Regulatory News

Hertsford Capital plc

('Hertsford' or 'the Company')

(to be renamed OTAQ plc)

Interim Report for the period ended 31 December 2019

This unauditedinterimreportfortheperiodended31 December 2019 represents a period prior to the reverse take-over of OTAQ Group Ltd by Hertsford Capital plc which was formally agreed at a General Meeting by Hertsford shareholders on 27 March 2020.

Duringthisinterim periodHertsford was a cash shell and recorded alossof £70,820. As the directors drew no salary, the ongoing costs are only administrative and listing expenses. Cash at the period end was over £2.7 million.

Post period end:

On 12 February 2020, Hertsford announced itwas in discussions to acquire OTAQ Group Limited ('OTAQ').OTAQdesigns, develops and supports marine technology products and solutions for the global aquaculture and offshore oil and gas industries. Their 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.

On 27th March 2020,t he Com panyannounce d that at its Gener al Meeting,all of the Resolutions set out in the circular dated 10 March 2020 ('Circular') were duly passed by the requisite majorities. The resolutions authorised, amongst other matters:

-a share consolidation comprising the consolidation of every five existing ordinary shares into one consolidated ordinary share ('Consolidated Share');

-in connection with the acquisition of the entire issued and to be issued share capital of OTAQ Group Limited for consideration of £12.4 million, satisfied through the issue of 21,539,904 Consolidated Shares at 57.5 pence per Consolidated Share, the waiver of any obligation that would otherwise arise under Rule 9 of the Takeover Code for any of the Concert Party to make a general offer to shareholders, as a result of the allotment and issue to them of the Consideration Shares, the Concert Party Placing Shares, the Concert Party Warrant Shares and the Option Shares (each as defined in the Circular);

-a placing raising c.£1.5 million (before expenses) through the issue of 2,608,694 Consolidated Shares at 57.5 pence per Consolidated Share.

Hertsford Capital plc will be renamed OTAQ plc, and nowtrades on the Standard segment of the Official List, under the ticker OTAQ.

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.

Alex Hambro, Chairman of Hertsford said :  "We are delighted to have acquired a company as innovative, relevant and fast growing as OTAQ. We have an exceptional opportunity to accelerate its growth in the marine technology industry through its innovative product portfolio, benefiting from the expected growth in fish farming and an expanding demand for marine technologies."

For information please contact:

Hertsford plc www.OTAQ.com

Alex Hambro: Chairman via Walbrook PR

Phil Newby: Chief Executive Officer

Simon Walters: Chief Financial Officer

Walbrook PR 0207 933 8780 [email protected]

Nick Rome 07748 325 236

Tom Cooper 0797 122 1972

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.

TheOceansense

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.

HERTSFORD CAPITAL PLC

INTERIM STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31 DECEMBER 2019

HERTSFORD CAPITAL PLC

INTERIM STATEMENT OF FINANCIAL POSITION

FOR THE PERIOD ENDED 31 DECEMBER 2019

HERTSFORD CAPITAL PLC

INTERIM STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 DECEMBER 2019