Listed energy industry specialist in bid to raise £6.25m

Getech, which provides data, knowledge and software to the energy industry, has completed a conditional placing and subscription to raise approximately £6m before expenses.

This is via the issue of 27,272,728 placing and subscription shares in two tranches at an issue price of 22 pence per new ordinary share.

In addition to the placing and subscription, the Leeds-based company is launching an open offer.

It will allow all qualifying shareholders to subscribe for new ordinary shares at the issue price, to raise up to £0.25m (before expenses) on the basis of one new ordinary share for every 33 existing ordinary shares held on the record date of 10 March 2021.

Getech explains it will use the total net proceeds to:

–  invest in its core products and services so it can add value to commercial applications in the hydrogen, mining and geothermal sectors;

–  develop established partnerships to add new content to existing products, and new customer solutions that are in development;

–  take advantage of opportunities to leverage its offering through asset exposure, particularly in hydrogen; and

–  strengthen its balance sheet to maintain a baseline of investment in its petroleum products and services and undertake a broad programme of R&D innovation to identify and target additional areas of opportunity in Energy Transition.

Jonathan Copus, CEO, said: “We are delighted by the support we have received from new and existing shareholders.

“The combination of a placing and subscription with institutional and other investors alongside an open offer both broadens our shareholder base while allowing all shareholders the opportunity to participate.

“We look forward to using the net proceeds to execute multiple growth opportunities, which we have identified through a methodical and balanced programme of business development.

“These growth opportunities, with particular focus on the hydrogen, mining and geothermal sectors, reflect the changing shape of the global primary energy mix.

“This Energy Transition is occurring at an accelerated pace, which places Getech’s customers in a new commercial landscape – one that is underlain by a web of complex location-based decision making.

“Getech’s products and services can add significant value to this landscape and we are excited by the commercial opportunity that lies ahead of us.”