OTAQ Plc (OTAQ)
("OTAQ", or the "Company")
Share Incentive Plan Purchase
OTAQ, the marine technology products and solutions group for the global aquaculture, offshore oil and gas industries and geotracking sectors, received notification on 22 September 2022 from Cytec Solutions Corporate Trustees Limited (the "SIP Trustee") in relation to the purchase of 25,830 ordinary shares of 15 pence each in the Company ("Ordinary Shares") for the benefit of participants of the OTAQ Share Incentive Plan (the "SIP"), including those Persons Discharging Managerial Responsibilities of the Company ("PDMR") outlined below in accordance with the rules of the SIP (the "SIP Award").
The SIP is an all-employee trust arrangement approved by HM Revenue and Customs, under which each participating employee will acquire Ordinary Shares at the prevailing market price per share using contributions deducted from pre-tax salary in each calendar month ("Partnership Shares"), with each participating employee being awarded one Ordinary Share for each Partnership Share ("Matching Shares").
Details of the number of Partnership Shares purchased by the PDMR at a price of 12 pence per Ordinary Share, and the number of Matching Shares purchased by the SIP Trustee for the PDMR, are set out in the table below.
OTAQ is a highly innovative technology company focused on the aquaculture, offshore and geotracking sectors. It operates in four worldwide locations: Lancaster, Aberdeen and Ulverston in the UK and Puerto Montt in Chile.
The Company's Oceansense leak detection systems have a global reputation as the industry standard solution and have been deployed successfully on hundreds of jobs. OTAQ's 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 and manufacture of underwater connectors, penetrators and communication systems.
It seeks to develop and continuously improve its product range for OTAQ’s increasingly global multi-sector client base using its specialist mechanical, electronic and software engineers with decades of experience in bringing technology products to market. Concurrently, OTAQ seeks to expand its technology portfolio through acquisitive growth, with the aim of further expanding its aquaculture, geotracking and offshore product offering.
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.
The Company makes this announcement, including the notification(s) below, in accordance with the requirements of the EU Market Abuse Regulation.
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