Service Agreement with iAqua
CT Automotive enters service agreement with related party iAqua to provide engineering and product management services.
- Expected annual invoicing to iAqua not to exceed $100,000
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CT Automotive Group PLC announces the following historic service agreement with a related party.
Service Agreement with iAqua Watercraft Limited
On 1 May 2024, CT Automotive entered into a general service agreement with iAqua Watercraft Limited, a 100% wholly owned subsidiary of iAqua Limited (together, "iAqua") under which it would provide general services to iAqua on a 'cost-plus' basis ("Service Agreement"). The Service Agreement covers the provision of Engineering Services (including the design and development of automobile components) and Product Management (for automobile components), by CT Automotive to iAqua and its subsidiaries. The Company does not expect to invoice in excess of $100,000 annually to iAqua under the Service Agreement and the Service Agreement is profitable for CT Automotive.
Related Party Transaction
Simon Phillips, CEO and Founder of CT Automotive is also a 30% shareholder of iAqua Limited. By virtue of Simon's shareholding in iAqua Limited and his position at CT Automotive, iAqua is a related party of the Company pursuant to Rule 13 of the AIM Rules for Companies.
As required by AIM Rule 13, the Directors of the Company (excluding Simon Phillips), having consulted with the Company's Nominated Advisor, Singer Capital Markets, consider that the terms of the Service Agreement are fair and reasonable.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.