Last checked at 8 Jul 2015 07:00
08 July 2015
Westminster Group Plc:
CTAC Settlement
Westminster Group Plc ('Westminster' or the 'Group'), the AIM listed supplier of managed services and technology based security solutions to governments and government agencies, non-governmental organisations (NGO's) and blue chip commercial organisations worldwide, is pleased to announce that it has reached agreement with the vendors of CTAC Limited ("The Vendors") which was acquired in April 2010.
Under the terms of the settlement, which is in line with management's expectations, Westminster will receive the following:
· An initial payment within 28 days;
· A final payment to be made before May 2018 which is secured against assets.
Commenting on the settlement Peter Fowler, Chief Executive of Westminster Group, said:
"We announced in our Trading Statement on 30 June that Agreement had been reached in principle with the vendors of CTAC Limited and that we expected a final resolution to this issue in July 2015. I am therefore pleased to now be able to announce we have secured full and final settlement today.
"With the Ebola issue hopefully coming to an end and the increasing interest in our services from around the world I am pleased this legacy issue has been finalised so that management time can be spent on developing our business."
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 3470 0470 |
Stuart Gledhill/Katy Birkin |
|
|
|
Walbrook PR (Financial PR) | Tel: 020 7933 8780
|
Tom Cooper/Paul Vann | 0797 122 1972 |
| tom.cooper@walbrookpr.com |
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, 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 ferry services, manpower, 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.wsg-corporate.com