Also, the acquisition of the remaining 49% of Visionaire Energy AS is being completed this month in form of a capital increase against contribution in kind by issuing 4,250,000 new OTI Greentech shares.
Both transactions are based upon a valuation of EUR 1.50 / OTI Greentech share.
Visionaire Energy AS is the Norwegian holding company of VTT and RADA Consulting & Engineering AS.
VTT was founded in 1988 and is an established provider of Maritime engineering services and solutions to a high calibre client base. VTT´s revenues come from the recurring Inspections business, as well as complex maritime projects.
Due to delayed projects the anticipated 2015 revenue projections are lower and management of OTI Greentech reduces its revenue expectations for the current year to EUR 10 million. Backed by the present project pipeline, management expects a significant increase in revenues to more than EUR 20 million in 2016 and further growth beyond.
Likewise, the management expects positive group cash flows in 2016 and beyond.
Johnny Christiansen, CEO of OTI Greentech AG, commented: “We are very pleased to be fully completing our acquisition of Visionaire Energy and VTT with these capital increases. Although the reduction in our 2015 revenue forecasts is disappointing, the mid- to long-term potential particularly in the Maritime Engineering sector remains very promising. With the completion of these acquisitions, we have created a clear corporate structure as basis for future growth. The assumed value of EUR 1.50 per newly issued OTI Greentech share reflects our and the sellers view of the appropriate valuation, notwithstanding our current market share price.“