1 November 2024
THIS ANNOUNCEMENT CONTAINS INSIDE
INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION
NO. 596/2014 ("MAR") WHICH IS PART OF UK LAW BY VIRTUE OF THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE
PUBLICATION OF THIS ANNOUNCEMENT, SUCH INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN
Westminster Group Plc
('Westminster', the 'Group' or the
'Company')
Subscription to Raise
£500,000 and Issue of Warrants
Total Voting
Rights
Westminster Group Plc (AIM: WSG), a
leading supplier of managed services and technology-based security
solutions worldwide, is pleased to announce it has agreed to issue
Pantheon A Family Office Limited ('Pantheon') 20,833,333 new
ordinary shares of 0.1p each ('Ordinary Shares') (the 'Subscription
Shares') at a price equal to the current mid-market price of 2.4p
per Subscription Share to raise £500,000 before expenses (the
'Subscription'), together with the issue of warrants.
The net proceeds of the Subscription
will be utilised for working capital purposes.
Following the Subscription, Patheon
will be interested in 24,833,333 Ordinary Shares, representing 7.1%
of the Company's enlarged share capital. As announced on 1 July
2024, the Company entered into a Convertible Loan Note facility
with Pantheon, of which Westminster has drawn down £1 million with
a further £500k available at the Company's request and Pantheon's
discretion.
Admission and Total Voting Rights
Application will be made for the
Subscription Shares, which will rank pari passu with the Company's existing
issued Ordinary Shares, to be admitted to trading on AIM
('Admission') once funds have been received pursuant to the
Subscription. It is expected that Admission will become
effective and that dealings in the Subscription Shares on AIM will
commence at 8:00 a.m. on or around 11 November 2024.
In accordance with the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules
('DTRs'), the Company hereby announces that following Admission of
the Subscription Shares, it will have 351,347,993 Ordinary Shares
in issue, none of which are held in treasury. Therefore, following
Admission the total number of voting rights in the Company will be
351,347,993, which 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
DTRs.
Warrants
The Company has also issued Patheon
with 500,000 warrants over Ordinary Shares, exercisable at a price
of 10p per share, valid for three years from the date of
issue.
Commenting on the Subscription, Peter Fowler, Chief Executive
of Westminster, said:
"I
am delighted that our strategic investor, Pantheon A Family Office,
has increased their holding in the Company. They have invested
without discount and have agreed to be issued warrants with a 10p
exercise price, being over four times the current market price,
which indicates their belief and confidence in the future growth of
the business."
For further information please
contact:
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Westminster Group Plc
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Media enquiries via Walbrook
PR
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Rt. Hon. Sir Tony Baldry -
Chairman
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Peter Fowler - Chief Executive
Officer
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Mark Hughes - Chief Financial
Officer
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Strand Hanson Limited (Financial & Nominated
Adviser)
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James Harris
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020 7409 3494
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Ritchie Balmer
Richard Johnson
Zeus
Capital Limited (Broker)
Louisa Waddell
Simon Johnson
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020 3829 5000
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Walbrook (Investor Relations)
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Tom Cooper
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020 7933 8780
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Joe Walker
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Nick Rome
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Westminster@walbrookpr.com
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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 is
part of the Group's Corporate Social Responsibility
activities. www.wg-foundation.org
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.