Last checked at 20 Jul 2012 07:00
20th July 2012
Westminster Group Plc:
Appointment of Business Development Advisors for Asia
Westminster Group Plc ('Westminster' or 'the Group'), the AIM listed supplier of system solutions and products to the security, defence, fire protection and safety markets worldwide, is pleased to announce that it has entered into a business development agreement with an overseas company (the 'Business Development Partner') to provide strategic advice and assistance in developing its business in Asian markets.
The Business Development Partner will be incentivised to generate direct incremental revenue for Westminster with a grant of 2.0m options over 10p ordinary shares ('Options'). The Options have an exercise price of 30p each. 0.3m Options vest immediately and the remainder vest on achievement of incremental revenue performance milestones. 0.7m Options vest on achievement of £5m of revenue directly generated by the Business Development Partner within 5 years and a further 1.0m vesting on delivery of £30m revenue directly generated by them within the same period. It is a condition of the option agreement that revenue is defined in accordance with the Group's standard revenue recognition policies, but which has also been paid in full. Westminster will be involved at all stages in client negotiations and product specifications and will have ultimate sanction over contractual terms.
Commenting on the appointment Peter Fowler, Chief Executive of Westminster Group, said:
"Following on from our recent announcement of strategic investors in Asia I am now pleased to welcome on board this partner who I believe will be instrumental in securing significant new business in the region.
"We view Asia as a potentially significant and growing market for Westminster. We believe our recent initiatives and this new appointment will greatly assist our market penetration in the region."
For further information please contact:
Westminster Group plc | Tel: 01295 756 300 |
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Peter Fowler (Chief Executive) |
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| Ian Selby (Chief Financial Officer) | |||
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Fairfax IS Plc (NOMAD + Broker) | Tel: 020 7598 5368 |
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Stuart Gledhill/Katy Birkin |
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Winningtons Financial (Financial PR) | Tel: 020 3176 4722
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Tom Cooper/Paul Vann | 0797 122 1972 |
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Notes:
Westminster Group plc is a leader in the supply of system solutions and products to the security, defence, fire protection and safety markets worldwide.
Westminster's principal activity is the design, supply and ongoing support of advanced technology security solutions, risk assessments and close protection services. These can range from product only assignments, such as the supply of specialised scanners, to the design and implementation of an integrated system solution such as a border detection and surveillance system. The majority of its customer base, by value, comprises governments and government agencies, non governmental organisations and blue chip commercial organisations.