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Shieldtech

  • BY: Andrew Hore |
  • POSTED: 18/10/2010 |

Delays in orders from the UK police for body armour have left Shieldtech short of cash. 

The body armour supplier’s shares have been suspended at 2.5p each, which values the company at £1.32m.

Shieldtech had already admitted that these delays hit the figures for the year to June 2010 but there has been no improvement. None of the tenders to supply body armour for police forces has been completed and the uncertainty over government spending can’t have helped.

Shieldtech is trying to secure additional cash from its bank HSBC, loan note holders and existing and new investors. These talks have not reached a conclusion as yet.

Brookwell owns 15.5% of Shieldtech and Unicorn Asset Management 15.2%.

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