Last checked at 24 Aug 2010 07:00
24th August 2010
Westminster Group Plc:
Placing of 2,525,000 New Ordinary Shares at a Placing Price of 20 pence to raise £505,000 before expenses, and
Appointment of XCAP Securities PLC as joint Broker
Westminster Group Plc ('Westminster' or 'the Group'), the AIM listed supplier of system solutions and products to the security, defence, fire protection and safety markets worldwide, announces that it has successfully placed 2,525,000 New Ordinary Shares of 10p each in the ordinary share capital of Westminster (the 'Placing Shares') at a Placing Price of 20p each to raise £505,000 before expenses (the 'Placing').
The Placing Shares have been placed by XCAP Securities PLC ('XCAP') with institutional and other investors. The proceeds of the Placing will be used to supplement the working capital requirements of Westminster Group, notably in the area of business development and bid tendering.
Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM. It is expected that such Admission will become effective and that dealings will commence at 8.00 a.m. on 27 August 2010. Following Admission, the total issued share capital of the Company will be 20,255,754 ordinary shares. The Placing Shares will, when issued, rank pari passu in all respects with the existing ordinary shares of Westminster.
Additionally, XCAP has been appointed as joint Broker to the Company.
Commenting on the placing Peter Fowler, Chief Executive of Westminster Group, said:
"The reasons for coming to AIM were to raise Westminster's profile and to accelerate the Sales & Marketing activities of the Group, particularly in Middle East and Africa, where we have seen significant interest in our services and have won considerable business.
"This Placing supports an increased level of new business activity and, critically, enables us to post more 'bid bonds' for potentially lucrative contracts that have reached tender stage.
"The momentum in the business is a positive illustration of the exclusive position that Westminster holds in its market."
Enquiries:
Peter Fowler 01295 756 300
Chief Executive - Westminster Group Plc
Nicholas Mearing-Smith 01295 756 300
Finance Director - Westminster Group Plc
Nandita Sahgal 020 7107 8000
Catherine Leftley
Seymour Pierce
John Grant / Karen Kelly
XCAP Securities PLC 020 7101 7070
Tom Cooper / Paul Vann 0117 985 8989
Winningtons Financial 0797 122 1972
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, risk assessments and close protection services. These can range from product only assignments, such as the supply of specialised scanners, to the design and implementation of an integrated system solution such as a border detection and surveillance system. The majority of its customer base, by value, comprises governments and government agencies, non governmental organisations and blue chip commercial organisations.