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.

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