SECURITY and surveillance system manufacturer Petards has raised £1.12m from a share placing.
It issued a total of 4,499,345 new ordinary shares and has applied for them to be admitted to trade on the AIM from today.
The Gateshead firm issued the shares to raise working capital for product development and help it to plan ahead after securing an £8m contract in the summer to supply its eyeTrain on-board digital CCTV systems.
Petards’ biggest shareholder Water Hall Holdings had attempted to prevent the company from raising capital by issuing shares.
Its attempt to take over the business started in September, but talks collapsed in October. The London-based company had made a preliminary approach but it said its proposal had not been accepted by Petards.
Petards reported revenues of £12.1m and pre-tax profits of £215,000 last year.