SRT Marine Systems plc
SRT (AIM: SRT), the global provider of maritime surveillance and vessel tracking systems, has raised £3 million through an institutional placing of shares and has refinanced £1.15 million of maturing loan notes.
The maturing loan notes were refinanced by the issuance by new 8.00% three year notes under the terms of the company's loan note programme. LGB Corporate Finance arranged the loan note refinancing and also introduced investors to the equity placing.
The proceeds of the transactions will provide growth and working capital to fund new and ongoing systems projects as well as to accelerate product development. The company has announced £30.5 million of ongoing projects and a validated pipeline with a potential value of £419 million, of which £119 million is classified as being in the final procurement phase. The company intends to use the equity and loan note funding in conjunction with UKTI export financing to cover the capital requirements of the early stages of projects.