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XTEK Ltd gains new substantial shareholder

The company is a market leader in high-quality security products to protect the defence forces, police forces and other government agencies.

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XTEK aims to become a leading ballistic armour player

XTEK Ltd (ASX:XTE) has a new substantial shareholder in John Emmery Kennedy and Mark Philip Rack.

Joint owners Kennedy and Rack became a substantial shareholder on July 7, 2019 with a total of 2.5 million ordinary shares and increasing their stake in the company to 5.16%.

This move comes after XTEK directors participated in the share purchase plan (SPP) announced on July 17 following the acquisition of HighCom and the successful completion of the oversubscribed placement of $2.7 million.

The company is now well-funded to execute its operational strategy.

Moving into the space industry

In July the company, along with the Australian Space Agency entered into a joint statement of strategic intent and cooperation.

The statement outlined an intention to leverage the capabilities of XTEK to help highlight investment opportunities in the Australian space sector.

XTEK’s managing director Philippe Odouard said: “XTEK has in-depth process engineering knowledge, product development and prototyping capabilities which enable it to provide the necessary design, build and testing support to Australia’s space sector.”

The company intends to build, design and test capabilities through several ongoing space application projects including the development of new space craft and launcher systems.

Quick facts: Xtek Ltd

Price: 0.73 AUD

ASX:XTE
Market: ASX
Market Cap: $38.5 m
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