SRT Marine Systems confirms fundraising talks

SRT Marine Systems, an AIM-listed provider of maritime tracking, monitoring and management systems, confirmed on Thursday that it is in talks with certain institutional and other investors about a fundraising.

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Noting press speculation, the company said it was in discussions with regard to a proposed equity fundraising at between 25p and 30p per ordinary share and a further issue of loan notes to raise a total of around £6m.

SRT said a further announcement will be made in due course as appropriate.

Back in April, SRT said it expected to report a 22% year-on-year increase in revenues to £13.5m for the year to the end of March, and profit before tax and exceptional items of £1.3m.

At 1550 BST, the shares were down 9.7% to 26.40p.