Source - LSE Regulatory
RNS Number : 6980J
Westminster Group PLC
04 January 2021
 

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN 

 

Westminster Group Plc

('Westminster', the 'Group' or the 'Company')

 

Repayment of Convertible Loan Notes and Mezzanine Loan Facility

 

 

Westminster Group Plc (AIM: WSG), a leading supplier of managed services and technology-based security solutions worldwide, is pleased to announce that, following completion of the Placing and in accordance with the intention detailed in the Company's 3 December 2020 RNS, as at 31 December 2020, the Company has redeemed all remaining Convertible Secured Loan Notes and the Convertible Unsecured Loan Stock, and has fully repaid the Mezzanine Loan Facility from RiverFort and YA II. There were no conversions of the loan notes. 

 

The repayment of these debts, circa £2.6m in total, not only strengthens the Company's balance sheet but will result in an annual saving of approximately £0.3 million in interest and fees and was a major objective of the recent £5m placing that completed on 22 December 2020. 

 

Mark Hughes, Chief Financial Officer of Westminster Group, said:

 

"Following the debt repayment, we now enter 2021 debt free except for small operating leases, with a greatly strengthened balance sheet and in a much stronger position to deal with the current global uncertainties. We also have the funding in place for delivery of existing and potential near-term new contracts, as described in the Circular dated 3 December 2020."

 

Capitalised terms are as defined in the Company's 7.01 am announcement released on 3 December 2020.

                                                                                                      

 

For further information please contact:

  

Westminster Group Plc

Media enquiries via Walbrook PR

Rt. Hon. Sir Tony Baldry - Chairman

 

Peter Fowler - Chief Executive Officer

 

Mark Hughes - Chief Financial Officer

 

 

 

Strand Hanson Limited (Financial & Nominated Adviser)

 

James Harris

020 7409 3494

Ritchie Balmer

 

Arden Partners plc (Broker)           

Richard Johnson (Corporate)

Tim Dainton/Simon Johnson (Broking)

 

 

 

020 7614 5900

 

 

Walbrook (Investor Relations)

 

Tom Cooper

020 7933 8780

Paul Vann

 

Nick Rome

Westminster@walbrookpr.com

 

 

Notes:

 

Westminster Group plc is a specialist security and services group operating worldwide via an extensive international network of agents and offices in over 50 countries.

 

Westminster's principal activity is the design, supply and ongoing support of advanced technology security solutions, encompassing a wide range of surveillance, detection (including Fever 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 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.

 

The Westminster Group Foundation was formed in 2014 as part of the Group's Corporate Social Responsibility activities.

 

The Foundation's goal is to support the communities in which the Group operates by working with local partners and other established charities to provide goods or services for the relief of poverty and the advancement of education and healthcare particularly in the developing world.

 

The Westminster Group Foundation is a Charitable Incorporated Organisation, CIO, registered with the Charities Commission number 1158653.

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UPDUOUARRNUUUAA
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJBell logo

Related Charts

Westminster Group PLC (WSG)

+0.35p (+24.14%)
delayed 16:57PM