REG - Westminster Group - Issue of Equity <Origin Href="QuoteRef">WSG.L</Origin>

WestminsterAnnouncement

30/09/2015 16:00

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RNS Number : 7911A
Westminster Group PLC
30 September 2015 
 
30 September 2015 
 
Westminster Group Plc: 
 
Issue of Equity 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 that due to demand
for the Company's ordinary shares, the issue of 2,767,674 ordinary shares of
10p each ("Conversion Shares") pursuant to the conversion of loan notes by
Darwin Capital Ltd ("Darwin"). 
 
On 30 September 2015 the Company received a notice of exercise by Darwin to
convert £350,000 zero coupon senior unsecured convertible loan notes, as
detailed in the announcement dated 22 April 2015, into equity. 
 
The conversion price for these loan notes is 12.646 pence; calculated as the
lessor of i) 39 pence and ii) 90% of the arithmetic average of the five lowest
daily volume weighted average share price calculations per ordinary share out
of the ten trading days prior to conversion. As detailed in the Company's
announcement on 22 April 2015, the parties have also agreed to certain
limitations on conversion volumes throughout the duration of the loan notes. 
 
The balance outstanding on this loan is now £1.050m and there has been a total
reduction of 36.3% since drawdown. 
 
Application will be made for the Conversion Shares, which will rank pari passu
with 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 around 6 October 2015
('Admission'). 
 
Total Voting Rights 
 
Following Admission, the total issued share capital of the Company consists of
59,268,331 Ordinary Shares of 10p each with voting rights. The Company does
not hold any ordinary shares in treasury. Therefore, the total number of
voting rights in the Company is 59,268,331 and this figure 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                                                                
                                                                                
 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