Westminster Group PLC Repayment of CLN and Mezzanine Loan Facility (6980J)
04 Enero 2021 - 1:00AM
UK Regulatory
TIDMWSG
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 GBP2.6m in total, not only
strengthens the Company's balance sheet but will result in an
annual saving of approximately GBP0.3 million in interest and fees
and was a major objective of the recent GBP5m 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.
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END
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