OTAQ Plc (OTAQ) NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA, RUSSIA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD BREACH ANY APPLICABLE LAW OR REGULATION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018), AS AMENDED BY REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
12 July 2024
OTAQ plc ("OTAQ" or the "Company"}
Result of General Meeting
Exercise of Broker Option
Director’s dealing disclosure
OTAQ (OTAQ.AQ), a highly innovative technology company targeting the aquaculture and offshore markets, announces that at the General Meeting held earlier today all the resolutions put to the meeting were duly approved by Shareholders. Resolution 1 was put to the meeting by way of a poll and was duly approved by those Shareholders eligible to vote.
Notes:
Exercise of Broker Option
The Company is pleased to confirm that, in accordance with the terms of the Placing Agreement, following the passing of the Resolutions, the Company will now issue £1.7 million Placing Convertible Loan Notes. In addition, Dowgate Capital has exercised the Broker Option in respect of a further £90,000 Broker Option Convertible Loan Notes. As a result, a total of £1.79 million Convertible Loan Notes will be issued today (the Initial Closing Date of the Fundraise).
The net proceeds of the Convertible Loan Note issue will be used to repay in full the CBILS Loan, for further product development and for general working capital purposes.
Justine Dowds, Chief financial Officer, is participating in the Fundraise by subscribing for £15,000 Convertible Loan Notes through the Broker Option.
Capitalised terms used in this announcement shall, unless defined in this announcement or unless the context provides otherwise, bear the same meaning ascribed to such terms in the Circular to Shareholders dated 26 June 2024. Contacts:
About OTAQ OTAQ is a highly innovative technology company targeting the aquaculture 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.
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.
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.
The Company makes this announcement, including the notification(s) below, in accordance with the requirements of the EU Market Abuse Regulation.
Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. |
ISIN: | GB00BK6JQ137 |
Category Code: | ROM |
TIDM: | OTAQ |
LEI Code: | 213800CZGMYB5XTUXJ52 |
Sequence No.: | 333913 |
EQS News ID: | 1945399 |
End of Announcement | EQS News Service |
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UK Regulatory announcement transmitted by EQS Group AG. The issuer is solely responsible for the content of this announcement.