31st March 2020 ❘

Burnetts advises on reverse takeover of OTAQ Group

Burnetts advises on reverse takeover of OTAQ Group

Our Corporate team has assisted longstanding client OTAQ Group, a marine technology products and solutions group for the global aquaculture and offshore oil and gas industries on its reverse takeover by Hertsford Capital PLC. Following the takeover, Hertsford Capital PLC announced its admission to the Official List and initiation of trading on the London Stock Exchange’s main market at 8.00am on 31st March 2020.

Hertsford proposes to change its name to OTAQ PLC, with Alex Hambro assuming the role of non-executive Chairman, and Sarah Gills continuing as a non-executive director.

Phil Newby, CEO of OTAQ commented:-

“We are excited by the opportunity we now have to develop our operations and products, building on the rapid progress we have made in recent years. This listing and additional capital will allow us take advantage of the many growth opportunities we have, and accelerate the development of new products.”

“Burnetts advised us on the original acquisition of OTAQ, and we have relied on their expert guidance corporate, property and employment matters ever since. Burnetts have always been very supportive of us, so we are very pleased they were able to play a role in the reverse takeover, alongside our other advisers. We look forward to continuing to work with them in the future”.

Following the acquisition of OTAQ Group Ltd in 2015, Burnetts have advised OTAQ on a number of transactions including fundraisings and several acquisitions, including that of Ulverston based company Link Subsea.

A specialist team including Corporate solicitors Michael Walby, Vaughan Jones and Becky Brook, together with property solicitor Rebecca Davidson and employment solicitor Anna Lovett advised OTAQ Group on the reverse takeover, alongside its other advisers.

Michael Walby, Corporate Partner, commented:-

“We are delighted for Phil and the team, and we wish OTAQ PLC every success with its exciting growth plans as a listed company on the London Stock Exchange.

It is nice to share some positive news for one of our clients during the current period of uncertainty, which is affecting many of the businesses we work with”.