Corero proposes placing of 27m shares

Shares in Corero Network Security dropped over 15 per cent on Friday after the network security and business software provider announced plans to place 27m shares at 15p each with both new and existing shareholders.

Shares in Corero Network Security dropped over 15 per cent on Friday after the network security and business software provider announced plans to place 27m shares at 15p each with both new and existing shareholders.

The proposed placing would raise up to £4.05m before expenses, which would provide ongoing funding for the continued development of the company's 'First Line of Defense' product proposition, which prevents unwanted data traffic from reaching and overwhelming firewalls and other infrastructure components.

8.13m new ordinary shares will be placed with new and exisiting shareholders, while a conditional subscription of 18.87m shares will be made by certain directors of the company.

The group used the announcement as an opportunity to update investors on its recent performance, saying that its Business Systems division performed strongly in 2012 and said this strong growth expected to continue.

In addition, Corero said its Network Security division has a differentiated network security offering which, together with the infrastructure which has now been established, provides the platform from which to grow the business.

The share price fell 15.38% to 16.50p on Friday.

NR

Recommended

The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into
2 Mar 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
27 Feb 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023

Most Popular

5 top UK tech stocks
Investments

5 top UK tech stocks

The UK market has never been considered a fertile hunting ground for tech stars. But there are plenty of promising companies beyond the old economy, s…
23 Mar 2023
Where will house prices go in 2023?
House prices

Where will house prices go in 2023?

We explore what could happen to house prices in 2023 as the market continues to slow down.
24 Mar 2023
Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Ofgem’s price cap is now predicted to fall below £2,000, based on average typical use, from July, for the first time since 2022. We have all the detai…
21 Mar 2023