OTAQ Plc (OTAQ)
NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC
17 October 2022
("OTAQ", the "Company" or the "Group")
Exercise of Broker Option
OTAQ, a highly innovative technology company targeting the aquaculture, geotracking and offshore markets, is pleased to announce that, further to the announcement of the proposed Fundraising released at 7.00 a.m. on 12 October 2022, the Broker Option has been exercised in respect of 10,000,000 Broker Option Shares, raising gross proceeds of
The Broker Option Shares will be issued at the Issue Price of
Admission of the Broker Option Shares is subject to the passing of the Resolutions at the General Meeting and is conditional on AQSE Admission. It is expected that admission of the Existing Ordinary Shares will become effective and that dealings in the New Ordinary Shares will commence on the AQSE Growth Market at 8.00 a.m. on 9 November 2022 and would occur simultaneously with the Delisting becoming effective.
Capitalised terms not otherwise defined in the text of this announcement are defined in the Circular which is available for inspection on the Company’s website, www.otaq.com.
Notes to Editors:
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.
Its aquaculture products, which include a sonar device (developed for Minnowtech) 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 Sealfence, which is used by salmon farmers, with global opportunities in
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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