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Tekmar Group PLC - Darlington, England-based provider of technology and services for global offshore energy markets - Announces that following the completion of a £4.3 million initial investment by SCF Partners and Steve Lockard and a placing and retail offer of £2.1 million with shareholders, together with a committed £18 million convertible loan note facility from SCF, the company’s strategic review has concluded. Further, notes this concludes the formal sale process. As a result, Tekmar is no longer considered to be in an ‘offer period’ as defined by the takeover panel. Explains the funding secured through this process, significantly strengthens the balance sheet, providing working capital to support growth alongside significant ongoing capital to drive transformational growth both organically and through targeted, complementary acquisitions. ‘We are confident we will deliver on the significant opportunity ahead in our core markets to further strengthen our industry position,’ company states. Current stock price: 10.00 pence, down 2.4% on Thursday 12-month change: down 73% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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