Tekmar Group plc, a market-leading technology provider of protection systems for subsea cable, umbilical and flexible pipes and offshore engineering services, is pleased to announce that Admission will occur, and dealings in its shares will commence, at 8.00 a.m. today, 20 June 2018.
Dealings in the shares will commence under the ticker “TGP”, the ISIN number is GB00BDFGGK53 and SEDOL BDFGGK5.
Upon Admission, the Company will have a market capitalisation of approximately £65 million, following a successful total fundraise of approximately £61.8 million (before expenses). The fundraise, which was well supported by blue chip institutional investors, will be used principally to fund the cash consideration payable under the Acquisition Agreement to acquire Tekmar Limited, to repay debt within the Group and to provide approximately £10 million for the Company to fund future expansion and acquisitions.
James Ritchie, CEO of Tekmar, said:
“Today is an historic day for Tekmar, marking the start of the next phase of our planned expansion and development. Being an independent quoted company brings additional advantages and prestige to the Group and we firmly believe it will enable us to accelerate our growth and maximise our potential.
“I thank everyone who helped Tekmar Group plc achieve this successful flotation, especially our driven management and our loyal employees, who are the heartbeat of this business.”
All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned