Issue of Equity

RNS Number : 7230S

Westminster Group PLC

11 November 2013

 



11 November 2013

Westminster Group plc

('Westminster' or the 'Company')

Issue of Equity

Westminster (AIM:WSG), the AIM listed supplier of system solutions and products to the security, defence and safety markets worldwide, is pleased to announce that it has raised £533,468 via a draw down on its Equity Financing Facility ("EFF") with Darwin Strategic Limited ("Darwin"), a majority owned subsidiary of Henderson Global Investors' Volantis Capital ("Henderson").

Under the terms of the EFF agreement the Company raised gross proceeds of £533,468 by way of the issue of 590,555 new ordinary shares of 10p each to Darwin (the "EFF Shares"). The EFF Shares have been issued at a gross price of 90.33p per share and rank pari passu in all respects with existing ordinary shares of 10p each in Westminster. The price represents an 11.3% premium against the average of the Company's closing share price since the start of October 2013, and an increase of 29% compared to the issue price of the EFF drawdown announced on 30 September 2013. Proceeds will be used for working capital around anticipated project expansion and general balance sheet strength.

Application will be made to the London Stock Exchange for the 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 15 November 2013 ("Admission").

Following Admission, the Company's enlarged issued share capital will comprise of 46,575,803 ordinary shares with voting rights. This figure of 46,575,803 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

For further information please see the company's website, www.wg-plc.com, or contact:

Westminster Group plc	Tel: [phone]
Peter Fowler (Chief Executive)
Ian Selby (Chief Financial Officer)
Darwin Strategic Ltd Anand Sambasivan / Jamie Vickers	Tel: [phone]
S. P. Angel Corporate Finance LLP (NOMAD + 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 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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