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OTAQ PLC - Lancaster-based producer of marine technology for offshore oil and gas industries - Shares plunge as firm plans to cancel its listing on the London Main Market and start trading on the AQSE Growth Market. Expects admission of shares to become effective and dealings in shares will start on the AQSE Growth Market at 0800 GMT on November 9. Raises £2.0 million via firm placing of 50.0 million shares at 4.0 pence each.
Plans to raise gross proceeds of up to £3.6 million via AQSE listing.
Chief Executive Officer Phil Newby says: ‘Through proprietary engineering and via acquisition, OTAQ has created a skill base and leading portfolio of products with significant growth potential. We see opportunities for these technologies within the global aquaculture, geotracking and offshore sectors where applied innovation gives significant safety, productivity, welfare and competitive advantage opportunities to customers.’
Meanwhile, OTAQ appoints OTAQ Offshore Technical Director Harald Rotsch as Chief Technology Officer.
Current stock price: 3.10 pence, down 67% on Wednesday morning in London
12-month change: down 92%
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