Share Incentive Plan Purchase, Director/PDMR Shareholding, Exercise of Share Options & Total Voting Rights
18 March 2021
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.
Number of Partnership Shares
Number of Matching Shares
Chief Executive Officer
Chief Financial Officer
Chief Technology Officer
Chief Operations Officer
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.
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
Walbrook PR Ltd
Tom Cooper/Nick Rome/Nicholas Johnson
0797 122 1972 or 07748 325 236 or 07884 664 686
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.
Details of the person discharging managerial responsibilities / person closely associated
1. Phil Newby
2. Matt Enright
3. Chris Hyde
4. Steve Burns
Reason for the notification
1. Chief Executive Officer and PDMR
2. Chief Financial Officer and PDMR
3. Chief Technology Officer and PDMR
4. Chief Operations Officer and PDMR
Initial notification /Amendment
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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
Description of the financial instrument, type of instrument
Ordinary shares of 15 pence each
Nature of the transaction
Purchase and allocation of Partnership and Matching Shares (no consideration), respectively, under the OTAQ SIP.
Price(s) and volume(s)
Date of the transaction
17 March 2021
Place of the transaction
London Stock Exchange (XLON)