OTAQ Plc Announces SIP Shares Issuance and Updates Voting Rights

OTAQ Plc, a technology company serving aquaculture, geotracking, and offshore markets, announced the issue and allotment of 41,255 new ordinary shares as part of its Share Incentive Plan (SIP). The shares were issued at a rate of 1 penny each for the benefit of employees under the SIP, including key Persons Discharging Managerial Responsibilities (PDMR), on the 19th of March, 2024.

Under the SIP, an all-employee trust arrangement approved by HM Revenue and Customs, participating employees purchase ordinary shares with pre-tax salary contributions. For each share purchased, an equal number of matching shares is awarded, utilizing newly issued shares. High-profile recipients of this latest SIP Award include CEO Philip Newby and CTO Harald Rotsch, whose total beneficial holdings post-admission will be 1,468,382 and 2,471,478 shares respectively.

The issuance will increase the total voting rights in the company to 128,252,277 ordinary shares, all with voting rights, as the company holds no shares in treasury. This total is a significant figure for shareholders to note, especially for those calculating changes in their shareholding percentage under the Financial Conduct Authority's rules.

Expectations are set for the newly issued shares to be admitted to the Aquis Stock Exchange on or around the 22nd of March, 2024. This move aligns with OTAQ's strategic aim of incentivizing and retaining key staff, as it continues to advance in its targeted markets through innovative product offerings and strategic acquisitions.