Issue of Equity

RNS Number : 4327P

Westminster Group PLC

08 February 2019

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014

Westminster Group Plc

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

Issue of Equity to raise £500,000

Westminster Group Plc (AIM: WSG), a leading supplier of managed services and technology based security solutions, is pleased to announce a placing ('Placing') of 5,000,000 new ordinary shares of 10p each ('Ordinary Shares') at 10p per Ordinary Share to raise £500,000 before expenses.

Placing

To further support the development of the Company, with a particular focus on preparation for the various projects outlined in the Business and Trading Update released on 29 January, the Company has conditionally raised £500,000 before expenses by means of a Placing undertaken on behalf of the Company by SVS Securities Plc ('SVS'). The Placing will result in the issue of 5,000,000 new Ordinary shares ('Placing Shares') at a price of 10p per share representing, in aggregate, approximately 3.7% of the issued share capital of the Company as enlarged by the issue of the Placing Shares.

The Placing is conditional upon admission of the Placing Shares to trading on AIM becoming effective in accordance with the AIM Rules ('Admission') and the placing agreement between the Company and SVS becoming unconditional and not being terminated in accordance with its terms prior to Admission.

Application will be made for the Placing 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 dealings in the Placing Shares on AIM will commence at 8:00am on or around 22 February 2019.

Appointment of Joint Broker

With immediate effect, following successful completion of the Placing, the Company has agreed to appoint SVS as joint brokers to the Company.

Extension of Warrants

The Company has agreed with the holder of the 589,330 warrants issued in February 2016 with a strike price of 20.15p to extend the expiry date by one year to 22 February 2020.

Total Voting Rights

In accordance with the Financial Conduct Authority's Disclosure Guidance and Transparency Rules ('DTRs'), the Company hereby announces that following Admission of the Placing Shares, it will have 135,027,511 Ordinary Shares in issue, none of which are held in treasury. Therefore, following Admission the total number of voting rights in the Company is 135,027,511.

The above figure of 135,027,511 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 DTRs.

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
S. P. Angel Corporate Finance LLP (NOMAD & Joint Broker)
Stuart Gledhill	020 3470 0470
Caroline Rowe
SVS Securities PLC (Joint Broker)
Elliot Hance	020 3700 0100
Walbrook (Investor Relations)
Tom Cooper	020 7933 8780
Paul Vann	0797 122 1972
	[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, 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.

 

END

 

 

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