REG - Westminster Group - Half-year Report <Origin Href="QuoteRef">WSG.L</Origin> - Part 2

WestminsterAnnouncement

22/09/2017 07:01

- Part 2: For the preceding part double click  ID:nRSV4984Ra 

                                 437                            798                            916                          
                                                                                                                                                               
 Net changes in working capital:                                                                                                                               
 Decrease/(increase)in inventories                                  150                            (66)                           (141)                        
 Decrease/(increase) in trade and other receivables                 134                            (245)                          (410)                        
 Increase/(decrease) in trade and other payables                    7                              281                            (87)                         
                                                                                                                                                               
 Total changes in working capital                                   291                            (30)                           (638)                        
 
 
11.    Called up share capital 
 
 Ordinary Share Capital                                                  6 months to 30th June 2017  6 months to 30th June 2016  Year to 31st December 2016  
                                                                         Number                      £'000                       Number                      £'000  Number      £'000  
                                                                                                                                                                                       
 At the beginning of the period                                          87,107,903                  8,711                       63,454,538                  6,345  63,454,538  6,345  
 Arising on conversion or convertible loan notes                         10,669,227                  1,067                       6,659,567                   666    10,653,365  1,066  
 Shares issued to Beaufort Securities in settlement of their annual fee  250,000                     25                          -                           -      -           -      
 Arising on exercise of Share options                                    55,000                      4                           -                           -      -           -      
 Other issues for cash                                                   15,161,290                  1,517                       13,000,000                  1,300  13,000,000  1,300  
 At the end of the period                                                113,243,420                 11,324                      83,114,105                  8,311  87,107,903  8,711  
 
 
12.    Borrowings 
 
                                        Six months ended 30 June 2017  Six months ended 30 June 2016  Year ended 31 December 2016  
                                        £'000                          £'000                          £'000                        
 Current borrowings (due < 1 year)                                                                                                 
 Convertible loan note                  2,073                          -                              -                            
                                                                                                                                   
 Total current borrowings               2,073                          -                              -                            
                                                                                                                                   
 Non-current borrowings (due > 1 year)                                                                                             
 Convertible loan note                  -                              2,071                          2,071                        
 Convertible unsecured loan note        -                              472                            952                          
 Other                                  -                              51                             36                           
                                                                                                                                   
 Total non-current borrowings           -                              2,594                          3,059                        
                                                                                                                                   
 Total borrowings                       2,073                          2,594                          3,059                        
 
 
13.    Post balance sheet events 
 
In September 2017, an agreement was reached with Sea Coach Express Limited, to
operate the Sovereign Ferries operation in Sierra Leone. This agreement is
expected to generate a positive contribution to the Group from the ferry
operation, but will require a write down of assets in due course. At the date
of this report the write down as not been quantified but the quantum should be
known when the full year results to 31 December 2017 are available. 
 
In September 2017, an agreement was reached to sell the property transferred
to the Group as part of the CTAC settlement for $132k net of selling fees. The
proceeds are expected to be received in early October and the sale will result
in a gain of $132k being recognised in H2 of the 2017 financial statements. 
 
14.    Approval of interim financial statements 
 
The interim financial statements were approved by the Board of Directors on 21
September 2017. 
 
15.    Copies of interim financial statements 
 
A copy of these interim financial statements is available on the Company's
website, www.wsg-corporate.com  and from the Company Secretary at the
company's registered office, Westminster House, Blacklocks Hill, Banbury,
Oxfordshire, OX17 2BS. 
 
This information is provided by RNS
The company news service from the London Stock Exchange