A global marine technology company is to take a 9% stake in SRT Marine as part of a \u00a310m fundraise by the Bath-based company.<\/p>\n
Ocean Infinity is to invest \u00a37.0m, with a further \u00a33.0m to be raised from a share placing with new and existing investors, and \u00a30.5m from a retail offer.<\/p>\n
The fundraising is “to strengthen the company’s balance sheet and facilitate the growth of both the surveillance systems and navigation transceivers businesses”.<\/p>\n
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.<\/p>\n
SRT chief executive Simon Tucker said: “We were pleased to receive an approach from Ocean Infinity, and subsequent synergistic investment alongside other existing shareholders.<\/p>\n
“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.<\/p>\n
“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.”<\/p>\n
Oliver Plunkett, chief executive of Ocean Infinity, added: “Ocean Infinity is at the forefront of robotic technology deployed to gather data from the oceans.<\/p>\n
“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.”<\/p>\n
The 35p issue price represents a 16% discount to last night’s closing share price of 41.5p.<\/p>\n
SRT also raised \u00a34.6m in June via a share placing.<\/p>\n","protected":false},"excerpt":{"rendered":"
Technology company’s financial backing is supported by a wider share placing<\/p>\n","protected":false},"author":18,"featured_media":3772,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,120781],"coauthors":[81],"class_list":["post-10379","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-markets","tag-bristol-and-bath","tag-top-story"],"yoast_head":"\n