REG - Pennant Int. Group - Subscription update and closing & TVR

Pennant InternationalAnnouncement

19/09/2025 07:00

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RNS Number : 9544Z  Pennant International Group PLC  19 September 2025

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

FOR IMMEDIATE RELEASE
                                     19
September 2025

 

 

PENNANT INTERNATIONAL GROUP PLC

("Pennant", the "Company" and together with its subsidiaries the "Group")

 

Subscription update and closing

Total Voting Rights

 

Further to its announcement regarding the proposed Subscription on 16
September 2025, the Company announces that the Subscription has now closed and
the Company will proceed with the issuance of 4,323,400 new ordinary shares at
a price of 21.5p per share pursuant to the Firm Tranche, raising gross
proceeds of £929,531.  Following shareholder consultation and with the
agreement of the Underwriter, the Company will issue the Firm Tranche only and
is no longer seeking to issue further shares pursuant to the Conditional
Tranche previously announced. The final allocations pursuant to the
Subscription comprise 3,673,400 Subscription Shares to be issued Brett Gordon,
the Underwriter, and 650,000 Subscription Shares to Rockwood Strategic plc.

 

As previously announced, with a reduction in the Company's overdraft facility
with HSBC from £2 million to £1 million taking effect on 1 November 2025,
the net proceeds from the Subscription will, in the immediate term, be applied
to reduce the Company's overdraft as planned and, through strengthening the
balance sheet, support continued investment in Auxilium.

 

Whilst no longer anticipated to be required, and with the Conditional Tranche
of the Subscription no longer being undertaken, the Company has received
indications of support from certain shareholders that additional working
capital could be provided by way of a shareholder loan in place of the
previously proposed Conditional Tranche if that was later considered
necessary.

 

Commenting on the subscription, Chairman, Ian Dighé, said:

"We are grateful to our shareholders for their support.  Pennant is at a very
exciting point with the increasing adoption of Auxilium and the pipeline of
potential training contracts.  We all look forward to delivering on the
Group's undoubted potential."

Admission, settlement and dealings

Application has been made for admission of the 4,323,400 Subscription Shares
to trading on AIM, being the market of that name operated by the London Stock
Exchange ("Admission").

It is expected that that Admission will take place on or around 8.00 a.m. on
24 September 2025 and that dealings in the shares on AIM will commence at the
same time.

Related Party Transactions

The subscriptions of new Ordinary Shares by Brett Gordon and Rockwood
Strategic plc, each constitute related party transactions for the purposes of
Rule 13 of the AIM Rules for Companies.

The Directors consider, having consulted with Cavendish as the Company's
nominated adviser, that the terms of these transactions are fair and
reasonable insofar as Shareholders are concerned.

 

The person responsible for arranging the release of this announcement on
behalf of the Company is the Company Secretary, David Clements.

 

Total Voting Rights

Following Admission, the Company will have 47,557,533 ordinary shares in issue
admitted to trading on AIM. The new Ordinary Shares to be issued will, when
issued, be fully paid and will rank pari passu in all respects with the
existing ordinary shares, including the right to receive all dividends and
other distributions declared, made or paid after the date of issue.

 

Unless otherwise defined, capitalised terms shall have the same meaning as
those set out in the Company's announcement dated 16 September 2025.

 

Enquiries:

 

 Pennant International Group plc                  www.pennantplc.com (http://www.pennantplc.com)
 David Clements, Company Secretary                +44 (0) 1452 714 914

 Cavendish (Nominated Adviser and Sole Broker)    www.cavendish.com (http://www.cavendish.com)
 Ben Jeynes / Callum Davidson / George Lawson     +44 (0) 207 220 0500

 (Corporate Finance)
 Michael Johnson / Dale Bellis / Sunila de Silva

 (Sales and Corporate Broking)

 Walbrook PR (Financial PR)                       pennant@walbrookpr.com (mailto:pennant@walbrookpr.com)
 Tom Cooper                                       +44 (0)20 7933 8780

 Joe Walker                                       Mob: +44 (0)7407 020 470

 

Notes to editors:

Pennant International Group plc (AIM: PEN) is a technology driven, leading
global provider of system support software and services, technical services,
and training solutions. It supports its global customer base in the design,
development, operation, maintenance, and training of complex assets, to
maximise operational and maintenance efficiency.

 

Its key markets include Aerospace, Defence and Rail, and adjacent
safety-critical markets such as Shipping, Nuclear and Space.

 

 The Group addresses the market through three key business segments:

 

•              Auxilium software: a key generator of recurring
revenues through the provision of a suite of software tools designed to help
clients: manage and use complex data; ensure equipment availability at optimal
cost; and comply with industry standards.  Its Integrated Product Support
(IPS) and Integrated Logistics Support (ILS) software and services equips
customers with powerful market-leading toolsets to manage, model and utilise
complex equipment data.

 

•              Technical Services: drives repeatable revenues
through expert support for users of Pennant and third-party solutions
including consultancy, support and maintenance, training and bespoke
development.

 

•              Training Systems: project-based revenues relating
to the design and build of hardware, software and virtual training solutions
for maintainers and operators of aircraft, ships and land systems.

 

Pennant is strategically focused on sustainable recurring and repeatable
revenues and profitability growth, shifting its model towards high margin
software and services. Against a climate of rising defence budgets and the
burgeoning technological complexity of military, aviation and rail platforms,
the demand for these solutions is expected to grow substantially.

 

Headquartered in Cheltenham, UK, the Group operates worldwide, with offices in
the UK, North America and Asia-Pacific, serving markets with high barriers to
entry often in regulated industries.

 

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