viewXTEK Ltd

XTEK chairman adds 200,000 shares to holding

XTEK generated revenue of $37.86 million for FY19, a 119% increase from FY18.

XTEK Ltd - XTEK chairman adds 200,000 shares to holding
The company provides goods and services to the security and defence industry

XTEK Ltd (ASX:XTE) non-executive chairman Uwe Boettcher has added 200,000 shares to his holding in the company, taking his overall holding to 5.62 million shares.

The 200,000 shares have a total value of $90,000.

The issue of the shares to Boettcher comes after approval from shareholders was received at the company’s annual general meeting (AGM) held on 23 November, 2018.

XTEK shares have had a solid August performance, up around 20% for the month to date.

Well-funded following $3.5 million capital raising

XTEK recently raised $3.5 million through a $2.72 million placement of shares priced at 45 cents and a share purchase plan (SPP) raising an additional $0.85 million.

The proceeds from the placement and the SPP will be used to fund the HighCom acquisition, XTEK’s growth in the US market, commercialisation of XTEK’s proprietary technologies, and general working capital.

The acquisition of HighCom supports XTEK’s strategy to commercialise its high-performance ballistic protection products, by accelerating XTclave™ based products’ entry into key target markets in the US.

XTclave™ is a patented manufacturing technology that can produce the world’s lightest and strongest body armour.

XTEK is commercialising its XTclave™ technology through the production of armour products including ballistic plates and helmets that incorporate the technology.

Quick facts: XTEK Ltd

Price: 0.575 AUD

Market: ASX
Market Cap: $40.62 m

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