Conversion Notice Received

18 October 2018

Defenx PLC

("Defenx", the "Company" or the "Group")

Conversion Notice received in respect of first draw down under the Convertible Loan

Defenx Plc (AIM: DFX), the cyber-security software group, announces that, following receipt of €150,000 pursuant to the first draw announced on 16 October 2018 (the "First Draw Down") under the Convertible Loan with BV Tech, as announced on 2 October 2018 (the "Announcement"), the Company has received a conversion notice from BV Tech in respect of the First Draw Down (the "First Conversion").

As detailed in the Announcement, the Convertible Loan is convertible, at the sole discretion of BV Tech, into new Ordinary Shares at a price of 8.0 pence per share, subject to the relevant resolutions being approved at the Company's upcoming AGM. Accordingly, subject to the approval of the relevant resolutions at the AGM, due to be held on 31 October 2018, 1,652,232 new Ordinary Shares will be issued to BV Tech pursuant to the First Conversion plus associated accrued interest.

On admission of the new Ordinary Shares, BV Tech will be interested in 17,065,758 Ordinary Shares, representing approximately 57.2 per cent. of the Company's then enlarged share capital.

Admission

Application will be made to the London Stock Exchange for 1,652,232 new Ordinary Shares to be admitted to trading on AIM pursuant to the First Conversion. It is expected that, subject to approval of the relevant resolutions at the AGM, admission will occur at 8.00 a.m. on 1 November 2018.

Following Admission, the Company's total issued share capital will comprise 29,809,802 Ordinary Shares with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, securities of the Company under the FCA's Disclosure Guidance and Transparency Rules. The new Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares in issue, including the right to receive all dividends and other distributions declared.

Capitalised terms in this announcement, unless otherwise defined, have the same meaning as set out in the Announcement.

Enquiries

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

investors.defenx.com