REG - Westminster Group - Issue of CLN raising £1.00m <Origin Href="QuoteRef">WSG.L</Origin>

WestminsterAnnouncement

28/10/2015 07:01

RNS Number : 6296D
Westminster Group PLC
28 October 2015
28 October 2015
Westminster Group Plc: 
Issue of Convertible Loan Notes raising 1.00m
Westminster Group Plc ('Westminster' or the 'Company'), the AIM listed supplier of managed services and technology based security solutions to governments and government agencies, non-governmental organisations (NGO's) and blue chip commercial organisations worldwide, is pleased to announcethat ityesterday signed agreements for the issue of secured Convertible Loan Notes ("CLN") to new strategic investors, raising 1.00m gross.
The proceeds are for general balance sheet strength and will support ongoing costs and business development, particularly around the launch and expansion of the ferry services and the pursuance of recent developments in the Managed Services division. 
The CLN facility was originally set up in June 2013 and was varied in April 2015 to attract incoming investors and to extend the repayment date to June 2018. The key terms of the loan notes are: 
 Maturity Date June 2018
 Coupon 10% per annum payable quarterly in arrears
 Conversion price 35p
To attract these incoming strategic investors 1,142,856 new 10p ordinary shares ("Ordinary Shares") have been issued as a bonus to these incoming investors to reduce their average price to 25p from the 35p conversion price in the instrument. The average price of 25p represents an approximate 105% premium relative to the mid-market closing price on 27 October 2015.
In addition, certain consultancy fees of 60,000 due to strategic partners have been settled by the issue of 400,000 new Ordinary Shares.
Application will be made for the aggregate 1,542,856 new shares, which will rank pari passu with the existing Ordinary Shares in the Company, to be admitted to trading on AIM ('Admission'). It is expected that Admission will become effective and dealings will commence at 8:00 a.m. on 2 November 2015. 
Total Voting Rights
In accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the Company hereby announces that following Admission it will have 60,811,187 ordinary shares of 10p each in issue, none of which are held in treasury. Therefore, the total number of voting rights in the Company is 60,811,187. 
The above figure of 60,811,187 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules. 
Commenting Peter Fowler, Chief Executive of Westminster Group, said:
"With the Ebola crisis in West Africa now nearing an end and the imminent launch of the ferry service, together with the planned expansion of associated infrastructure and recent developments with growth opportunities of our Managed Services business elsewhere in the world, we continue to be mindful of the cash needs of the business. To those ends I am delighted with the continued support from our existing strategic investors and to welcome additional high quality strategic investors who share our vision and who have invested, at a significant premium, which not only provides additional balance sheet strength but also limits potential dilution to existing shareholders.
"With regards to the repairs to the ferry itself I am pleased to report that, having waited for availability of the slip, the vessel is now booked to go on around 9 November once the current vessel there has completed its works and we will be commencing ticket pre-sales and marketing in the near future accordingly."
For further information please contact:
Westminster Group plc.
Tel: 01295 756 300
Peter Fowler (Chief Executive)
Ian Selby (Chief Financial Officer)
SP Angel Corporate Finance LLP (NOMAD and Broker)
Tel: 020 3470 0470 
Stuart Gledhill
Walbrook PR (Financial PR)
Tel: 020 7933 8780
Tom Cooper/Paul Vann
0797 122 1972
tom.cooper@walbrookpr.com
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, 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 manned services, 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. For further information please visit www.wsg-corporate.com

This information is provided by RNS
The company news service from the London Stock Exchange
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