REG - Westminster Group - Extension of Convertible Loan Notes

WestminsterAnnouncement

31/03/2020 07:00

RNS Number : 1241I
  
Westminster Group PLC
  
31 March 2020
  
 

 
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')
Extension of Convertible Loan Notes to 1 May 2021
 
 
Westminster Group Plc (AIM: WSG), a leading supplier of managed services and technology-based security solutions worldwide, is pleased to announce that in view of the Coronavirus (COVID-19) pandemic it has received the required support and agreement from noteholders to extend the maturity date of its Convertible Secured Loan Notes ("CLNs") to 1 May 2021. 
 
As previously announced, the Company had commenced a staged redemption programme of its CLNs in January 2020, reducing the outstanding amount by £561,250 to £1,683,750, which was then expected to be fully redeemed before the previous maturity date of 30 June 2020. This extension provides the Company with the flexibility to make redemptions at any time up to 1 May 2021, thereby prudently conserving cash during the current uncertain times, although the Company will still look to make redemptions at the earliest opportunity as and when appropriate. All other terms of the CLNs remain unchanged.
 
 
For further information please contact:
 




Westminster Group Plc


Media enquiries via Walbrook PR




Rt. Hon. Sir Tony Baldry - Chairman


 




Peter Fowler - Chief Executive Officer


 




Mark Hughes - Chief Financial Officer


 




 


 




S. P. Angel Corporate Finance LLP (NOMAD & Broker)


 




Stuart Gledhill


020 3470 0470




Caroline Rowe


 




 


 




Walbrook (Investor Relations)


 




Tom Cooper


020 7933 8780




Paul Vann


 




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 (including Fever 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.
 


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