Regulatory News

Admission to Trading & First Day of Dealings


(the 'Company')

(to be renamed OTAQ plc)

Admission to Trading and First Day of Dealings

The Company, following its reverse takeover of OTAQ Group Limited ('OTAQ'), the marine technology products and solutions group for the global aquaculture and offshore oil and gas industries, announces its admission to the standard segment of the Official List and initiation of trading on the London Stock Exchange's Main Market at 8.00 a.m. today under the ticker 'OTAQ'. The ISIN of the Ordinary Shares is GB00BK6JQ137 and the SEDOL Code is BK6JQ13.

The admission follows the reverse takeover of OTAQ by the Company and an equity placing raising £1.5m.A detailed background to the Company and its capital formation is set out in the Prospectus document which can be found on the Company's website, Following Admission, the Company proposes to change its name to OTAQ plc.

Market Leader in Growing Markets

·As a developer of products for aquaculture, in particular salmon farms, offshore energy, renewables and oceanographic research, OTAQ operates in strong growth markets.

·Its core aquaculture product, Sealfence,significantly improves yields for the salmon farming industry by reducing the frequency of predator attacks using acoustic technology.

oThe International Salmon Farmers Association 2018 Report stated that salmon farming was worth almost $15.4 billion p.a.

oFinfish farming is a £138.5bn annual turnover industry.

oFarm-raised seafood expected to rise to 62% of all consumed by 2030, up from 49% in 2012.

oOTAQ holds a 42% market share of predator-defence technology in Scotland, with expected equivalent market share growth in Chile, the world's second-largest salmon farming country with c.6,000 cages.

oThe combination of 12 and 48 month rental contracts and recurring monthly purchase orders underpins strong earnings visibility.

oBlue chip client base includes The Scottish Salmon Company, Mowi, Scottish Sea Farms and Multiexport Foods.

oSet to benefit from continued growth in global salmon production.


·Diverse geographical reach - including Scotland, Chile, Scandinavia and Russia.

·During the year ended 31 March 2019 OTAQ generated revenues of £1.58m (2018: £919,000), EBITDA of £50,000 (2018 loss: £361,000).

·Unaudited interim results for the half year ended 30 September 2019 revealed total revenues of £1.76 million, EBITDA of £315,000.

·Company to expand its offering by designing, developing and launching new products including biomass measurement and bloom and plankton detection.

·On Admission, the Company will have 30,548,599 ordinary shares, a market capitalisation of £17.6 million on Admission at the placing price of 57.5p.

The strategy of the enlarged group is to build a business of significance within the aquaculture industry, focussed on helping salmon farmers become more effective and helping them overcome challenges in their operations. Over time, the enlarged group intends to have a range of products designed to meet these needs that are based on a common infrastructure and a cloud-based information system. The strategy is to design, develop, install and support these products on an 'Infrastructure as a Service' basis on long-term rental contracts.

Board Changes

Harry Hyman and Rodger Sargent have resigned as Directors of the Company with Alex Hambro assuming the role of non-executive Chairman of the Company and Sarah Gills continuing as a non-executive Director.

The following are also now directors of OTAQ:

Philip Newby (Chief Executive)

Phil joined OTAQ in June 2014 as commercial director and was appointed chief executive in March 2016. From 1993 to 1996 Phil was general manager of Unique Systems LLC an offshore equipment rental business operating in the Middle East and India. From 1996 to 2011 Phil was chief executive of Trelleborg Offshore Barrow-In-Furness Limited, a business that supplied flowline and cable protection to the offshore oil and gas industry. In 2011 Phil joined Unique Systems Russia LLC which wasdeveloping umbilical systems for commercial diving operations.

Simon Walters (Chief Financial Officer)

George Watt (Non-Executive Director)

George started his career with KPMG where he qualified as a chartered accountant and worked for 10 years in the UK and the United States. He then joined STV Group plc in 1999 where he spent 20 years as chief financial officer before retiring from the board in 2019. George is currently non-executive chairman of Spaceandpeople PLC, an AIM quoted destination media and retail solutions specialist operating in the UK and Germany, and has held other non-executive director positions in the technology sector.

Contacts :

Hertsford Capital  PLC

Via Walbrook

Alex Hambro, Non-Executive Chairman


Phil Newby, CEO




Dowgate Capital Ltd (Broker & Adviser)

020 3903 7715

James Serjeant




Walbrook PR Ltd

Tel: 020 7933 8780 or [email protected]

Tom Cooper/Nick Rome/Nicholas Johnson

 0797 122 1972 or 07748 325 236 or 07884 664 686



About OTAQ:


OTAQ is a highly innovative marine technology company focused on the marine aquaculture, offshore energy, renewables and oceanographic research sectors. It has 36 employees in four worldwide locations; Lancaster, Aberdeen and Ulverston in the UK and Puerto Montt in Chile. OTAQ's marine technologyportfolio includes a market-leading intelligent acoustic deterrent system, designed to protect marine-based aquaculture sites from predation, with multiple systems deployed in Scotland, Chile, Finland and Russia.




It seeks to develop and continuously improve its products using its specialist mechanical, electronic and software engineers with decades of experience in bringing underwater technology products to market.


OTAQ is proud to be fully ISO 9001;2015 accredited through DNV-GL. ISO 9001 is an internationally recognised quality management system and demonstrates OTAQ's commitment to consistency, continual improvement and customer satisfaction. The certification also demonstrates its ability to consistently deliver products and services to market whilst meeting statutory and regulatory requirements by applying an effective quality management system.

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