Placing and Appointment of Jo

RNS Number : 5000R

Westminster Group PLC

24 August 2010

 



24^th August 2010

Westminster Group Plc:

Placing of 2,525,000 New Ordinary Shares at a Placing Price of 20 pence to raise £505,000 before expenses, and

Appointment of XCAP Securities PLC as joint Broker

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 successfully placed 2,525,000 New Ordinary Shares of 10p each in the ordinary share capital of Westminster (the 'Placing Shares') at a Placing Price of 20p each to raise £505,000 before expenses (the 'Placing').

The Placing Shares have been placed by XCAP Securities PLC ('XCAP') with institutional and other investors.  The proceeds of the Placing will be used to supplement the working capital requirements of Westminster Group, notably in the area of business development and bid tendering.

Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM.  It is expected that such Admission will become effective and that dealings will commence at 8.00 a.m. on 27 August 2010. Following Admission, the total issued share capital of the Company will be 20,255,754 ordinary shares.  The Placing Shares will, when issued, rank pari passu in all respects with the existing ordinary shares of Westminster.

Additionally, XCAP has been appointed as joint Broker to the Company.

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

"The reasons for coming to AIM were to raise Westminster's profile and to accelerate the Sales & Marketing activities of the Group, particularly in Middle East and Africa, where we have seen significant interest in our services and have won considerable business.

"This Placing supports an increased level of new business activity and, critically, enables us to post more 'bid bonds' for potentially lucrative contracts that have reached tender stage. 

"The momentum in the business is a positive illustration of the exclusive position that Westminster holds in its market."

Enquiries:

Peter Fowler                                       01295 756 300

Chief Executive - Westminster Group Plc

Nicholas Mearing-Smith                      01295 756 300

Finance Director - Westminster Group Plc

Nandita Sahgal                                    020 7107 8000

Catherine Leftley

Seymour Pierce

John Grant / Karen Kelly

XCAP Securities PLC                         020 7101 7070

Tom Cooper / Paul Vann                     0117 985 8989

Winningtons Financial                         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, 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.

 

END

 

 

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