Issue of Equity

RNS Number : 7911A

Westminster Group PLC

30 September 2015

 

30 September 2015

Westminster Group Plc:

Issue of Equity and Total Voting Rights

Westminster Group Plc ('Westminster' or the 'Company'), the AIM listed supplier of managed services and technology based security solutions to governments and government agencies, non-governmental organisations (NGO's) and blue chip commercial organisations worldwide, announces that due to demand for the Company's ordinary shares, the issue of 2,767,674 ordinary shares of 10p each ("Conversion Shares") pursuant to the conversion of loan notes by Darwin Capital Ltd ("Darwin").

On 30 September 2015 the Company received a notice of exercise by Darwin to convert £350,000 zero coupon senior unsecured convertible loan notes, as detailed in the announcement dated 22 April 2015, into equity.

The conversion price for these loan notes is 12.646 pence; calculated as the lessor of i) 39 pence and ii) 90% of the arithmetic average of the five lowest daily volume weighted average share price calculations per ordinary share out of the ten trading days prior to conversion. As detailed in the Company's announcement on 22 April 2015, the parties have also agreed to certain limitations on conversion volumes throughout the duration of the loan notes.

The balance outstanding on this loan is now £1.050m and there has been a total reduction of 36.3% since drawdown.

Application will be made for the Conversion Shares, which will rank pari passu with the Company's existing issued Ordinary Shares, to be admitted to trading on AIM. It is expected that admission will become effective and that trading in the Conversion Shares will commence on or around 6 October 2015 ('Admission').

Total Voting Rights

Following Admission, the total issued share capital of the Company consists of 59,268,331 Ordinary Shares of 10p each with voting rights. The Company does not hold any ordinary shares in treasury. Therefore, the total number of voting rights in the Company is 59,268,331 and this figure 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 contact:

Westminster Group plc.	Tel: [phone]
Peter Fowler (Chief Executive)
Ian Selby (Chief Financial Officer)
S. P. Angel Corporate Finance LLP (NOMAD + Broker)	Tel: [phone]
Stuart Gledhill
Walbrook PR (Financial PR)	Tel: [phone]
Tom Cooper/Paul Vann	0797 122 1972
	[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, 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 ferry services, manpower, 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.wsg-corporate.com  

 

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