LGB Corporate Finance advises SRT Marine Systems plc on combined debt and equity financing
LGB Corporate Finance has advised SRT Marine Systems plc (“SRT”), the AIM-quoted global provider of maritime surveillance, vessel tracking, monitoring, management and safety systems, on a £2.8 million financing combining an equity placing and £1 million tap of the group’s £10 million medium term note (“MTN”) programme. The equity placing and MTN issue were co-ordinated alongside an application to the group’s senior lender for additional facilities under the Coronavirus Business Interruption Loan Scheme, in order to raise in aggregate up to £7 million.
This financing strengthens SRT’s balance sheet and enables it to approach the uncertainty of the COVID-19 restrictions from a position of strength. SRT develops, manufactures and supplies maritime surveillance and vessel tracking technologies, products and systems. The group’s products and solutions are used by individual vessel owners, port authorities, maritime infrastructure owners, coast guards, fishery agencies and other national security agencies to enhance their maritime domain awareness, monitoring and management capabilities.
We were pleased to complete this transaction for SRT under a tight timetable despite the uncertainties of the COVID-19 crisis. Its successful execution reflects the strength of SRT’s business and management team, the benefits of investor diversification and the flexibility of MTN programmes as a funding instrument.
"Thank you Angus and team. Once again you have done what you said you would." Simon Tucker, CEO of SRT Marine Systems plc