Update on Reduction of Capital

RNS Number : 3028P

Westminster Group PLC

18 October 2021

 

Westminster Group Plc

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

Update on Reduction of Capital

Westminster, the specialist security and services group operating worldwide via an extensive international network of agents and offices in over 50 countries (LSE:WSG), is pleased to provide an update on its proposed reduction of capital.

Following the resolution passed at the Company's Annual General Meeting held on 24 June 2021 to approve, subject to the confirmation of the Court, a reduction of the Company's share capital, the Company has applied to the Court to approve the reduction of capital. As announced previously, the reduction of capital is being carried out in order to create distributable reserves and to eliminate the accumulated losses on the Company's profit and loss account.

The initial directions hearing in relation to the reduction of capital took place on 15 October 2021, with the final hearing to approve the reduction of capital scheduled for 2 November 2021. Subject to the approval of the Court, the reduction of capital will become effective upon the registration of the Court Order with the Registrar of Companies, which is expected to take place on or around 3 November 2021.

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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 is part of the Group's Corporate Social Responsibility activities. www.wg-foundation.org  

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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