Charles Russell Speechlys advises Allenby Capital as nominated adviser and broker on ECSC Group placing
Charles Russell Speechlys has advised Allenby Capital (as nominated adviser and broker) on a placing of shares for AIM-listed ECSC Group plc, a provider of cyber security services.
ECSC has experienced continued organic growth, driven by market demand as a result of an increasing awareness of cyber security within corporate boardrooms, and a strategy to deliver cyber security services to meet the evolving challenges that its clients face.
One of the impacts of COVID-19 has been a move to more remote and cloud-based working by organisations, which the directors believe will lead to an increased need for cyber security. It was therefore considered appropriate to undertake the placing at the current time in order to strengthen the company's financial position and provide the resources necessary to ensure it is sufficiently well capitalised to take advantage of these longer-term opportunities.
Ian Mann, Chief Executive Officer of ECSC, commented: "In addition to enhancing our cash position, this placing helps us to prepare for post COVID-19 opportunities. Current rapid changes in remote working comes with increased cyber security risks and ECSC continues to be ideally placed to help organisations prevent, detect and respond to the resulting incidents."
Andrew Collins commented: “It is heartening that even in these times of lock-down, the equity capital markets are still functioning, and companies are able to raise funds.”
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