REG - Tekmar Group PLC - Completion of Strategic Review

TekmarAnnouncement

20/04/2023 08:15

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RNS Number : 8208W  Tekmar Group PLC  20 April 2023

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Tekmar Group plc

("Tekmar", the "Group" or the "Company")

 

Termination of Formal Sale Process and Completion of Strategic Review

Tekmar Group (AIM: TGP), a leading provider of technology and services for the
global offshore energy markets, provides the following update on its strategic
review and formal sale process.

On 13 June 2022, the Company announced that the Board had commenced a
strategic review to seek a strategic partner to support its opportunities for
growth and provide additional balance sheet strength. These options included,
but were not limited to, a sale of the Company conducted under the framework
of a "formal sale process" in accordance with the Takeover Code.

On 31 March 2023, the Company announced that SCF Partners had been chosen as
the preferred partner to provide new capital investment, following a review of
the proposals received since the commencement of the Company's strategic
review and formal sale process on 13 June 2022. During this time, SCF Partners
and the Company have developed a shared vision to transform Tekmar as an
offshore wind services platform business with a global footprint, through both
accelerated organic growth and acquisitions.

Following completion of a £4.275 million initial investment by SCF and Steve
Lockard and a placing and retail offer of £2.1 million with the Company's
shareholders, together with a committed £18 million convertible loan note
facility from SCF, the Company's strategic review has reached its conclusion
and the Board announces the conclusion of the formal sale process. Following
this announcement, the Company is no longer considered to be in an "offer
period" as defined by the City Code on Takeovers and Mergers (the "Takeover
Code") and the disclosure requirements pursuant to Rule 8 of the Takeover Code
are no longer applicable with effect from the publication of this
announcement.

Alasdair MacDonald, CEO of Tekmar commented:

"We are delighted to have successfully concluded the strategic review process
and to have completed the strategic investment by SCF, alongside the placing
and retail offer with existing shareholders. SCF is a highly complementary
partner for Tekmar and share our ambition to build a global, leading offshore
wind services company, leveraging Tekmar's existing market leading and trusted
position in the industry. SCF are a highly regarded energy services investor
with a long track record of building leading energy services businesses
globally and generating significant shareholder value.

The funding we have secured through this process, significantly strengthens
the Company's balance sheet, providing working capital to support growth
alongside significant ongoing capital to drive transformational growth both
organically and through targeted, complementary acquisitions. We are confident
we will deliver on the significant opportunity ahead in our core markets to
further strengthen our industry position for the benefit of all shareholders,
customers, partners and employees."

Enquiries

Tekmar Group plc                +44 (0)1325 349 050

Alasdair MacDonald, CEO / Leanne Wilkinson, Interim CFO

Bamburgh Capital Ltd (Rule 3 Adviser and Joint Financial Adviser) +44 (0)131
376 0901

Murdo Montgomery / Richard Evans / Alex Clarkson

Singer Capital Markets (Nominated Adviser, Joint Financial Adviser and Broker)
+44 (0)20 7496 3000

Rick Thompson / George Tzimas / Alex Emslie

About Tekmar Group plc

 

Tekmar Group plc (AIM: TGP) collaborates with its partners to deliver robust
and sustainable engineering led solutions that enable the world's energy
transition.

 

Through our Offshore Energy and Marine Civils Divisions we provide a range of
engineering services and technologies to support and protect offshore wind
farms and other offshore energy assets and marine infrastructure. With near 40
years of experience, we optimise and de-risk projects, solve customer's
engineering challenges, improve safety and lower project costs. Our
capabilities include geotechnical design and analysis, simulation and
engineering analysis, bespoke equipment design and build, subsea protection
technology and subsea stability technology.

 

We have a clear strategy focused on strengthening Tekmar's value proposition
as an engineering solutions-led business which offers integrated and
differentiated technology, services and products to our global customer base.

 

Headquartered in Darlington, UK, Tekmar Group has an extensive global reach
with offices, manufacturing facilities, strategic supply partnerships and
representation in 18 locations across Europe, Africa, the Middle East, Asia
Pacific and North America.

 

For more information visit: www.tekmargroup.co.uk
(http://www.tekmargroup.co.uk/) .

Subscribe to further news from Tekmar Group at Group News
(http://eepurl.com/cN91l5) .

 

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