Last checked at 25 May 2018 07:01
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014
Westminster Group Plc
('Westminster', the 'Group' or the 'Company')
Extension of Convertible Secured Loan Note
Westminster Group Plc (AIM: WSG), a leading supplier of managed services and technology-based security solutions worldwide, is pleased to announce that it has agreed to extend the duration of its Convertible Secured Loan Note ("CLN") by at least a further 12 months.
Variation of 2016 Convertible Secured Loan Note
On 19 June 2013, the Company issued a CLN enabling the drawdown of a maximum of £4m, with a three year duration, a 10% annual coupon and a conversion price of 35 pence per share. This was subsequently extended in April 2015 to extend the maturity date to June 2018.
There is currently principal of £2.245m of CLN outstanding and, with maturity getting close, agreement has been reached to extend the term of the CLN to 30 June 2019 at a coupon of 12%. The Company also has an option to extend the term further to 31 December 2019 at a higher coupon of 15%. The conversion price has also been reduced to 25p per share.
All other terms of the CLN remain unchanged and the CLN holders may convert at any time during the term of the instrument at the holder's option while Westminster may repay the CLN without penalty or force conversion subject to previously agreed price triggers. The CLNs are listed on The International Stock Exchange (TISE), formerly the Channel Islands Securities Exchange.
For further information, please contact:
Westminster Group Plc | Media enquiries via Walbrook PR |
Rt. Hon. Sir Tony Baldry - Chairman |
|
Peter Fowler - Chief Executive Officer |
|
Martin Boden - Chief Financial Officer |
|
|
|
S. P. Angel Corporate Finance LLP (NOMAD & Broker) |
|
Stuart Gledhill | 020 3470 0470 |
Lindsay Mair |
|
Caroline Rowe |
|
|
|
Walbrook (Investor Relations) |
|
Tom Cooper | 020 7933 8780 |
Paul Vann | 0797 122 1972 |
| tom.cooper@walbrookpr.com |
Notes:
Westminster Group plc is a specialist security and services group operating worldwide through an international network of agents and offices in over 50 countries.
Westminster's principal activity is the design, supply and on-going 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 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.