TIDMOTAQ

RNS Number : 6307S

OTAQ PLC

18 March 2021

OTAQ plc

(" OTAQ ", or the "Company")

Share Incentive Plan Purchase

Director/PDMR Shareholding

Exercise of Share Options

Total Voting Rights

OTAQ, the marine technology products and solutions group for the global aquaculture and offshore oil and gas industries, received notification on 17 March 2021 from Cytec Solutions Corporate Trustees Limited (the "SIP Trustee") in relation to the issue and allotment of 8,060 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 (each, a "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 PDMRs at a price of 28.3 pence per Ordinary Share, and the number of Matching Shares allocated by the SIP Trustee to the PDMRs for no consideration, are set out against their names in the table below.

 
     Name              Title         Number of Partnership   Number of Matching 
                                             Shares                Shares 
                 Chief Executive 
 Phil Newby       Officer                              530                  530 
                ------------------  ----------------------  ------------------- 
                 Chief Financial 
 Matt Enright     Officer                              354                  354 
                ------------------  ----------------------  ------------------- 
                 Chief Technology 
 Chris Hyde       Officer                              353                  353 
                ------------------  ----------------------  ------------------- 
                 Chief Operations 
 Steve Burns      Officer                              530                  530 
                ------------------  ----------------------  ------------------- 
 

The SIP Award has been satisfied by the issue of 1,767 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.

Exercise of Share Options

On 10 March 2021 the Company received notification of an exercise of options to subscribe for 177,412 new Ordinary Shares from a former consultant to the business (the "Options").

Issue of Equity

Applications have been made to the FCA and to the London Stock Exchange for the SIP shares and the Options shares to be admitted to the Standard segment of the Official List of the FCA and to trading on the London Stock Exchange's Main Market for listed securities respectively ("Admission"). It is expected that Admission will become effective at 08:00 on 23 March 2021.

Total Voting Rights

Following Admission of the SIP and Option Exercise shares, the enlarged issued share capital of the Company will comprise 30,763,251 Ordinary Shares, 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 30,763,251.

The aforementioned 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 FCA's Disclosure Guidance and Transparency Rules.

Contacts :

 
 OTAQ PLC                                                                      Via Walbrook 
 Alex Hambro, Non-Executive Chairman 
 Phil Newby, Chief Executive Officer 
  Matt Enright, Chief Financial Officer 
 
 Dowgate Capital Ltd (Broker & Adviser)                                       020 3903 7715 
 David Poutney / James Serjeant 
  Nicholas Chambers 
 
 Walbrook PR Ltd                                 Tel: 020 7933 8780 or O taq@walbrookpr.com 
 Tom Cooper/Nick Rome/Nicholas Johnson      0797 122 1972 or 07748 325 236 or 07884 664 686 
 

About OTAQ

OTAQ is a highly innovative marine technology company focused on the marine aquaculture, offshore energy, renewables and oceanographic research sectors. It operates in four worldwide locations: Lancaster, Aberdeen and Ulverston in the UK and Puerto Montt in Chile.

OTAQ's marine technology portfolio includes a market-leading intelligent acoustic deterrent system, Sealfence, designed to protect marine-based aquaculture sites from predation, with multiple systems deployed in Scotland, Chile, Finland and Russia.

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 products using its specialist mechanical, electronic and software engineers with decades of experience in bringing underwater technology products to market. Concurrently, OTAQ seeks to expand its technology portfolio through acquisitive growth, with the aim of further expanding its aquaculture 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.

 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                   1. Phil Newby 
                              2. Matt Enright 
                              3. Chris Hyde 
                              4. Steve Burns 
     ---------------------  --------------------------------------------------- 
 2    Reason for the notification 
     -------------------------------------------------------------------------- 
 a)   Position/status        1. Chief Executive Officer and PDMR 
                              2. Chief Financial Officer and PDMR 
                              3. Chief Technology Officer and PDMR 
                              4. Chief Operations Officer and PDMR 
     ---------------------  --------------------------------------------------- 
 b)   Initial notification   Initial Notification 
       /Amendment 
     ---------------------  --------------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     -------------------------------------------------------------------------- 
 a)   Name                   OTAQ plc 
     ---------------------  --------------------------------------------------- 
 b)   LEI                    213800WJSSWFHAVCGF13 
     ---------------------  --------------------------------------------------- 
 4    Details of the transaction(s): section to be repeated 
       for (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions 
       have been conducted 
     -------------------------------------------------------------------------- 
 a)   Description            Ordinary shares of 15 pence each 
       of the financial       ISIN: GB00BK6JQ137 
       instrument, 
       type of instrument 
       Identification 
       code 
     ---------------------  --------------------------------------------------- 
 b)   Nature of              Purchase and allocation of Partnership and 
       the transaction        Matching Shares (no consideration), respectively, 
                              under the OTAQ SIP. 
     ---------------------  --------------------------------------------------- 
 c)   Price(s)                 Price(s)        Volume(s) 
       and volume(s)            1. 28.3p+Nil    1. 530+530 
                                 2. 28.3p+Nil    2. 354+354 
                                 3. 28.3p+Nil    3. 353+353 
                                 4. 28.3p+nil    4. 530+530 
     ---------------------  --------------------------------------------------- 
 d)   Aggregated               Price(s)   Aggregated volume 
       information                          (s) 
                                28.3p           3,534 
                                          ------------------ 
     ---------------------  --------------------------------------------------- 
 e)   Date of the            17 March 2021 
       transaction 
     ---------------------  --------------------------------------------------- 
 f)   Place of               London Stock Exchange (XLON) 
       the transaction 
     ---------------------  --------------------------------------------------- 
 
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END

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March 18, 2021 03:00 ET (07:00 GMT)

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