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LONDON (Alliance News) - Security services company Westminster Group PLC said Friday it has raised GBP1.3 million in a share placing and subscription, and said that in light of this, the capital reconstruction it was considering is no longer necessary and will not be pursued.
Westminster placed 10 million shares with Hargreave Hale at 10 pence each, and for every two placing shares Hargreave Hale Ltd also will get a detachable warrant over shares valid for three years, exercisable at 12 pence.
Another undisclosed institutional investor subscribed for and additional 3 million shares at 10p but will not receive any warrants.
Shares in Westminster were up 55% at 13.20p Friday.
Last month Westminster had said it was undertaking a strategic review of its business, and would need additional near term financing. At that time it had said it was considering a number of options, and was finalising plans for a capital reconstruction which would reduce its nominal share capital to 1.0 pence. However, Friday it said this capital reconstruction was no longer considered necessary.
"We are pleased to have the support of institutional investors, and I am delighted that Hargreave Hale have substantially increased their investment in Westminster to support the major growth opportunities we have in our managed services business. Any one of these major opportunities could be transformational for the group. We are currently undertaking our strategic review and we look to this, combined with the support of new investment, to deliver value against a compelling market backdrop for our services for all shareholders," said Chief Financial Officer Ian Selby in a statement.
In a separate statement, Westminster said its planned second 70 seater ferry vessel, the Sierra Princess, left port on the back of a delivery vessel on May 6 and is due to arrive in Sierra Leone around June 21 2016. However, Its Sierra Queen ferry is still awaiting access to the shipyard slip in order to undertake repairs, due to the current vessel occupying the slip taking longer than expected to complete its own repairs.
Westminster said the latest indication is that the slip will be available around the third week of June.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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