Defence Holdings PLC (LSE: ALRT), the UK's first listed software-led defence company, has announced a strategic advisory and equity option agreement with MOONHUB, a UK technology company specialising in immersive training and behavioural performance assessment. The deal marks Defence Holdings' second strategic equity partnership, following its arrangement with OM Defence Systems in May 2026, and represents further development of the Investment pillar within the company's Operating Model. Under the agreement, Defence Holdings will provide advisory support to MOONHUB as it explores defence and national security applications for its proprietary PROMETHEUS training platform, receiving an equity option in return without making any upfront cash investment.

Key Points

  • Defence Holdings PLC (LSE: ALRT) is a UK-based defence technology group and the UK's first listed software-led defence company
  • Defence Holdings has entered a strategic advisory and equity option agreement with MOONHUB, its second such partnership following the OM Defence Systems arrangement in May 2026
  • Defence Holdings will receive an option over 691 B Ordinary Non-Voting Shares, representing 0.50% of MOONHUB's 138,359 fully diluted shares, vesting over four years at an exercise price of £0.01 per share
  • Investors may be watching for further Investment pillar partnerships and progress on PROMETHEUS's commercialisation within defence markets

MOONHUB's PROMETHEUS Platform and Its Potential Defence Applications

MOONHUB has developed PROMETHEUS, a proprietary immersive training platform originally created for commercial applications including physical security and workplace training. The technology combines realistic simulated scenarios with performance assessment tools that measure situational awareness, decision-making, and behavioural responses in controlled environments. MOONHUB is now seeking to extend these capabilities into defence and national security markets, with an initial focus on critical national infrastructure protection. Defence Holdings states it believes PROMETHEUS has potential relevance across a range of defence environments where personnel must identify emerging threats and respond effectively under pressure.

Defence Holdings' Advisory Role and Equity Option Structure Under the MOONHUB Agreement

Under the terms of the agreement, Defence Holdings will join MOONHUB's non-statutory advisory board, with engagement led by Chief Executive Officer Andrew Roughan. The advisory focus will cover assessing credible defence applications for PROMETHEUS, prioritising commercial opportunities alongside MOONHUB's existing enterprise market, and developing routes to market. In consideration for this advisory contribution, Defence Holdings will receive an option over 691 B Ordinary Non-Voting Shares, representing 0.50% of MOONHUB's fully diluted share capital at grant, with no upfront cash investment required. The option vests over four years, with 25% vesting on the first anniversary and the remaining 75% vesting in 36 equal monthly instalments thereafter.

Building Defence Holdings' Investment Pillar Through Capital-Efficient Equity Partnerships

The MOONHUB agreement is the second strategic equity partnership secured under Defence Holdings' Investment pillar strategy, following the OM Defence Systems arrangement announced in May 2026. The company's board states it believes that assembling a diverse range of complementary technologies could strengthen its ability to address a broader set of defence and national security requirements. The MOONHUB partnership adds immersive training and behavioural performance assessment capabilities to Defence Holdings' developing ecosystem, which the company describes as complementing existing interests in threat identification, operational awareness, and security technologies. The arrangement requires no cash outlay from Defence Holdings, making it capital-efficient by design.

Vesting Conditions and Exercise Triggers for the MOONHUB Equity Option

Vested options under the agreement may only be exercised upon a share sale or asset sale of MOONHUB, or before a listing where directed by MOONHUB's board, in accordance with the option agreement and applicable scheme rules. The exercise price is £0.01 per share, and the option must be exercised in full. These conditions mean the equity benefit to Defence Holdings is contingent on a future liquidity event at MOONHUB, representing a company-specific risk that investors may wish to consider when assessing the near-term financial impact of this arrangement on Defence Holdings' Investment pillar.