LONDON (Alliance News) - Westminster Group PLC Wednesday said it has raised GBP1.0 million through the issue of secured convertible loan notes to new strategic investors.
The company said it has issued 1.1 million shares at a reduced price of 25.00 pence each, in order to attract incoming investors. The conversion price under the convertible loan note facility is 35.00p each.
The proceeds will be used for general balance sheet strength and to support ongoing costs and business development, particularly around the launch and expansion of its ferry services and the pursuance of recent developments in the Managed Services division.
Westminster noted that its flagship ferry in West Africa is now booked to depart on around November 9, after the shaft had to be sent to the UK for repairs.
The company also added that it has settled the GBP60,000 consultancy fees owed to strategic partners through the issue of 400,000 shares.
"With the ebola crisis in West Africa now nearing an end and the imminent launch of the ferry service, together with the planned expansion of associated infrastructure and recent developments with growth opportunities of our Managed Services business elsewhere in the world, we continue to be mindful of the cash needs of the business," Chief Executive Peter Fowler said in a statement.
"To those ends I am delighted with the continued support from our existing strategic investors and to welcome additional high quality strategic investors who share our vision and who have invested, at a significant premium, which not only provides additional balance sheet strength but also limits potential dilution to existing shareholders," he added.
Shares in Westminster were trading up 1.5% at 12.06 pence Wednesday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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