(Alliance News) - Nu-Oil & Gas PLC on Tuesday confirmed that it intends to list on the Main Market of the London Stock Exchange, after it completes the acquisition of Guardian Maritime Ltd and Guardian Barriers IP Ltd.
Both companies deal in the Guardian product, a design and system used to visually deter pirates from maritime vessels.
Nu-Oil said it has made significant progress in the admission process, and expects the listing to take place on the fourth quarter of 2021, subject to shareholder approval. Should the listing go through, Nu-Oil will change its name to Guardian Global Security PLC.
"The proposed admission of Guardian is very exciting. The maritime security industry is currently approximately USD20 Billion, which is expected to rapidly increase in size and profile," said Chief Executive Officer designate Gary Smith.
"The piracy threat is expected to remain elevated as economies struggle to return to pre-Covid-19 levels and related socio-economic grievances persist. This admission will enable us to access capital which can accelerate our investment decisions, maximise the opportunity ahead and, we believe, deliver rewards and results for all stakeholders. With existing revenues, strong pipeline of orders, and unlimited growth potential, we look forward to welcoming further new investors at this important time for the company, and to sharing a highly prosperous future," Smith added.
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.