Sepura secures NYC Transit contract, goes ahead with placing

The London-listed group previously announced on 4 April that it had received a ‘Notice to Proceed’, pending the signing of the full contract by its partner.

It said the contract, valued at $34m, covers system design, project management and the supply of 40 base stations together with a Teltronic CeCoCo Command and Control solution, and around 7,500 terminals.

“This contract endorses both our acquisition of Teltronic and our strategy to focus on both the global transport sector and developing our business in North America - the two fastest growing segments for TETRA,” said Sepura chief executive Gordon Watling.

In a separate announcement on Friday, Sepura announced that at the general meeting held during the day to approve the firm placing, placing and open offer to raise £65m of gross proceeds, all resolutions were duly passed.

The board said admission of the new shares was expected to occur on or before 0800 BST on 18 July.