SRT provides products and systems that deliver maritime domain awareness (MDA) to vessel operators, infrastructure owners
and government agencies. It addresses a global opportunity of managing 26m vessels across 400,000km of coastline, ensuring safety, security and the protection of commercial, environmental and social protection. SRT installs and helps manage tracking and control systems and install transceivers and monitoring systems and sensors.
LGB AND SRT
We have followed SRT for ten years, since its listing on the AIM market. It has been a successful equity investment for our clients, particularly since its business broadened through the acquisition of a company that led it to several recurring revenues.
SRT’S FINANCING REQUIREMENTS
SRT’s contracts can involve protracted negotiation with government agencies across the world, and can entail significant working capital requirements as they ramp up. The currency
and geographical range of the contracts mean that orthodox bank funding is not straightforward to access. Their growth can require both innovative debt funding to finance variable cash requirements, and equity funding to support the balance sheet.
LGB’S INVESTORS AND SRT
LGB has helped fund SRT’s growth over the years, since an initial Medium Term Note (MTN) programme in 2017, and introducing significant investors to the shareholders’ register. SRT was affected early in the COVID-19 pandemic with delays to contract signing and LGB accessed its investor network, including its HNW investors, to provide the majority of a combined £2.5m equity and MTN offering. This was completed in early April at the same time as SRT accessing CBILS funding.
£10mLGB & Co. Limited arranged a £10 million secured MTN Programme for SRT
2017LGB set up the MTN programme in December 2017
2LGB has participated in two equity fund raises for SRT