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Penningtons Manches Cooper is advising Cavendish Capital Markets on £10.5 million equity fundraising for SRT Marine Systems

Posted: 29/12/2023

The corporate team at Penningtons Manches Cooper is advising Cavendish Capital Markets as nominated adviser and broker to SRT Marine Systems PLC on a £10.5 million fundraising with existing and new investors, comprising a non-pre-emptive subscription, placing and retail offer.

The placing, retail offer and part of the subscription are conditional on shareholder approval which will be sought at a general meeting on 15 January 2024 with admission expected on 16 January 2024. £6.75m of the subscription was not conditional on shareholder approval and, as such, those shares were admitted yesterday on 28 December 2023.

SRT Marine Systems PLC is a global developer and supplier of integrated maritime surveillance systems and digital navigation safety products.

The proceeds will be used to strengthen the company’s balance sheet and facilitate the growth of both the systems and transceivers businesses.

London-based corporate partner, Seb Orton, is leading on this deal with assistance from associate Jenny Wright.

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Penningtons Manches Cooper LLP

Penningtons Manches Cooper LLP is a limited liability partnership registered in England and Wales with registered number OC311575 and is authorised and regulated by the Solicitors Regulation Authority under number 419867.

Penningtons Manches Cooper LLP