(Alliance News) - Shares in Hertsford Capital PLC were suspended on Wednesday in London as it confirmed it was in discussions for the acquisition of OTAQ Group Ltd.
Shares in the cash shell were suspended as the proposed acquisition has been classified as a reverse takeover under listing rules.
OTAQ designs and develops marine technology products for the aquaculture and offshore oil & gas industries. This includes an intelligent acoustic deterrent system, which protects aquaculture sites from predators.
Hertsford and OTAQ have entered into non-legally binding heads of terms agreement for the acquisition, with the purchase price to be satisfied by the issue of new Hertsford shares to OTAQ's sellers.
No binding agreement has been reached yet, however due diligence and other technical work is at an advanced stage.
Looking ahead, Hertsford expects the acquisition to be completed by the end of the first quarter of 2020.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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