714,285 new ordinary shares via the Bookbuild Platform at the issue price by way of a retail offer to raise up to approximately £2m before expenses. A separate announcement will be made regarding the retail offer and its terms.
The fundraising is being underwritten in full by Ocean Infinity.
Simon Tucker, CEO of SRT, said: “This transaction strengthens our balance sheet and provides working capital for us to maximise the growing opportunities for our transceiver and systems businesses.”
Oliver Plunkett, chief executive of Ocean Infinity, said: “We’re excited at the possibilities for SRT, and Ocean Infinity, founded on our investment in the company. The burgeoning partnership we have formed allows us both to better serve our clients in the maritime data and services market. We firmly believe in the company and its management to deliver as well as in the commercial opportunities for us to work together for the benefit of both businesses.”
Cavendish Capital Markets Limited acted as bookrunner in connection with the placing.
