TIDMTGP
RNS Number : 8208W
Tekmar Group PLC
20 April 2023
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DISTRIBUTION WOULD BE UNLAWFUL. PLEASE SEE THE IMPORTANT NOTICES AT
THE END OF THIS ANNOUNCEMENT.
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RELIED ON IN CONNECTION WITH ANY INVESTMENT DECISION IN RESPECT OF
TEKMAR GROUP PLC.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
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Tekmar Group plc
("Tekmar", the "Group" or the "Company")
Termination of Formal Sale Process and Completion of Strategic
Review
Tekmar Group (AIM: TGP), a leading provider of technology and
services for the global offshore energy markets, provides the
following update on its strategic review and formal sale
process.
On 13 June 2022, the Company announced that the Board had
commenced a strategic review to seek a strategic partner to support
its opportunities for growth and provide additional balance sheet
strength. These options included, but were not limited to, a sale
of the Company conducted under the framework of a "formal sale
process" in accordance with the Takeover Code.
On 31 March 2023, the Company announced that SCF Partners had
been chosen as the preferred partner to provide new capital
investment, following a review of the proposals received since the
commencement of the Company's strategic review and formal sale
process on 13 June 2022. During this time, SCF Partners and the
Company have developed a shared vision to transform Tekmar as an
offshore wind services platform business with a global footprint,
through both accelerated organic growth and acquisitions.
Following completion of a GBP4.275 million initial investment by
SCF and Steve Lockard and a placing and retail offer of GBP2.1
million with the Company's shareholders, together with a committed
GBP18 million convertible loan note facility from SCF, the
Company's strategic review has reached its conclusion and the Board
announces the conclusion of the formal sale process. Following this
announcement, the Company is no longer considered to be in an
"offer period" as defined by the City Code on Takeovers and Mergers
(the "Takeover Code") and the disclosure requirements pursuant to
Rule 8 of the Takeover Code are no longer applicable with effect
from the publication of this announcement.
Alasdair MacDonald, CEO of Tekmar commented:
"We are delighted to have successfully concluded the strategic
review process and to have completed the strategic investment by
SCF, alongside the placing and retail offer with existing
shareholders. SCF is a highly complementary partner for Tekmar and
share our ambition to build a global, leading offshore wind
services company, leveraging Tekmar's existing market leading and
trusted position in the industry. SCF are a highly regarded energy
services investor with a long track record of building leading
energy services businesses globally and generating significant
shareholder value.
The funding we have secured through this process, significantly
strengthens the Company's balance sheet, providing working capital
to support growth alongside significant ongoing capital to drive
transformational growth both organically and through targeted,
complementary acquisitions. We are confident we will deliver on the
significant opportunity ahead in our core markets to further
strengthen our industry position for the benefit of all
shareholders, customers, partners and employees."
Enquiries
Tekmar Group plc +44 (0)1325 349 050
Alasdair MacDonald, CEO / Leanne Wilkinson, Interim CFO
Bamburgh Capital Ltd (Rule 3 Adviser and Joint Financial
Adviser) +44 (0)131 376 0901
Murdo Montgomery / Richard Evans / Alex Clarkson
Singer Capital Markets (Nominated Adviser, Joint Financial
Adviser and Broker) +44 (0)20 7496 3000
Rick Thompson / George Tzimas / Alex Emslie
About Tekmar Group plc
Tekmar Group plc (AIM: TGP) collaborates with its partners to
deliver robust and sustainable engineering led solutions that
enable the world's energy transition.
Through our Offshore Energy and Marine Civils Divisions we
provide a range of engineering services and technologies to support
and protect offshore wind farms and other offshore energy assets
and marine infrastructure. With near 40 years of experience, we
optimise and de-risk projects, solve customer's engineering
challenges, improve safety and lower project costs. Our
capabilities include geotechnical design and analysis, simulation
and engineering analysis, bespoke equipment design and build,
subsea protection technology and subsea stability technology.
We have a clear strategy focused on strengthening Tekmar's value
proposition as an engineering solutions-led business which offers
integrated and differentiated technology, services and products to
our global customer base.
Headquartered in Darlington, UK, Tekmar Group has an extensive
global reach with offices, manufacturing facilities, strategic
supply partnerships and representation in 18 locations across
Europe, Africa, the Middle East, Asia Pacific and North
America.
For more information visit: www.tekmargroup.co.uk .
Subscribe to further news from Tekmar Group at Group News .
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