8 Nov 2012 07:00
RNS ANNOUNCEMENT
8 November 2012
Pentagon Protection plc
("Pentagon" or "the Group")
Trading Update and Result of General Meeting
Trading update
Pentagon Protection plc (AIM: PPR) is pleased to report that its current order book is valued at more than £2,000,000 and that it has several near term orders with a high probability of closing worth nearly as much. The Group's mid to long term sales pipeline remains strong and is valued at more than £40,000,000. This pipeline includes several high value projects in the Middle East and Africa which the Group is pursuing in conjunction with its Middle Eastern office.
General Meeting
As previously announced, the Company has been awarded a number of new contracts over recent months, with an aggregate value of nearly £2.4 million. Whilst the Board believes that the Company's current cash position can adequately cover its working capital requirements to complete these contracts, the Directors have sought the flexibility to raise further equity as part of the financing mix to support the working capital requirement for future contract gains.
Accordingly, at a General Meeting held on 6 November 2012, resolutions to give the Board this flexibility were duly passed.
As a consequence, the directors now have the authority to allot Ordinary Shares up to a maximum nominal amount of £91,000, representing approximately 81.7 per cent of the existing ordinary shares in issue, for the period expiring at the conclusion of next year's AGM. These shares can be issued either on a pre-emptive basis or on a non-pre-emptive basis.
Enquiries:
Pentagon Protection Plc Haytham ElZayn, Chairman
| Tel: 01494 793 333 |
Pentagon Protection Plc Steve Chambers, Managing Director
| Tel: 01494 793 333 |
Seymour Pierce Limited Jonathan Wright
| Tel: 0207 107 8000 |
Peterhouse Corporate Finance Jon Levinson | Tel: 0207 469 0935 |
Notes to Editors:
About Pentagon Protection
Pentagon Protection is a trusted provider of global security and energy saving solutions for clients around the globe. Admitted to AIM in March 2003, Pentagon consists of three divisions focused on preventing and mitigating the terrorist and extremist threats, improving building security and energy efficiency and carbon reduction. Visit the website at Pentagon Protection PLC or contact us at info@pentagonprotection.com.
About SDS Group Ltd
The SDS Group was acquired by Pentagon Protection in September 2008 to enhance the group's portfolio of security products and services. SDS supplies training, consulting and security equipment, including highly-specialist security and search equipment, mainly to governments, police forces and security and defence forces in the UK and around the world. Visit the website at SDS Group Limited or contact them at sales@sdsgroupltd.co.uk
About International Glass Solutions
In 2010 Pentagon acquired, which specialises in window film installation and project management services for commercial and government buildings, retail clients and large office buildings around the world. Based in the United States, IGS improves the group's capability and increases our exposure and reach into the North American market. Visit the website at International Glass Solutions, LLC or contact them at info@igsfilm.com
Steve Chambers joined Pentagon Protection Plc as Managing Director and was appointed to the main Board of Directors as of 15 November 2010.