Falanx Group Limited
(“Falanx” or “the Company”)
Contract Win and Directorate Change
Falanx (AIM:FLX), the global intelligence, security and cyber defence provider, announces a multi-year contract win and the appointment of a new Chief Financial Officer (CFO).
The Board is pleased to announce winning a new 3-year managed Cyber Security service contract with a premier UK Health Sector organisation, which has been a valued client of Falanx for over two years. This will generate in excess of £250,000 of revenues for Falanx during the course of the contract, further improving visibility of forward earnings.
This valued client of over two years, now enjoys the benefit of all the Falanx product offerings of Assess, Consult, Monitor and Response. This new contract provides an expansion of our Protective Monitoring service to provide more comprehensive coverage of the IT estate.
In addition, the Falanx Cyber ‘Incident Response’ service will provide 24/7 coverage to contain and protect infrastructure in the event of a breach or data leakage. This extension of cover allows the Falanx team to immediately isolate the part of the network that has been detected as compromised from within the Falanx SOC (Security Operations Centre), whilst remediation takes place.
Appointment of Ian Selby as Chief Financial Officer
Ian has been appointed to the Board with effect from 15th January 2018 and is a Chartered Accountant with significant experience in the technology, security and business services sectors. He was previously the CFO of AIM listed Westminster Group plc where he supported the development of their successful managed services business and the raising of the associated financing. Before this he was Group Finance Director of Zenith Hygiene Group plc, where he was instrumental in executing a successful trade sale and prior to this was the CFO of a listed software company focused on financial and public sectors.
Ian has extensive experience including due diligence, M&A, fundraising, working capital improvements, bank and mezzanine debt, and operational finance management. Earlier in his career he held international finance roles in listed technology companies including Halliburton Inc, Sybase Inc and Micro Focus plc. He qualified as a Chartered Accountant with Coopers & Lybrand Deloitte and holds a degree in Physics from the University of Birmingham.
Pursuant to Rule 17 and Schedule 2(g) of the AIM Rules for Companies, the following information is disclosed in respect of Ian Robert Selby aged 51.
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There are no further disclosures to be made under Schedule 2(g) of the AIM Rules for Companies.
Mike Read, Chairman and CEO, commented:
“I am delighted to report the extension and increase of services to one of our most valued clients in the Health Sector. This further demonstrates our ability to successfully migrate clients consuming traditional cyber test and consultancy services into managed monitoring of their network with our proprietary platform and on-call response.
I am also very pleased to welcome Ian Selby to our team. Ian comes with an extremely strong background in assisting the development of successful businesses and knowledge of AIM. I am sure he will be an extremely valued and influential member of our team as we continue to grow.”
Issue of Equity and Warrants
Under the terms of the Joint Brokership announced on 13 September 2017 the Company has issued 166,667 new ordinary shares (“Ordinary Shares”) and the Warrants described below in the Company at a price of 7.5 pence each to Beaufort Securities Limited as consideration for corporate broking fees.
Application will be made for the Ordinary Shares to be admitted to trading on AIM and dealings in these shares are expected to commence on 18 January 2018.
The new Ordinary Shares will rank pari passu with the existing Ordinary Shares in issue. Following Admission, the Company’s total issued share capital will comprise 157,456,742 Ordinary Shares. This number may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules
The Company has issued the following warrants to Beaufort Securities:
1. 250,000 warrants with exercise price of 10p with 3 year life (exercisable if share price exceeds 15p for 3 months)
2. 250,000 warrants with exercise price of 15p with 3 year life (exercisable if share price exceeds 20p for 3 months)
3. 250,000 warrants with exercise price of 20p with 3 year life (exercisable if share price is above 25p for 3 months)
Falanx Group Limited
Mike Read, Chairman and CEO
SPARK Advisory Partners Limited
Matt Davis / James Keeshan +44 (0) 203 368 3551
Turner Pope Investments (TPI) Ltd
Ben Turner / James Pope
IFC Advisory Ltd
Financial PR & IR
Miles Nolan +44 (0) 203 621 4120
+44 (0) 207 382 8300
+44 (0) 203 934 6630
Falanx Group Limited, is a global intelligence and cyber defence provider working with blue chip and government clients. The Group listed on AIM in June 2013 under ticker FLX For more information: http://www.falanxgroup.com/
This announcement contains inside information for purposes of Article 7 of Regulation (EU) No 596/2014