- Agreement signed to acquire remaining 44.86% in VTT Maritime
- Purchase price paid in OTI Greentech shares (at EUR 1.50 / share)
- Revenue expectations for 2015 reduced, for 2016 significantly higher
OTI Greentech AG (WKN A0HNE8), an international environmental technology company with its registered office in Cologne, has signed a contract to acquire the remaining 44.86% of the outstanding share capital of VTT Maritime AS (VTT). The purchase price will be paid entirely through issue of new OTI Greentech shares. Upon completion (expected in January 2016), the sellers will receive a total of 704,000 newly issued OTI Greentech shares.
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.“