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.