Last checked at 7 Apr 2014 07:00
7 April 2014
Westminster Group Plc:
Conversion of Loan Note and Reduction in Debt
Westminster Group Plc ('Westminster', 'the Group' or 'the Company'), the AIM listed supplier of advanced security and defence equipment, services and solutions worldwide, is pleased to announce a further reduction in its debt position and reduction in financing costs.
The Company has received notices from holders of the 10% secured Convertible Loan Note ("CLN") which was issued on 19 June 2013, that they intend to convert £220,000 of the CLN into new ordinary shares of 10 pence each. The conversion rate is 35 pence of CLN converts into 1 ordinary share of 10 pence nominal value. Therefore the Group will be issuing 628,571 new ordinary shares. This will reduce the Group's annual cash interest cost by a further £22,000. This means that following conversion the Group will now only have outstanding debt of £0.575m which marks a reduction of 83% since June 2013 and reduces the annualised cash interest cost to £0.06m
Application has been made to the London Stock Exchange for the 628,571 ordinary shares ('New Shares') to be admitted to trading on AIM. It is expected that the admission will become effective and that trading in the New Shares will commence on or around 10 April 2014 ("Admission")
Total Voting Rights
Following Admission of the 628,571 New Shares, the Company's enlarged issued share capital will comprise of 48,172,412 ordinary shares with voting rights. This figure of 48,172,412 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
For further information please contact:
Westminster Group plc | Tel: 01295 756 300 |
Peter Fowler (Chief Executive) | |
Ian Selby (Chief Financial Officer) | |
S. P. Angel Corporate Finance LLP (NOMAD + Broker) | Tel: 020 3463 2260 |
Stuart Gledhill/Katy Birkin | |
Winningtons Financial (Financial PR) | Tel: 020 3176 4722 |
Tom Cooper/Paul Vann | 0797 122 1972 |
Notes:
Westminster Group plc is a leader in the supply of system solutions and products to the security, defence and safety markets worldwide.
Westminster's principal activity is the design, supply and ongoing support of advanced technology security solutions, encompassing a wide range of surveillance, detection, tracking and interception technologies and the provision of long term managed services contracts such as the management and running of complete security services and solutions in airports, ports and other such facilities together with the provision of manned services, consultancy and training services. The majority of its customer base, by value, comprises governments and government agencies, non-governmental organisations (NGO's) and blue chip commercial organisations. For further information please visit www.wi-ltd.com