Petards, the AIM quoted developer of advanced security and surveillance systems, announces the result of its Open Offer to raise up to £1,125 million (before expenses) through the issue of up to 4,500,000 New Ordinary Shares at 25 pence per New Ordinary Share.|

All capitalised terms in this announcement are as defined in the Circular of the Company dated 26 October 2012.

The Company has received valid acceptances in respect of 3,153,047 Open Offer Shares from Qualifying Shareholders. This represents approximately 70.08 per cent. of the Open Offer shares offered. All eligible applications received from Qualifying Shareholders will be allocated their pre-emption entitlements and all eligible application under the Excess Application Facility will be allocated their Open Offer Shares as applied for.

The 1,346,298 New Ordinary Shares not subscribed for in the Open Offer will now be the subject of the Placing to be conducted over the next few days.

A further announcement in respect of the Placing is expected to be made on or about 20 November 2012.
 
Admission, settlement and dealings

Application will be made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM. It is expected that such Admission will become effective and that dealings will commence at 8.00 a.m. on 22 November 2012.