Last checked at 10 May 2018 16:18
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')
Major Middle East Project Opportunity Update
Westminster Group Plc (AIM: WSG), a leading supplier of managed services and technology-based security solutions worldwide, provides the following update on its previously announced major Middle Eastern long-term project opportunity which is located in the Islamic Republic of Iran.
Whilst the contract has been signed, it is awaiting an exchange of board approval letters before it becomes effective. The announcement by President Trump on Tuesday that the United States of America is unilaterally withdrawing from the Iran Joint Comprehensive Plan Of Action (JCPOA) agreement has created uncertainty both in Iran and the international business community and impacts Westminster's project which is at one of the 60+ airports in Iran. It should be noted that the Company considers that services and equipment anticipated to be supplied by Westminster fall outside any current sanctions and the Company has gone to great lengths to ensure compliance with international regulations and sanctions towards which end It has received considerable UK Government support.
Following the JCPOA developments and initial discussions with Westminster's customer and commercial partners, the Board of Westminster has taken the decision to place the project on hold whilst the Company further investigates the impact of the US withdrawal from the JCPOA and the implications for the Company's supply chain including the potential replacement of some equipment suppliers.
The Company notes that other signatories to the JCPOA agreement, being China, Russia, Germany, France and the UK, have all stated their continued support for the agreement as have the European Union, the United Nations, the International Atomic Energy Agency and most other leading countries around the world. Germany, France and the United Kingdom have jointly vowed to uphold the JCPOA agreement and the EU is considering putting measures in place to protect European companies.
The Company will continue to monitor ongoing political and economic developments around this issue and provide further updates as appropriate.
The Group has a strong pipeline of other project opportunities in both its managed services and technology divisions. The Company expects to release its full year results on 25 May and will include further details at this time.
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.