OTAQ commenced trading on the Main Market of the London Stock Exchange on Tuesday 31 March. The Company itself continues to operate with the same business model and management team as when it was private. As part of the listing process it raised £1.5m, which will be used to develop operations and pursue its global growth ambitions.
A detailed background to the Company’s admission is set out in the Prospectus document which can be found on the Company’s website, www.otaq.com.
OTAQ is a 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.
o The International Salmon Farmers Association 2018 Report stated that salmon farming was worth almost $15.4 billion p.a.
o Finfish farming is a £138.5bn annual turnover industry.
o Farm-raised seafood expected to rise to 62% of all consumed by 2030, up from 49% in 2012.
o OTAQ 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.
o The combination of 12 and 48 month rental contracts and recurring monthly purchase orders underpins strong earnings visibility.
o Blue chip client base includes The Scottish Salmon Company, Mowi, Scottish Sea Farms and Multiexport Foods.
o Set to benefit from continued growth in global salmon production.
• Other products include a range of sub-sea cameras, laser measuring devices, leak detection systems and high integrity electrical connectors for use in the offshore oil & gas market.
• Diverse geographical reach – including Scotland, Chile, Scandinavia and Russia.
• 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.
Contacts:
OTAQ 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 technology portfolio 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.
The Oceansense leak detection systems have a global reputation as the industry standard solution and have been deployed successfully on hundreds of jobs. The Dragonfish laser measurement system is fast becoming recognised as one of the most accurate underwater precision laser measurement systems available. OTAQ also has significant experience in the design & manufacture of underwater connectors, penetrators & communication systems.
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.
