SRT Marine Systems PLC - Somerset, England-based provider of maritime domain awareness systems and technologies for surveillance, security, safety and environmental protection - Increases medium-term note programme capacity by £20 million. Says note programme is arranged and managed by LGB Capital Markets. Says notes outstanding under LGB Capital programme total £7.7 million. Says the programme and increased headroom provides working capital flexibility ‘in anticipation of some significant new system contracts in the future which have initial working capital requirements during their first few months to fund equipment purchases prior to first deliveries and subsequent receipt of customer payments’.

Chief Executive Officer Simon Tucker says: ‘The note programme is an excellent flexible source of working capital for our business. With several pending new contracts, one of which is very significant and subject to a recent [letter of intent], we felt it prudent to take early steps to secure a proven route for the initial working capital requirements.’

Current stock price: 43.50 pence

12-month change: up 34%

Copyright 2023 Alliance News Ltd. All Rights Reserved.