Result of Retail Offer

The Board of SRT MARINE SYSTEMS PLC (the "Company") is pleased to announce that the Retail Offer launched on 21 December 2023 has now closed, raising in aggregate £0.5 million through the issuance of 1,428,571 Retail Shares at a price of 35 pence each.

Allocations were made to existing Shareholders, applying the principles of soft pre-emption. Given the significant demand, existing Shareholders received approximately 79 per cent. of their soft pre-emptive allowance, when their order matched or exceeded their soft pre-emptive allowance.1

Accordingly, conditional on the passing of the Placing Resolutions at the General Meeting and Second Admission, the Company has conditionally raised total gross proceeds of approximately £10.5 million in aggregate by way of the Fundraising.

Subject to, inter alia, Shareholders passing the Placing Resolutions at the General Meeting to be held on 15 January 2024, applications will be made to the London Stock Exchange in connection with Second Admission for the admission of a total of 10,774,147 new Ordinary Shares to trading on AIM. This will comprise (i) 8,571,576 Placing Shares; (ii) 774,000 Second Subscription Shares and (iii) 1,428,571 Retail Shares. The new Ordinary Shares, when issued, will rank pari passu with the existing Ordinary Shares then in issue.

Subject to, and conditional on, the Placing Resolutions being passed at the General Meeting, Second Admission is expected to occur on 16 January 2024.

Unless otherwise defined, all capitalised terms used but not defined in this announcement shall have the meaning given to them in the announcement of the Fundraising made by the Company on 21 December 2023.

1 - Soft Pre-emptive allowance Calculation: Existing shares X 15.574% (Dilution from total new shares being issued) = Soft Pre-emptive allowance shares

Soft Pre-emptive allowance shares X c.79% = Soft Pre-emptive allowance allocated shares

UK Product Governance Requirements

Solely for the purposes of the product governance requirements of Chapter 3 of the FCA Handbook Product Intervention and Product Governance Sourcebook (the "UK MiFIR Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the UK MiFIR Product Governance Requirements) may otherwise have with respect thereto, the Retail Shares have been subject to a product approval process, which has determined that the Retail Shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in paragraphs 3.5 and 3.6 of COBS; and (ii) eligible for distribution through all permitted distribution channels (the "UK Target Market Assessment"). Notwithstanding the UK Target Market Assessment, distributors should note that: the price of the Retail Shares may decline and investors could lose all or part of their investment; the Retail Shares offer no guaranteed income and no capital protection; and an investment in the Retail Shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The UK Target Market Assessment is without prejudice to any contractual, legal or regulatory selling restrictions in relation to the Retail Offer.

For the avoidance of doubt, the UK Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of Chapters 9A or 10A respectively of COBS; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Retail Shares. Each distributor is responsible for undertaking its own target market assessment in respect of the Retail Shares and determining appropriate distribution channels.

EU Product Governance Requirements