REG - Westminster Group - Issue of equity, conversion of loan notes & TVR <Origin Href="QuoteRef">WSG.L</Origin>

WestminsterAnnouncement

28/02/2017 07:06

RNS Number : 9898X
Westminster Group PLC
28 February 2017
Westminster Group Plc: 
Issue of equity, conversion of loan note and Total Voting Rights
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, announces a subscription of 0.6m for new equity to support growth, and the reduction of loan notes pursuant to the conversion of loan notesbyDarwin Capital Ltd ('Darwin') of 0.4m. 
Subscription
To support the development of the Company, with a particular focus on investment in the Managed Services division, the Company has raised 0.6m (gross) of new monies. These have been subscribed for by an investor at a price of 11.625 pence per ordinary 10 pence share. This will result in the issue of 5,161,290 new ordinary 10 pence shares ('the Subscription Shares').
Conversion
The Company has received a notice of exercise by Darwin to convert 400,000zero coupon senior unsecured convertible loan notes, as detailed in the announcement dated 22 November 2016, into equity at a price of 11.625 pence. This is at a premium to the price defined in the instrument and has been agreed by Darwin in support of the Company. This will result in the issue of 3,440,860 new ordinary 10 pence shares ('the Conversion Shares'). This means that the balance outstanding on this loan note is reduced to 500,000 with conversion remaining subject to certain limits on conversion volumes during the remainder of its term. 
Application will be made for the Conversion Shares, which will rankparipassuwith the Company's existing issued Ordinary Shares, to be admitted to trading on AIM. It is expected that admission will become effective and that trading in the Conversion Shares will commence on or around3 March 2017 ('Admission').
Total Voting Rights
In accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the Company hereby announces that following Admission of the Subscription Shares and the Placing Shares it will have 97,938,420 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 97,938,420.
The above figure of 97,938,420 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. 
For further information please contact:
Westminster Group plc.
Tel: 01295 756 300
Peter Fowler (Chief Executive)
Ian Selby (Chief Financial Officer)
S. P. Angel Corporate Finance LLP (NOMAD + Broker)
Tel: 020 3470 0470 
Stuart Gledhill/Lindsay Mair
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 ferry services, 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. 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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