SECURITY and surveillance system developer Petards has completed a share placing that has raised £1.12m.
The Gateshead company has issued a total of 4,499,345 new ordinary shares and has applied for them to be admitted to trade on the AIM from tomorrow.
Finance director Andy Wonnacott received 20,000 new shares, non-executive director Terry Connolly has 30,000 and non-executive director Bill Conn subscribed for 21,201 at 25p each.
Petards issued the shares to raise working capital and help it to plan ahead after securing an £8m contract in the summer to supply its eyeTrain on-board digital CCTV systems.
