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Hertsford Capital Proposes Acquisition of OTAQ
Friday 14 February 2020

14 February 2020 - UK-based cash shell Hertsford Capital PLC (LSE: HERT) has entered into an agreement proposing the acquisition of the 100% of the share capital of UK-based marine technology company OTAQ Group Ltd., the company said.
The purchase price of the Proposed acquisition will be satisfied by the issue of new Hertsford shares to the sellers of OTAQ. Additional terms were not disclosed.
The proposed acquisition is subject to legal, financial and other due diligence and entry into a legally binding agreement. Due diligence and other technical work for the transaction is at an advanced stage, and the company's directors are optimistic that the Proposed acquisition will be completed by the end of first quarter 2020.
Hertsford is a cash shell, so the proposed acquisition is deemed to be a reverse takeover under the Listing Rules, therefore the company has requested the FCA to suspend its listing with immediate effect.
OTAQ designs, develops and supports marine technology products and solutions for the global aquaculture and offshore oil and gas industries.
Date Published: 14/02/2020
Target: OTAQ Group Ltd
Country: UK
Sector: Petroleum/Natural Gas/Coal
Type: Corporate acquisition
Financing: Cash
Status: Agreed
Buyer: Hertsford Capital
Terms of the deal were not disclosed