24th Mar 2014 15:11
(An item published at 1259 GMT misstated the number of shares issued to the new strategic investor as a result of an error in the company's original statement. The correct version follows.)
LONDON (Alliance News) - Westminster Group PLC Monday said it had raised GBP300,000 by issuing 389,610 shares at 77 pence each to a new strategic investor, and had also raised gross proceeds of GBP150,150 by drawing down on its equity financing facility with Darwin Strategic Ltd.
The provider of security, defence, fire protection and safety systems and services didn't name the new investor, but said it is active in some of the company's target high growth geographical markets and is focussed on infrastructure and natural resources projects in these regions. The investor will help the company develop long-term, regular business delivering security contracts, Westminster added.
The equity drawdown involved the issue of 195,000 new shares, also at 77 pence each.
"The Managed Services Division has attracted significant client interest and is working on a healthy and growing prospect pipeline around the world including the East African airport project which is still very much an active and advanced opportunity," Westminster Chief Executive Peter Fowler said in a statement.
"The strategic investor/partner mentioned above is well known to us and we are excited by the potential project opportunities they can bring to our group. The revenue profile on these projects is attractive and supports a long term growth opportunity for the group and its shareholders," Fowler added.
Westminster Group shares were down 3.9% at 72.04 pence Monday.
By Steve McGrath; [email protected]; @SteveMcGrath1
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