Latest Results

Interim Results

Interim Report for the period ended 31 December 2019

This unaudited interim report for the period ended 31 December 2019 represents a period prior to the reverse take-over of OTAQ Group Ltd by Hertsford Capital plc which was formally agreed at a General Meeting by Hertsford shareholders on 27 March 2020.

During this interim period Hertsford was a cash shell and recorded a loss of £70,820. As the directors drew no salary, the ongoing costs are only administrative and listing expenses. Cash at the period end was over £2.7 million.

Post period end:

On 12 February 2020, Hertsford announced it was 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 market-leading intelligent acoustic deterrent system, designed to protect marine-based aquaculture sites from predation, with multiple systems deployed in Scotland, Chile, Finland and Russia.

On 27 March 2020, the Company announced that at its General Meeting, all of the Resolutions set out in the circular dated 10 March 2020 (‘Circular’) were duly passed by the requisite majorities. The resolutions authorised, amongst other matters:

  • a share consolidation comprising the consolidation of every five existing ordinary shares into one consolidated ordinary share (‘Consolidated Share’);
  •  in connection with the acquisition of the entire issued and to be issued share capital of OTAQ Group Limited for consideration of £12.4 million, satisfied through the issue of 21,539,904 Consolidated Shares at 57.5 pence per Consolidated Share, the waiver of any obligation that would otherwise arise under Rule 9 of the Takeover Code for any of the Concert Party to make a general offer to shareholders, as a result of the allotment and issue to them of the Consideration Shares, the Concert Party Placing Shares, the Concert Party Warrant Shares and the Option Shares (each as defined in the Circular);
  • a placing raising c.£1.5 million (before expenses) through the issue of 2,608,694 Consolidated Shares at 57.5 pence per Consolidated Share.

Hertsford Capital plc will be renamed OTAQ plc, and now trades on the Standard segment of the Official List, under the ticker OTAQ.

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.

About OTAQ:

 

OTAQ is a highly innovative marine technology company focused on the marine aquaculture, offshore energy, renewables and oceanographic research sectors. It has 36 employees 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, designed to protect marine-based aquaculture sites from predation, with multiple systems deployed in Scotland, Chile, Finland and Russia.

 

The Oceansense leak detection systems have a global reputation as the industry standard solution and have been deployed successfully on hundreds of jobs.  The 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 & manufacture of underwater connectors, penetrators & 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.

 

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.

HERTSFORD CAPITAL PLC
INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2019

  

Unaudited period

to 31 December

2019

Unaudited period

to 31 December

2018

 

Notes

£

£

    

Revenue

          3

-

-

  --------------------------------------

Gross profit

  

-

    

General & administrative expenses

 

(75,055)

(19,301)

  --------------------------------------

Loss from operations before interest

 

(75,055)

(19,301)

    

Interest income

 

4,235

1,200

  --------------------------------------

Loss before tax

 

(70,820)

(18,101)

    

Tax

 

-

-

  --------------------------------------

Retained Loss after tax for the period

 

(70,820)

(18,101)

  ==========================
    

Retained loss attributable to:

   

Owners of the company

 

(70,820)

(18,101)

  --------------------------------------

Loss for period

 

(70,820)

(18,101)

  ==========================

Total comprehensive loss attributable to:

   

Owners of the company

 

(70,820)

(18,101)

  --------------------------------------

Total comprehensive loss for the period

 

(70,820)

(18,101)

  ==========================

Loss per share

   

Basic and diluted

4

(0.22p)

(0.23p)

  ==========================
HERTSFORD CAPITAL PLC
INTERIM STATEMENT OF FINANCIAL POSITION
FOR THE PERIOD ENDED 31 DECEMBER 2019

  Unaudited as at
 31 December
2019
Unaudited as at
31 December
2018
 Notes££
ASSETS   
    
Current assets   
Cash and cash equivalents 2,753,7752,880,814
Debtor 7,5101,200
  ----------------------------------------------
TOTAL ASSETS 2,761,2852,882,014
  ========================
    
EQUITY   
Share capital4960,000960,000
Share premium reserve 1,924,4851,924,485
Share option reserve 4,309-
Retained loss (127,509)(18,101)
  ------------------------------------------------
TOTAL EQUITY 2,761,2852,866,384
  ========================
    
CURRENT LIABILITIES   
Trade and other payables -15,630
   -
TOTAL EQUITY AND LIABILITIES 2,761,2852,882,014
  ========================
    

HERTSFORD CAPITAL PLC
INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2019

 For the period ended 31 December 2019     
  ShareShare  
 SharepremiumOptionRetainedTotal
 capitalaccountreservelossequity
 £££££
      
As at 1 July 2019960,0001,924,4854,309(56,689)2,832,105
      
Total comprehensive income for the period---(70,820)(70,820)
Balance at 31 December 2019960,0001,924,4854,309(127,509)2,761,285
      
 For the period from 22 June 2018 to 31 December 2018  
  ShareShare  
 SharepremiumOptionRetainedTotal
 capitalaccountreservelossequity
 £££££
      
As 22 June 2018-----
Loss for the period---(18,101)(18,101)
Share capital issued (net of transaction costs)960,0001924,485--2,884,485
Balance at 31 December 2019960,0001,924,485-(18,101)2,866,384
      

HERTSFORD CAPITAL PLC
INTERIM STATEMENT OF CASH FLOW
FOR THE PERIOD ENDED 31 DECEMBER 2019

 

Unaudited period

to 31 December

2019

Unaudited period to 31 December

2018

 

£

£

   
   

Cash flow from operating activities

  

Loss for the period

(70,820)

(18,101)

 

-------------------

-------------------

Operating cash flows before movements in working capital

(70,820)

(18,101)

Interest income

(4,235)

(1,200)

   

Increase / (decrease) in payables

(13,170)

15,630

Increase in debtors

(2,874)

-

 

-------------------

-------------------

Net cash outflow from operating activities

(91,099)

(3,671)

   

Cash flow from investing activities

  

Interest income

4,235

-

 

-------------------

-------------------

Net cash flow from investing activities

4,235

-

   

Cash flow from financing activities

  

Net proceeds from issue of share capital

-

2,884,485

 

-------------------

-------------------

Net cash flow from financing activities

-

2,884,485

   

Net cash (outflow)/inflow for the period

(86,864)

2,880,814

 

-------------------

-------------------

   

Cash and cash equivalents at start of period

2,840,639

-

 

-------------------

-------------------

Cash and cash equivalents at end of period

2,735,775

2,880,814

 

============

============

   

HERTSFORD CAPITAL PLC
NOTES TO THE UNAUDITED INTERIM REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2019

 

The notes are available in the printable pdf of the results. To download it, please click here