The company has issued 4 million new shares, or 16.49 percent of the enlarged capital, at 25 pence per share. The stock started today’s session at 21p, and rose more than 7 percent in early deals to 22.5p.
Chief executive Peter Fowler said: “This investment in Westminster by a high net worth investor, at a premium to the current share price, is a significant endorsement of our business. The international profile of the group and the successful project installations of the last few years have firmly established Westminster as a respected force in the bespoke global security and defence solutions markets.
We are focused on delivering significant growth and this investment will assist us in furthering our growth plans accordingly, whilst at the same time giving us the option, if needed, to reduce the group's borrowings significantly."
The loan notes were repayable by Westminster or convertible into shares in 2014. The group announced today that it has agreed to use its best endeavours to redeem these loan notes early.
Westminster's principal activity is the design, supply and ongoing support of advanced technology security solutions, risk assessments and close protection services worldwide.
These can range from product only assignments, such as the supply of specialised scanners, to the design and implementation of an integrated system solution such as a border detection and surveillance system. The majority of its customer base, by value, comprises governments and government agencies, non-governmental organisations and blue chip commercial organisations.
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