OTAQ Plc (OTAQ)
("OTAQ", or the "Company")
Share Incentive Plan Purchase
Total Voting Rights
OTAQ, the innovative technology company targeting the aquaculture, geotracking and offshore markets, received notification on 17 January 2023 from Cytec Solutions Corporate Trustees Limited (the "SIP Trustee") in relation to the issue and allotment of 32,169 ordinary shares of 1 penny each in the Company ("Ordinary Shares") for the benefit of participants of the OTAQ Share Incentive Plan (the "SIP"), including a Person Discharging Managerial Responsibilities in 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"), using newly issued shares.
Details of the number of Partnership Shares purchased by the PDMR at a price of 5.75 pence per Ordinary Share, and the number of Matching Shares allocated by the SIP Trustee to the PDMR for no consideration, is set out against their name in the table below.
*Philip Newby’s beneficial holding includes 349,606 Ordinary Shares held by his wife, Diane Newby
The SIP Award has been satisfied by the issue of 32,169 new Ordinary Shares (the "SIP Shares") to the SIP Trustee. The SIP Shares shall rank pari passu in all respects with the Company’s existing ordinary shares in issue. Application has been made to the Aquis Stock Exchange for the SIP Shares to be admitted to trading on the Access Segment of the AQSE Growth Market ("Admission"). It is expected that Admission will become effective on or around 8.00 am on 23 January 2023.
Total Voting Rights
Following Admission, the Company will have 127,857,050 Ordinary Shares in issue, with voting rights. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares in the Company with voting rights will be 127,857,050.
This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
OTAQ is a highly innovative technology company targeting the aquaculture, geotracking and offshore markets. It already has a number of established products in its portfolio and is focused on further developing its presence, customer base and cross selling opportunities within core markets both organically and via acquisition.
OTAQ’s aquaculture products, which include a sonar device (developed for Minnowtech LLC) to scan shrimp in ponds and water quality monitoring, are focused on maximising welfare and production yields. Additionally, the Company is developing a potentially game changing live plankton analysis product for finfish and shellfish farmers. It also continues to target opportunities in the acoustic deterrent devices market via its Sealfence product, which is used by salmon farmers, with global opportunities in Chile, Australia, Canada and Norway.
The Company is also developing high accuracy location trackers for specialist applications. Having already added clients within safety and multiple participant sport/racing applications, the Company is investigating wider market potential - including opportunities in the seafood industry.
OTAQ’s offshore product range includes OceanSense subsea leak detection, Eagle IP camera systems, Lander seabed survey devices and Subsea electrical connectors and penetrators. It is targeting a number of growth opportunities in new territories and has a strong client base including Expro, Amphenol and National Oilwell Varco. The Company is also focused on the development of new products through this division, with the aim of increased cross-deployment of skills and technologies into the aquaculture arena.
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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