XTEK Limited has announced its decision to consider a proposed name change to HighCom Limited.
The company says it is proposing to seek shareholder approval at the upcoming Annual General Meeting on 23 November 2023, to change the name from XTEK Limited to HighCom Limited and amend the Company Constitution accordingly.
The Group expects the new ASX ticker code will be HCL.
XTEK says its Board believes that the name change will better reflect the long-term value creation potential for shareholders now being generated by the Group’s “HighCom” ballistic armour brand, through its commercial business operations with Military, Law Enforcement Agencies, and Government customers, in the US and around the world.
The Group intends to retain the current two operating divisional structure, with the Technology Division being simply called “HighCom Technology” moving forward and focus its efforts on the sales and maintenance support services of Small Uncrewed Arial Systems (SUAS).
XTEK adds that its technology division business will continue to be a revenue-generating part of the Group’s overall operations, especially after having just signed a 10-year, potential $110m+ Support Contract with the Australian Department of Defence.
The company’s employees will continue to be collocated within its corporate headquarters in Canberra, ACT.
