18th August 2023
haysmacintyre acted as reporting accountant on Tan Delta Systems PLC’s successful admission to AIM.
The admission raised £6m through the placing and subscription of 73,223,800 ordinary shares and listed with a market capitalisation of £19m.
Tan Delta Systems PLC provides innovative real-time equipment monitoring sensors for businesses, reducing their ongoing costs of maintaining machinery, as well as reducing their carbon footprint through a reduction in oil consumption. The company’s growth plans require additional working capital, as well as an investment in sales and marketing, and further product development. The proceeds from IPO will provide a platform for the business to grow.
Jon Dawson, lead partner, said: “It’s fantastic to see Tan Delta Systems Plc achieve a successful IPO in such a tough market. Completing a successful fundraise in 2023 is a real challenge, and it’s been a privilege to work with a committed and enthusiastic management team, alongside Zeus Capital Ltd and Shoosmiths, both of whom offered valuable support and experience throughout the process.”
Chris Greenwood, CEO of Tan Delta Systems PLC, said: “Innovation continues to be alive and kicking in the UK and I hope we can be seen as an example to budding entrepreneurs as to what can be achieved.”
The haysmacintyre team included Partners, Jon Dawson and Mark Allwood, Director, Jonathan Maddison, Senior Managers, Osman Ghani and James Gramston, Manager, Jeremy Hammond, and Assistant Manager, Patrick Dawson-Goodey.