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Westminster Group PLC - Banbury, Oxfordshire-based security services provider - Raises GBP5.0 million through placing of 125.0 million shares at a price of 4.0 pence each.
Issue price reflects 37% discount to Wednesday's closing price of 6.3p.
Proceeds from the issue will go toward fully redeeming outstanding convertible loan notes and loan stock, as well as repaying the outstanding balance on Westminster's mezzanine loan facility. Proceeds will be used for working capital projects to support the deployment of existing contracts and prospects.
Placing completion is conditional on shareholder approval at general meeting on December 21. Arden Partners is acting as sole broker. Once completed, Westminster will have 286.5 million shares issued overall.
Current stock price: 4.35 pence
Year-to-date change: down 63%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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