Last checked at 26 Sep 2017 07:00
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014
Westminster Group Plc
Issue of Equity to raise £750,000
Westminster Group Plc ('Westminster' or the 'Company'), 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 a placing ('Placing') of 7,500,000 new ordinary shares of 10p each ('Ordinary Shares') at 10p per Ordinary Share to raise £750,000 before expenses.
Placing
To support the development of the Company, with a particular focus on preparation for the anticipated Middle East project opportunity in its Managed Services division, the Company has raised £750,000 before expenses by means of an oversubscribed Placing undertaken by Beaufort Securities Limited ("Beaufort"). The Placing will result in the issue of 7,500,000 new Ordinary shares ('Placing Shares') at a price of 10p per share.
The Placing is conditional upon admission of the Placing Shares to trading on AIM becoming effective in accordance with the AIM Rules ("Admission") and the placing agreement between the Company and Beaufort not being terminated in accordance with its terms prior to Admission.
The placing agreement with Beaufort provides for Beaufort to be issued, conditional upon Admission, with 375,000 warrants to subscribe for Ordinary Shares at an exercise price of 10p per share exercisable at any time within 5 years after the date of Admission. This is in addition to the payment of a placing commission and expenses in accordance with the placing agreement.
Total Voting Rights
In accordance with the Financial Conduct Authority's Disclosure and Transparency Rules ('DTRs'), the Company hereby announces that following Admission of the Placing Shares, it will have 120,743,420 Ordinary Shares in issue, none of which are held in treasury. Therefore, the total number of voting rights in the Company is 120,743,420.
The above figure of 120,743,420 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 DTRs.
Application will be made for the Placing Shares, which will rank pari passu with the Company's existing issued Ordinary Shares, to be admitted to trading on AIM. It is expected that admission of the Placing Shares will become effective and trading in the Placing Shares being expected on 10 October 2017 ('Admission').
For further information please contact:
Westminster Group plc. | Tel: 01295 756 300 |
Peter Fowler (Chief Executive) |
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Martin Boden (Chief Financial Officer) |
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S. P. Angel Corporate Finance LLP (NOMAD + Joint Broker) | Tel: 020 3470 0470 |
Stuart Gledhill/Lindsay Mair |
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Beaufort Securities Limited (Joint Broker) | Tel: 020 7382 8300 |
Elliot Hance |
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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 specialist security and services group operating worldwide via an extensive international network of agents and offices in over 50 countries.
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 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.