Result of Oversubscribed Retail Offer
SRT Marine Systems PLC has successfully closed an oversubscribed Retail Offer, raising £1.5 million through the issuance of 1,829,268 Retail Offer Shares at 82 pence each. The total gross proceeds from the overall fundraising now stand at approximately £17.5 million, with 21,341,463 New Ordinary Shares to be issued. Ocean Infinity, a significant shareholder, subscribed for 1,829,268 New Ordinary Shares, and following this, Oliver Plunkett, a Non-Executive Director, holds a direct beneficial interest in 0.22% and an indirect interest via Ocean Infinity in 14.63% of the enlarged issued share capital. Admission of the new shares to AIM is expected by 17 April 2026, at which point the company's issued ordinary share capital will be 272,962,119 Ordinary Shares.
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TERMS NOT OTHERWISE DEFINED HEREIN SHALL HAVE THE MEANINGS GIVEN TO THEM IN THE COMPANY'S ANNOUNCEMENT RELEASED ON 13 APRIL 2026 UNLESS THE CONTEXT REQUIRES OTHERWISE.
SRT MARINE SYSTEMS PLC
("SRT" or the "Company")
Result of Oversubscribed Retail Offer
The Board of SRT Marine Systems plc (the "Company") is pleased to announce that the Retail Offer which launched on 13 April 2026, which was multiple times oversubscribed, has now closed. Accordingly, the Company has elected to increase the scale of the Retail Offer to raise in aggregate £1.5 million through the issuance of 1,829,268 Retail Offer Shares at an issue price of 82 pence per New Ordinary Share.
Allocations were made to existing shareholders applying the principles of soft pre-emption. Given the significant demand, shareholders were allocated 100% of their soft pre-emptive allowance(1) when their order matched or exceeded their soft pre-emptive allowance. Where the order was greater than the soft pre-emptive allowance, shareholders received c.18.69 per cent of their additional demand(2).
Following the close of the Retail Offer, the Company has conditionally raised total gross proceeds of approximately £17.5 million at the Issue Price pursuant to the Fundraising. Accordingly, 21,341,463 New Ordinary Shares in the Company will be issued pursuant to the Fundraising, conditional on Admission.
Director/PDMR Shareholding
Pursuant to the terms of the Subscription, as previously notified, Ocean Infinity has subscribed for 1,829,268 New Ordinary Shares at the Issue Price.
Oliver Plunkett, Non-Executive Director of SRT, is also a board member of and CEO of Ocean Infinity, the Company's largest shareholder, where he has a beneficial interest and is therefore also deemed to have an indirect beneficial interest in Ocean Infinity's entire legal holding in SRT.
Following Ocean Infinity's subscription, Mr Plunkett has a direct beneficial interest in 595,000 Ordinary Shares, representing 0.22 per cent. of the Company's enlarged issued share capital and an indirect beneficial interest, via Ocean Infinity, in 39,943,422 Ordinary Shares, representing 14.63 per cent of Company's enlarged issued share capital.
Admission and Total Voting Rights
Application has been made for the 21,341,463 New Ordinary Shares, comprising the Placing Shares, the Subscription Shares and the Retail offer Shares, to be admitted to trading on AIM. Admission is expected to occur by no later than 8.00 a.m. on 17 April 2026.
Immediately upon Admission, the Company's issued ordinary share capital will comprise 272,962,119 Ordinary Shares. Each Ordinary Share has one voting right and no Ordinary Shares are held in treasury. The above figure of 272,962,119 may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the voting rights of the Company under the FCA's Disclosure Guidance and Transparency Rules.
- Soft Pre-emptive allowance Calculation: Existing shares x 8.48% (Dilution from total new shares being issued) = Soft Pre-emptive allowance allocation shares
- Additional Demand: (Total Order shares - Soft Pre-emptive allowance allocation shares) x c.18.69% = Additional demand allocation shares
| a) | Name | Oliver Plunkett |
| 2. | Reason for the Notification | |
| a) | Position/status | Non-Executive Director |
| b) | Initial notification/Amendment | Initial Notification |
| a) | Name | SRT Marine Systems plc |
| b) | LEI | 2138002DF3KFXL472938 |
| a) | Description of the Financial instrument, type of instrument | Purchase by Ocean Infinity of 1,829,268 Ordinary Shares in the Company |
| Identification code | ISIN - GB00B0M8KM36 | |
| b) | Nature of the transaction | Purchase of Ordinary Shares |
| c) | Price(s) and volume(s) | Type Price(s) Volume(s) Purchase of Ordinary Shares £0.82 1,829,268 |
| d) | Aggregated information: · Aggregated volume · Price | See 4c) above 1,829,268 Ordinary Shares purchased at a price of £0.82 pence each. |
| e) | Date of the transaction | 13 April 2026 |
| f) | Place of the transaction | LSE |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.