IN BRIEF: Defence Holdings raises funds and says close to contract win

Defence Holdings PLC - London-based defence technology group - Plans to raise up to £4 million via a placing to institutional and other investors at 1 pence per share. Is also a broker option to raise up to a further £1 million at the same price. The placing is to be conducted by way of an accelerated bookbuild process. Proceeds will be used to fund working capital as well as enable it to undertake strategic partnerships within the defence space. ‘The funding will be used to further the execution of the recently announced Operating Model and Strategic Playbook which includes the delivery of new contract wins and to invest in strategic joint ventures and partnerships focused on providing innovative solutions to our customers. We believe we are close to announcing at least one new contract win in the near future, evidencing our in-roads as an active operator within the Defence community,’ says Chief Executive Andrew Roughan.

Current stock price: 1.22 pence

12-month change: more than doubled from 0.47p

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