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(Alliance News) - Westminster Group PLC on Monday said it has reduced debt and financing costs following a GBP561,250 loan note redemption.
Shares were down 7.0% at 10.00 pence in London in afternoon trading.
The Banbury-based security company, which makes products such as shipping container scanners, announced back in January it had begun a staged redemption programme of its GBP2.2 million convertible secured loan notes. These were initially issued in June 2013 but then amended in May 2019.
The notes have a 15% coupon, and noteholders can choose to convert the notes at 10 pence per share instead of a cash redemption.
Stage one of the programme, which involves redeeming a quarter of the convertible secured notes, is complete, cutting Westminster's debt position by a total of GBP561,250 and resulting in a corresponding financing cost reduction.
The staged redemption programme is set to complete before the maturity date of June 30, 2020.
By Anna Farley; annafarley@alliancenews.com
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