9th Nov 2020 15:16
OTAQ PLC - Lancaster-based marine aquaculture technology company that reversed into London-listed cash shell Hertsford Capital in March - Buys trade and assets of ROS Technology for up to GBP300,000. ROS Technology is a technology business which specialises in electronics and mechanical design in multiple industries including aquaculture and offshore.
The purchase price comprises an initial consideration of GBP225,000 and up to a further GBP75,000 of deferred consideration, payable in two instalments of GBP37,500 over the next two years.
Otaq says the acquisition will add existing revenue-generating contracts and enhance its aquaculture research & development capability as it works to broaden its product offering. For its financial year ended June 30, ROS Tech generated revenues of GBP312,000 and posted pretax profit of GBP152,000.
ROS Technology Founder Peter Robinson will join Otaq and have responsibility for the continued development of the acquired ROS Tech products.
Current stock price: 37.00
Year-to-date change: down 31% from March 2
By Ife Taiwo; [email protected]
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