Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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MeyGen Granted £1.545m for Pioneering Subsea Hub from the Scottish Government
SIMEC Atlantis Energy Limited ("Atlantis"), a global developer, owner and operator of sustainable energy projects, is pleased to advise that MeyGen Plc ("MeyGen") has been awarded a £1.545 million grant from the Scottish Government's Saltire Tidal Energy Challenge Fund to develop a subsea tidal turbine connection hub for the next phase of development of the MeyGen tidal power array, the world's largest tidal stream power project.
The Saltire Tidal Energy Fund is a £10 million fund supporting the commercial deployment of tidal energy generation in Scottish waters through driving innovation and a reduction in the cost of electricity generation.
The awarded funding will be used to design, procure, install, connect and commission the subsea hub and associated subsea connection infrastructure, which is a key enabler for future array phases, as it will deliver cost reductions in power production by connecting multiple turbines to a single export cable. The technology leverages the innovative design of the Atlantis turbine wet mate connection system, which enables rapid and automatic connection and disconnection of power and communication infrastructure offshore without any intervention. This grant award will prove the application and benefits of subsea hub for the global tidal power industry. Once proven, the hub will be made available to project developers to help to achieve cost-competitive commercial deployment across the sector.
https://thefishsite.com/articles/algae-detection-system-aims-to-help-aquaculture-bloom
hes involved
8.3 The following persons’ pre-existing interest in OTAQ is such that they have a potential direct or indirect interest of 5% or more in the equity capital of Hertsford:
8.3.1 Dr Harold Rotsch, a member of the Concert Party, is the former major shareholder in Marinesense and a consultant to OTAQ; and
8.3.2 Euroblue Investments Limited is a company controlled by Nigel Wray. Mr Wray is an entrepreneurial investor in both public and private companies. He is a former director and significant shareholder in Carlton Communications plc, Singer & Friedlander plc and Domino’s Pizza Group plc and a former director of Burford Group plc and Networkers International plc. Currently he is a substantial shareholder and director at Prestbury Investment Holdings Ltd and a director at Chapel Down Group plc and many other companies. He is also the co-owner of Saracens Rugby Club. He is a significant investor in a wide ranging number of AIM quoted companies as well as a number of private companies in the domiciliary care, computer network solutions, engineering, hotel and restaurant sectors and has a 7.1% interest in 3B Capital Limited, the parent company of Dowgate.
the busness really grew in 6 months The audited consolidated financial information of the Existing OTAQ Group for the year ended 31 March 2019 show total revenues of £1.577 million, EBITDA of £0.050 million, an operating loss of £0.343 million.
The unaudited interim financial information of the Existing OTAQ Group for the six months to 30 September 2019 show total revenues of £1.757 million (including £0.704 million revenues from OTAQ Offshore and OTAQ Connectors), EBITDA of £0.315 million, an operating loss of £0.046 million and a loss before taxation of £0.143 million.
Further information on OTAQ is set out in Part 3
The Existing OTAQ Group has aquaculture equipment operating in diverse geographical areas including Scotland, Chile, Scandinavia and Russia and is working with potential clients in Ireland, Australia and Canada.
Sealfence, the current core aquaculture product that the Existing OTAQ Group supplies, principally through fixed term rental contracts, significantly improves yields for the salmon farming industry by reducing the frequency of predator attacks using acoustic technology. The International Salmon Farmers Association 2018 Report states that salmon farming represents almost $15.4 billion. This is compared with the global fish farming industry of $138.5 billion. Through recent acquisitions, the Existing OTAQ Group now also has expertise in underwater cameras, laser measuring devices and high integrity electrical connectors currently used by the offshore oil & gas and other markets.
Proposed Acquisition of OTAQ Group Limited Proposed Waiver of Rule 9 of the Takeover Code Share Consolidation Placing of 2,608,694 new Consolidated Shares of 15p each at a price of 57.5 pence per new Consolidated Share and Notice of General Meeting
Hertsford Capital plc (LON:HERT), announces that it has conditionally agreed to purchase the entire issued and to be issued share capital of OTAQ Group Limited (“OTAQ”) and its subsidiaries (“OTAQ Group”).
Highlights
• Acquisition of OTAQ for a consideration of £12.4 million, to be satisfied through the issue of 21,539,904 Ordinary Shares at 57.5 pence each (equivalent to 11.5 pence per ordinary share prior to the Consolidation) • OTAQ designs, develops and supports marine technology products and solutions for the global aquaculture and offshore oil and gas industries. Their marine technology portfolio includes an acoustic deterrent system, designed to protect marine-based aquaculture sites from seal predation, with multiple systems deployed in Scotland, Chile, Finland and Russia. • The strategy of the Enlarged Group is to build a business of significance within the aquaculture industry focussed on helping salmon farmers become more effective and helping them overcome challenges in their operations. Over time, the Enlarged Group intends to have a range of products designed to meet these needs that are based on a common infrastructure and a cloud-based information system. The strategy is to design, develop, install and support these products on an ‘Infrastructure as a Service’ basis on long-term rental contracts. • To reflect the new direction of the Company, the Board is proposing to change the name of the Company to “OTAQ PLC”
Fundraising Highlights
• A conditional placing to raise approximately £1.5 million (before expenses) by the issue 2,608,694 Ordinary Shares at 57.5 pence per Consolidated Share (the “Issue Price”).
• Subject to, inter alia, shareholder approval and admission to trading on the Standard segment of the Official List, the Acquisition of OTAQ and the Placing are expected to complete and trading will recommence on 31 March 2020.
A circular is being posted today to shareholders (the “Whitewash Circular”) which sets out in more detail the background and reasons for the acquisitions, the placing and subscription, and certain other proposals and also includes a notice of General Meeting. A General Meeting of the Company is being convened for 10:00 a.m. on 27 March 2020 at the offices of Fladgate LLP, at 16 Great Queen Street, London, WC2B 5DG. The acquisition of OTAQ will constitute a reverse takeover for the purposes of the Listing Rules and will require the publication of a prospectus (“Prospectus”), prepared in accordance with the Prospectus Regulation Rules and setting out further information on the Proposals and the Enlarged Group and which will be published prior to Admission. The Prospectus will be posted to Shareholders prior to Admission as soon as it is available.
News by Owen Evans - 25 June 2018
A company that makes high-tech repellent systems to scare predators such as seals away from salmon farms is preparing to float on the stock market.
Otaq, based in Argyll, Scotland has sold more than 600 of its Sealfence protection systems to clients such as the Scottish Salmon Company and Marine Harvest since launching in 2014.
The compnay is predicted to reach a valuation of between £10m and £12m according to the Times.
probably worth more than as floating 2 years later and its abigger business with almost 2mill revenue now.
maybe worth 15-20mill now
Hertsford announces it is in discussions to acquire OTAQ Group Limited (“OTAQ”). OTAQ designs, develops and supports marine technology products and solutions for the global aquaculture and offshore oil and gas industries. Their marine technology portfolio includes a marketleading intelligent acoustic deterrent system, designed to protect marine-based aquaculture sites from predation, with multiple systems deployed in Scotland, Chile, Finland and Russia, see www.otaq.com. Hertsford and OTAQ have entered into non-legally binding heads of agreement providing for the acquisition by Hertsford of the entire issued share capital of OTAQ ("Proposed Acquisition"). The purchase price of the Proposed Acquisition will be satisfied by the issue of new Hertsford shares to the sellers of OTAQ. The Proposed Acquisition is subject to legal, financial and other due diligence and entry into a legally binding agreement. As no binding agreement has yet been reached, the Company cannot guarantee that the Proposed Acquisition will complete. However, due diligence and other technical work is at an advanced stage, and the Company’s Directors are optimistic that the Proposed Acquisition will be completed by the end of Q1 2020. As Hertsford is a cash shell, the Proposed Acquisition is deemed to be a reverse takeover under the Listing Rules, therefore the Company has requested the FCA to suspend its listing with immediate effect.
Harry just tweeted Otac group. Could the rto be that. Sea tech seal defence systems for salmon farming large market for the tech
Worth a punt here with the the duo that brought Derristion Capital to market and SFOR reversed in, buying in is proving tricky.