Marine technology firm looking to raise £3.95m to grow business
A firm that specialises in marine technology software and systems is looking to raise £3.95m.
Bath based SRT Marine is looking to raise the cash through a share placing and will use the funds to help grow the business.
The company is looking to raise up to £3.95 million through the issue of up to 7,900,000 new ordinary shares at 50 pence per share.
The fundraising will include a placing of a minimum of 6,400,000 Placing Shares to institutional and other investors at the issue price to raise a minimum of approximately £3.2m.
SRT Marine also intends to carry out a separate retail offer of up to 1,500,000 retail shares to raise up to a further £750.000.
The fundraise is intended to provide retail investors in the UK with an opportunity to participate in the company’s fundraising plans.
FinnCap is acting as sole bookrunner and sole broker in connection with the placing. FinnCap is also acting as nominated adviser to the company in connection with admission.
The company intends to use the net proceeds of the fundraising to facilitate accelerated growth through provision of working capital for the company’s systems and transceivers divisions.
Simon Tucker, chief executive of SRT, said: “In the last few years, SRT has transformed its prospects as demonstrated by a 265 per cent increase in revenues to £30m last year, a current forward contract order book of £160m, and a pipeline of new system contract prospects which has grown to £1.4bn from which we have also recently announced a further award notification.
“This fund raise is timed to support this acceleration of our business.”
SRT is a global leader in maritime surveillance, environment monitoring and navigation safety systems and technologies.
Customers include national security and safety agencies such as Coast Guards and national fishery agencies as well as individual vessel owners.
Products and systems provide customers with enhanced maritime domain awareness in order to solve problems that include maritime and border security, illegal fishing, marine environment protection and navigation safety.
