Repayment of CLN and Mezzanine Loan Facility

RNS Number : 6980J

Westminster Group PLC

04 January 2021

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN  

Westminster Group Plc

('Westminster', the 'Group' or the 'Company')

Repayment of Convertible Loan Notes and Mezzanine Loan Facility

Westminster Group Plc (AIM: WSG), a leading supplier of managed services and technology-based security solutions worldwide, is pleased to announce that, following completion of the Placing and in accordance with the intention detailed in the Company's 3 December 2020 RNS, as at 31 December 2020, the Company has redeemed all remaining Convertible Secured Loan Notes and the Convertible Unsecured Loan Stock, and has fully repaid the Mezzanine Loan Facility from RiverFort and YA II. There were no conversions of the loan notes. 

The repayment of these debts, circa £2.6m in total, not only strengthens the Company's balance sheet but will result in an annual saving of approximately £0.3 million in interest and fees and was a major objective of the recent £5m placing that completed on 22 December 2020. 

Mark Hughes, Chief Financial Officer of Westminster Group, said:

"Following the debt repayment, we now enter 2021 debt free except for small operating leases, with a greatly strengthened balance sheet and in a much stronger position to deal with the current global uncertainties. We also have the funding in place for delivery of existing and potential near-term new contracts, as described in the Circular dated 3 December 2020."

Capitalised terms are as defined in the Company's 7.01 am announcement released on 3 December 2020.

For further information please contact:

Westminster Group Plc	Media enquiries via Walbrook PR
Rt. Hon. Sir Tony Baldry - Chairman
Peter Fowler - Chief Executive Officer
Mark Hughes - Chief Financial Officer
Strand Hanson Limited (Financial & Nominated Adviser)
James Harris	020 7409 3494
Ritchie Balmer Arden Partners plc (Broker)  Richard Johnson (Corporate) Tim Dainton/Simon Johnson (Broking)	020 7614 5900
Walbrook (Investor Relations)
Tom Cooper	020 7933 8780
Paul Vann
Nick Rome	[e-mail]

Notes:

Westminster Group plc is a specialist security and services group operating worldwide via an extensive international network of agents and offices in over 50 countries.

Westminster's principal activity is the design, supply and ongoing support of advanced technology security solutions, encompassing a wide range of surveillance, detection (including Fever 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 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.

The Westminster Group Foundation was formed in 2014 as part of the Group's Corporate Social Responsibility activities.

The Foundation's goal is to support the communities in which the Group operates by working with local partners and other established charities to provide goods or services for the relief of poverty and the advancement of education and healthcare particularly in the developing world.

The Westminster Group Foundation is a Charitable Incorporated Organisation, CIO, registered with the Charities Commission number 1158653.

 

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