Further to the announcement made at 07.00 today (the "Launch Announcement"), Tekmar Group plc (AIM: TGP), a leading provider of technology and services for the global offshore energy markets, is pleased to confirm that the Company has conditionally raised gross proceeds of approximately £ 6.275 million pursuant to the Placing from existing investors and the Subscription from SCF-IX L.P and a Proposed Director, Steve Lockard.
In total, 22,222,222 Placing Shares have been conditionally placed and 47,505,458 Subscription Shares have been conditionally subscribed for, in each case at the Issue Price of 9 pence per share.
The Retail Offer will be launched at 8.00 a.m. on 4 April 2023, with a separate announcement to be made in due course.
Singer Capital Markets Securities Limited ("SCM Securities") is acting as agent for and on behalf of the Company in respect of the Placing. The Placing was conducted by way of an accelerated book build process.
Capitalised terms used in this announcement have the meanings given to them in the Launch Announcement, unless the context provides otherwise.
Related Party Transaction
Schroder Investment Management ("Schroder") , a substantial shareholder of the Company (as defined in the AIM Rules), have subscribed for 14,811,112 Placing Shares in the Placing.
The participation of Schroder in the Placing is deemed to be a related party transactions under Rule 13 of the AIM Rules. The Independent Directors, (being the Directors other than Derek Bulmer) consider, having consulted with the Company's nominated adviser, Singer Capital Market Advisory LLP, that the terms of this related party transaction are fair and reasonable insofar as the Shareholders are concerned.
Admission, Settlement and Dealings
Application will be made to the London Stock Exchange for admission of the New Ordinary Shares to trading on the AIM market ("AIM") of London Stock Exchange plc (the "London Stock Exchange").
It is expected that admission of the New Ordinary Shares will take place on or before 8.00 a.m. on 20 April 2023 and that dealings in the New Ordinary Shares on AIM will commence at the same time.
In addition to the passing of certain Resolutions, the Placing and Subscription, are conditional upon, among other things, Admission becoming effective.
The Placing is not conditional on the Subscription being completed, nor is any part of the Placing subject to clawback from the Retail Offer.
Following Admission and assuming the full take up of the Retail Offer, the Company will have 145,874,813 Ordinary Shares in issue. The New Ordinary Shares to be issued, when issued, will be fully paid and will rank pari passu in all respects with the Existing Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid after the date of issue.
A further announcement will be made in relation to total voting rights in the Company's share capital following the issue of the New Ordinary Shares.
The Circular containing, amongst other things, the Notice of the General Meeting is expected to be despatched to Shareholders in due course (and no later than 3 April 2023).
