Last checked at 24 Feb 2020 07:00
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN
Westminster Group Plc
('Westminster', the 'Group' or the 'Company')
Reduction of Debt by Redemption of Convertible Loan Notes
Westminster Group Plc (AIM: WSG), a leading supplier of managed services and technology-based security solutions worldwide, is pleased to announce a reduction in its debt position and reduction in financing costs following the redemption of £561,250 worth of its Convertible Secured Loan Notes ("CSLN").
The Company announced on 23 January 2020 that it had commenced a staged redemption programme of the Company's existing £2.245m CSLN, initially issued on 19 June 2013 and amended on 22 May 2019 and which currently carry a 15% coupon. Holders may elect to convert their CSLN at 10p per share in place of cash redemption.
The first stage of this redemption programme (25% of the CSLN) has now been completed, reducing the Company's debt position by £561,250 with a corresponding reduction in its financing costs. The Company intends to continue with its staged redemption programme, which is planned to be completed in advance of the CSLN maturity date of 30 June 2020.
For further information please contact:
Westminster Group Plc | Media enquiries via Walbrook PR |
Rt. Hon. Sir Tony Baldry - Chairman |
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Peter Fowler - Chief Executive Officer |
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Mark Hughes - Chief Financial Officer |
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S. P. Angel Corporate Finance LLP (NOMAD & Broker) |
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Stuart Gledhill | 020 3470 0470 |
Caroline Rowe |
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Walbrook (Investor Relations) |
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Tom Cooper | 020 7933 8780 |
Paul Vann |
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Nick Rome | Westminster@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.