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Pennant International Group plc raises £3.56mln to complete two Middle East contracts

Published: 08:40 15 Aug 2016 BST

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Pennant is raising £3.56mln via two oversubscribed placings

Pennant International Group PLC (LON:PEN) is raising £3.56mln via two oversubscribed placings that will provide the business with the working capital required to complete two contracts with Middle East customers worth £13mln.

Stock in the training simulator maker being is being offered in two tranches at 55p, a 13% discount to last Friday’s closing price.

In a trading update that accompanied the cash call, Pennant said it would book a profit of £10,000 in the first half from revenues of £6.6mln.

However it told investors it expects a “substantial improvement” in trading in the second half.

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