Issue of Equity to raise £1m

RNS Number : 8985U

Westminster Group PLC

25 October 2010

 



25 October 2010

Westminster Group Plc

Issue of Equity to raise £1,000,000

Westminster Group Plc ('Westminster' or 'the Group'), the AIM listed supplier of system solutions and products to the security, defence, fire protection and safety markets worldwide,  announces that it has issued 4,000,000 new ordinary shares at 25 pence per share ("Subscription Shares") to a new strategic investor raising £1,000,000 ("Subscription"), which represents 16.49% of the Westminster's enlarged issued share capital.

Application has been made for Subscription Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will be effective from 26 October 2010. Following Admission, Westminster will have a total of 24,255,754 Ordinary Shares in issue. 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, Westminster Group Plc under the FSA's Disclosure and Transparency Rules.

In addition, in the announcement of the Company's Interim results to 30 June 2010, the Company informed the market that one of the loan note holders of the Convertible Loan Notes issued in June 2009 had requested early redemption of the loan notes.  In the original Loan Note agreement, the Loan Notes were repayable by Westminster or convertible into Ordinary Shares in 2014. The Board is pleased to announce that the Company has agreed to use its best endeavours to redeem these loan notes early.

Commenting on the placing, Peter Fowler, CEO of Westminster, said:

"This investment in Westminster by a high net worth investor, at a premium to the current share price, is a significant endorsement of our business.  The international profile of the Group and the successful project installations of the last few years have firmly established Westminster as a respected force in the bespoke global security and defence solutions markets.

"We continue to attract the attentions of those requiring global security and defence solutions through our innovative approach and high service standards.  Similarly, this market reputation attracts investors who appreciate the unique position that Westminster holds and can see the growth potential.

"We are focused on delivering significant growth and this investment will assist us in furthering our growth plans accordingly, whilst at the same time giving us the option, if needed, to reduce the Group's borrowings significantly."

Enquiries:

Peter Fowler                                        01295 756 300

Chief Executive - Westminster Group Plc

Nicholas Mearing-Smith                      01295 756 300

Finance Director - Westminster Group Plc

Alex Clarkson                                      0161 831 1512

Nick Cowles

Zeus Capital Limited - Nominated Adviser

John Grant / Karen Kelly                     020 7101 7070

XCAP Securities PLC - Broker    

Tom Cooper/Paul Vann                      0797 122 1972

Winningtons Financial                        [e-mail]

Notes:

Westminster Group plc is a leader in the supply of system solutions and products to the security, defence, fire protection and safety markets worldwide.

Westminster's principal activity is the design, supply and ongoing support of advanced technology security solutions, risk assessments and close protection services. These can range from product only assignments, such as the supply of specialised scanners, to the design and implementation of an integrated system solution such as a border detection and surveillance system. The majority of its customer base, by value, comprises governments and government agencies, non governmental organisations and blue chip commercial organisations.

For further information please visit www.wg-plc.com 

 

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