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ECSC taps market as it eyes post-coronavirus pandemic opportunities

One of the impacts of the coronavirus pandemic has been a move to more remote and cloud-based working by organisations which the directors believe will lead to an increased need for cybersecurity

ECSC Group PLC -

ECSC Group PLC (LON:ECSC), the provider of cybersecurity services, has announced plans to raise money by placing shares at 55p a pop.

The company said it will place 909,091 new ordinary shares, raising £500,000 before expenses.

The funds will be used to ensure the company is sufficiently well capitalised to take advantage of longer-term growth opportunities once the coronavirus (COVID-19) situation stabilises and to strengthen the balance sheet.

"Following our well-received annual results, and expressions of interest from both existing and new investors, we are pleased to announce this successful placing,” Ian Mann, the chief executive officer of ECSC said in a statement.

“We particularly welcome the participation of four new shareholders. In addition to enhancing our cash position, this placing also helps us to prepare for post-COVID-19 opportunities. Current rapid changes in remote working come with increased cybersecurity risks and ECSC continues to be ideally placed to help organisations prevent, detect and respond to the resulting incidents," he added.

Shares in ECSC closed at 72.5p last night.

Quick facts: ECSC Group PLC

Price: 66.5 GBX

LSE:ECSC
Market: LSE
Market Cap: £6.65 m
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on 5/8/20

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