OTAQ OTAQ

Result of GM, Completion of Placing, Issue of Equity, TVR & PDMR Dealing

OTAQ Plc (OTAQ)
Result of GM, Completion of Placing, Issue of Equity, TVR & PDMR Dealing

10-Jan-2022 / 10:30 GMT/BST
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10 January 2022

 

OTAQ plc

("OTAQ" or the "Company")

 

Result of General Meeting

 

Completion of Placing and Issue of Equity

 

Total Voting Rights

 

PDMR Dealing

 

OTAQ, the marine technology products and solutions group for the global aquaculture and offshore oil and gas industries, confirms that all resolutions put to shareholders at the General Meeting held earlier today in connection with the Placing announced on 15 December 2021, were duly passed on a poll.

 

The proxy votes received from shareholders for each resolution are set out below:

 

Resolution

No. of votes for (including Chairman's vote on discretion)

% of total votes cast

No. of votes against

% of total votes cast

Total votes cast (excluding votes withheld)

No. of votes withheld

1

13,719,061

100%

Nil

Nil

13,719,061

Nil

2

13,719,061

100%

Nil

Nil

13,719,061

Nil

 

Votes which have been cast at the discretion of the Chairman/other duly appointed proxy have been counted as votes for the resolutions. Votes withheld are not votes in law and do not count in the number of votes counted for or against a resolution.

 

The Placing remains conditional, inter alia, upon Admission (as defined below) and the Placing Agreement not being terminated in accordance with its terms.

 

Completion of Placing and Issue of Equity

 

Under the terms of the Placing the Company has raised net proceeds of £1.23 million which will strengthen the Company's balance sheet and meet its near-term working capital requirements to enable the Company to take advantage of the significant accessible opportunities available to OTAQ in its target addressable markets.

 

Application has been made for the Placing Shares to be admitted to listing on the standard segment of the Official List and to trading on London Stock Exchange, the London Stock Exchange's main market for listed securities. It is expected that admission of the Placing Shares will become effective and dealings in the Placing Shares will commence at 8.00 a.m. on or around 11 January 2022 ("Admission").

 

The Placing Shares, when issued, will be fully paid and will rank