OTAQ Plc (OTAQ) Further Placing 04-Nov-2022 / 16:50 GMT/BST
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4 November 2022
OTAQ plc
("OTAQ", the "Company" or the "Group")
Further Placing
OTAQ, the highly innovative technology company targeting the
aquaculture, geotracking and offshore markets, has raised GBP3.15
million through the Firm Placing, Broker Option and Open Offer (the
"Fundraising") as announced on 28 October 2022
Following further strong expressions of interest from certain
investors, the Company is pleased to announce that Dowgate Capital
Limited, the Company's broker acting as agent for the Company in
connection with the Fundraising, has conditionally placed a further
11,210,579 New Ordinary Shares on a non-pre-emptive basis at the
Issue Price of 4 pence per share to raise further gross proceeds of
GBP448,423 (the "Further Placing"). Pursuant to the Further
Placing, 2,802,644 Warrants will be granted to placees. The Further
Placing has been undertaken on essentially the same terms as the
Fundraising.
Subject, inter alia, to the passing of the Resolutions at the
Shareholder General Meeting to be held on 7 November 2022 and to
Admission of the Enlarged Share Capital to trading on the Access
Segment of the AQSE Growth Market, which is expected to take effect
on 9 November 2022, together, the Fundraising and Further Placing
have raised gross proceeds of GBP3.60 million (approximately
GBP3.20 million, net of expenses) through the issue of 90,000,000
New Ordinary Shares. Pursuant to the Fundraising and Further
Placing, up to 22,500,000 Warrants will be granted to Placees and
Qualifying Shareholders.
The Company will use the net proceeds of the Fundraising and
Further Placing to strengthen the balance sheet and support the
Group through its planned next stage of growth, further developing
its portfolio of innovative technologies targeting the global
aquaculture, geotracking and offshore markets.
The participation of certain of the Directors, and their
resulting respective shareholdings following the Fundraising and
Further Placing is summarised below:
Number of Percentage of New Share-holding Percentage of Enlarged Number of
Existing Existing Ordinary Ordinary on AQSE Share Capital on AQSE Warrants on AQSE
Ordinary Shares Capital Shares Admission Admission Admission
Alex Hambro 312,273 0.83% 375,000 687,273 0.54% 93,750
Philip Newby 875,820 2.32% 500,000 1,375,820 1.06% 125,000
(1)
George Watt 210,910 0.56% 393,728 604,638 0.47% 98,432
Sarah Stoten 368,648 0.98% 625,000 993,648 0.78% 156,250 1. Philip Newby's beneficial holding includes 349,606 Existing Ordinary Shares held by his wife, Diane Newby
Settlement, first day of dealings and total voting rights
Application has been made to the Aquis Stock Exchange for the
admission to trading on the Access Segment of the AQSE Growth
Market of the 11,210,579 New Ordinary Shares and it is expected
that admission will become effective at 8.00 a.m. on 9 November
2022.
Following completion of the Capital Reorganisation, the Placing,
including the exercise of the Broker Option, and the Open Offer,
details of which are set out in full in the Circular, as well as
the Further Placing, the Enlarged Share Capital will be 127,758,052
ordinary shares of 1p each.
The above figure of 127,758,052 may be used by Shareholders as
the denominator for the calculations by which they can determine if
they are required to notify their interest in, or a change to their
interest in, the Company under the Financial Conduct Authority's
Disclosure Guidance and Transparency Rules.
Capitalised terms not otherwise defined in the text of this
announcement are defined in the Circular dated 12 October 2022
which is available for inspection on the Company's website,
www.otaq.com.
Enquiries
OTAQ plc +44 (0)1524 748028
Alex Hambro, Non-Executive Chairman
Phil Newby, Chief Executive Officer
Matt Enright, Chief Financial Officer
Dowgate Capital Limited - AQSE Corporate Adviser & Broker +44 (0)20 3903 7715
David Poutney / James Serjeant
Russell Cook / Nicholas Chambers
Walbrook PR Limited - PR +44 (0)20 7933 8780 or OTAQ@walbrookpr.com
Tom Cooper / Nick Rome 07971221972 or 07748325236
About OTAQ
OTAQ is a highly innovative technology company targeting the
aquaculture, geotracking and offshore markets. It already has a
number of established products in its portfolio and is focused on
further developing its presence, customer base and cross selling
opportunities within core markets both organically and via
acquisition.
OTAQ's aquaculture products, which include a sonar device
(developed for Minnowtech LLC) to scan shrimp in ponds and water
quality monitoring, are focused on maximising welfare and
production yields. Additionally, the Company is developing a
potentially game changing live plankton analysis product for
finfish and shellfish farmers. It also continues to target
opportunities in the acoustic deterrent devices market via its
Sealfence product, which is used by salmon farmers, with global
opportunities in Chile, Australia, Canada and Norway.
The Company is also developing high accuracy location trackers
for specialist applications. Having already added clients within
safety and multiple participant sport/racing applications, the
Company is investigating wider market potential - including
opportunities in the seafood industry.
OTAQ's offshore product range includes OceanSense subsea leak
detection, Eagle IP camera systems, Lander seabed survey devices
and Subsea electrical connectors and penetrators. It is targeting a
number of growth opportunities in new territories and has a strong
client base including Expro, Amphenol and National Oilwell Varco.
The Company is also focused on the development of new products
through this division, with the aim of increased cross-deployment
of skills and technologies into the aquaculture arena.
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ISIN: GB00BK6JQ137
Category Code: MSCM
TIDM: OTAQ
LEI Code: 213800CZGMYB5XTUXJ52
Sequence No.: 199048
EQS News ID: 1479893
End of Announcement EQS News Service
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(END) Dow Jones Newswires
November 04, 2022 12:50 ET (16:50 GMT)
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