AIM-listed Software Radio Technology (SRT) has raised a further £3.8m for the business through the placing of over nine million shares on to the market.
The new funding will be used for working capital and product development on SRT’s
Terrestrial Trunked Radio (TETRA), Professional Mobile Radio (PMR) and marine businesses.
The placing involved 9,523,810 new ordinary shares being placed on the market at a price of 42p per share by the company’s broker and adviser Hanson Westhouse Ltd.
Hanson Westhouse was in turn advised by Richard Naish an associate at Walker Morris.
He said: “The funds raised are to provide SRT with a firm platform for continued growth and I am very pleased to have acted for Hanson Westhouse.
“This is the type of equity fundraising that the Walker Morris corporate team are doing on a regular basis and demonstrates the depth of our public company and institutional client base.”
AIM quoted SRT is a leading provider of advanced digital communication technologies for use in the national security and emergency service markets.
Although UK based, it operates internationally in over 70 countries.
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