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(Sharecast News) - AIM-listed Westminster Group said on Thursday that it has conditionally raised around £5m in a share placing to help support "the initial deployment of long-term multi-million pound annual recurring revenue prospects in advanced stages of negotiation".
The company placed 125m new ordinary shares, or 44% of its issue share capital, at 4p each, with new institutional, other and existing investors in an accelerated bookbuild.
Chief executive officer Peter Fowler said: "We have spent a number of years investing in our business, building our global presence and developing an impressive pipeline of large-scale opportunities, each of which, if secured, would lead to multi-million GBP step changes in growth. Accordingly, the board and I believe we are now at an inflection point in our growth trajectory.
"This investment will assist us in delivering on this substantial growth potential and put the Company in a stronger position for the next stage of its development by providing working capital to support the growth and delivery of the pipeline of near-term potential major projects, together with recently secured contracts, whilst also strengthening its balance sheet by the removal of debt, saving some £0.3 million in annual interest and fees."
Fowler noted that the placing was oversubscribed.
1 Nov 2022 12:26
IN BRIEF: Westminster shares plunge as annual revenue expected to drop
Westminster Group PLC - London-based provider of security services for sensitive places such as ports, airports and commercial buildings - Says it expects revenue to be around a third lower than market expectations for 2022 and loss before tax to be around half that of 2021.
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