THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"), AND IS DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR.

SRT MARINE SYSTEMS PLC

(AIM: SRT)

("SRT" or the "Company")

£20m Increase to Medium Term Note Programme Capacity

SRT Marine Systems plc ('SRT'), a global provider of maritime domain awareness systems and technologies for security, safety and environmental protection is pleased to advise that it has secured a £20 million increase in capacity on its existing SRT Secured Note Programme (the 'Programme'). This programme is arranged and managed by LGB Capital Markets.

The Programme enables the issue of notes to LGB's private investors with varying terms and provides SRT with a flexible source of working capital. The increased headroom provides working capital flexibility in anticipation of some significant new system contracts in the future which have initial working capital requirements during their first few months to fund equipment purchases prior to first deliveries and subsequent receipt of customer payments. Notes currently outstanding via the Programme stands at £7.7m and the increase in capacity does not increase SRT's debt outstanding. However, it will enable SRT to issue new notes and refinance existing notes in future.  

Simon Tucker, CEO of SRT Marine Systems, commented:

"The note programme is an excellent flexible source of working capital for our business. With several pending new contracts, one of which is very significant and subject to a recent LoI, we felt it prudent to take early steps to secure a proven route for the initial working capital requirements."

About SRT Marine Systems plc:

SRT Marine Systems PLC is an established leader in the growing global market for maritime domain awareness. We provide advanced technologies, products and systems that enhance maritime safety, security and environmental protection and sustainability. Our customers range from governments to vessel owners around the world.