"On the basis that this condition precedent to the offer has now been fulfilled the contracts resulting from acceptances of the offer are now binding," Nautronix told the market.

In June, the board of Nautronix recommended to shareholders that they accept First Tech's hostile takeover bid of 62 cents per share, which was 7c higher than its second bid of 55c per share announced in May.

First Tech Plc, which is owned by Scottish oil and gas millionaire, Sir Ian Suttie, has also announced it will extend its offer period by a month with a new closing date of 10 October. As of today, First Tech's voting power in Nautronix now stands at 87.84%.