Defence Holdings (LSE:LSE:VSVS) raised £4 million through a placing of 400 million new shares at 1p each, with demand exceeding supply and the book scaled back before closing.
The issue price represents a significant dilution event: the new shares represent approximately 16% of the enlarged share capital of 2.87 billion shares following admission.
Andrew Roughan, chief executive, said the raise was "a clear endorsement of Defence Holdings' strategy and operating model," with the proceeds intended to accelerate execution of its strategic playbook and "deepen our participation in the UK and European defence technology ecosystem at a time of unprecedented demand for innovative, software-led capability."
The company, which describes itself as a UK software-led defence technology group listed on the LSE Main Market under the ticker ALRT, said proceeds would fund further high-value opportunities across its defence portfolio.
Admission of the new shares to the Equity Shares (Transition) category of the Official List is expected at 8am on 1 July, at which point the total voting rights in the company will stand at 2.87 billion.
