Xtek Ltd (ASX:XTE) non-executive director and chairman of the board Uwe Daniel Boettcher has acquired 30,000 shares in the company for 43 cents per share.
The direct purchase by Boettcher on behalf of the Boettcher Superfund Account means he now holds a total of 5,656,929 shares.
Commercial XTclave™ order
The company recently secured the first commercial order for its XTclave™ manufactured ballistic armour plates from Tote Systems Australia which will be used in the field by an Australian specialist law enforcement unit.
The order will provide an extremely lightweight armour solution, in synergy with TOTE soft armour and Tactical Vest system.
Xtek solutions for the defence force and law enforcement
Defence market remains strong
The company is confident that strong demand from the defence industry shows that XTEK is underpinned by the favourable global defence market and significant global defence budgets, that are typically uncorrelated with markets.
In light of the recent global public health situation, XTEK is taking precautionary measures to ensure the safety of its staff, continuity of business and will continue to manage the situation vigilantly.
However, given that government budgets are already set, XTEK expects purchasing cycle in the defence sector is unlikely to change in the short to medium term and expects to continue to see robust demand and growing interest in products.