Issue of Equity

RNS Number : 5742N

Westminster Group PLC

10 September 2013

 



10th September 2013

Westminster Group plc

Issue of Equity

Westminster Group Plc. ('Westminster', the 'Group' or the 'Company'), the AIM listed supplier of system solutions and products to the security, defence, fire protection and safety markets worldwide, is pleased to announce that it has raised £700,000 via a draw down on its Equity Financing Facility ("EFF") with Darwin Strategic Limited ("Darwin"), a majority owned subsidiary of Henderson Global Investors' Volantis fund ("Henderson") (as detailed in the announcement made on 18th April 2013).

Under the terms of the EFF agreement the Company has raised gross proceeds of £700,000 by way of the issue of 1,272,727 new ordinary shares of 10p each to Darwin (the "EFF Shares"). The EFF Shares have been issued at a gross price of 55p per share and rank pari passu in all respects with existing ordinary shares of 10p each in Westminster. The price represents a 6.4% premium against the average of the Company's closing share price since the start of August 2013, and an increase of 45% compared to the issue price of the EFF drawdown announced on 15th July 2013.

Commenting on the issue Peter Fowler, Chief Executive of Westminster Group, said:

"This strategic fundraising will allow us to continue the expansion of the business and provide working capital for new projects as well as further reduce our debt and strengthen our balance sheet."

Application will be made to the London Stock Exchange for the 1,272,727 EFF Shares to be admitted to trading on AIM. It is expected that the admission will become effective and that trading in the EFF Shares will commence on 16th September 2013.

For further information please contact:

Westminster Group plc	Tel: [phone]
Peter Fowler (Chief Executive)
Ian Selby (Chief Financial Officer)
S. P. Angel Corporate Finance LLP (NOMAD and Broker)	Tel: [phone]
Stuart Gledhill/Katy Birkin
Winningtons Financial (Financial PR)	Tel: [phone]
Tom Cooper/Paul Vann	0797 122 1972

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, encompassing a wide range of surveillance, detection, tracking and interception technologies and the provision of long term managed services contracts such as the management and running of complete security services and solutions in airports, ports and other such facilities together with the provision of manned services, consultancy and training services. The majority of its customer base, by value, comprises governments and government agencies, non-governmental organisations (NGO's) and blue chip commercial organisations. For further information please visit www.wg-plc.com or www.wi-ltd.com 

 

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