OTAQ Plc Proposes Delisting and Re-Registration as Private Company

OTAQ Plc, a technology company in the aquaculture and offshore markets, announced plans to cancel its shares' trading on the AQSE Growth Market. This move, subject to shareholder approval, aims to re-register the company as a private entity. The decision follows a comprehensive review, with factors like limited share liquidity and disproportionate regulatory costs influencing the Board's conclusion.

The company has sent a circular to shareholders detailing the proposed changes and calling for a general meeting on 10 December 2024. Approval requires a 75% majority vote. The move is expected to yield annual cost savings of £1.2 million and improve strategic flexibility.

OTAQ also plans to restructure, focusing resources on its successful Offshore division while preserving cash flow. The company forecasts the Offshore division to earn £3 million in revenue by the end of 2025.

To ease the transition, OTAQ will continue to share company updates online but warns that post-cancellation, selling shares might be challenging without a formal market presence.