2nd Jul 2014 07:28
LONDON (Alliance News) - Fire protection and safety products maker Westminster Group PLC Wednesday said it has appointed a business development partner to help it develop its managed services business and other opportunities.
"The partner has a presence in one of the group's target geographical markets and is well placed to assist with the development of the managed services division. This is in line with the group's strategy of appointing key partners who can develop incremental business," it said in a statement.
It didn't name the partner or the market in which it has a presence.
However, it said it has incentivised the new partner by granting it 300,000 options with a strike price of 85 pence each. The options will vest once the partner directly achieves GBP5 million of new managed services revenue within three years of the deal starting.
AIM-listed Westminster Group's shares were up 2% at 52 pence early Wednesday.
By Steve McGrath; [email protected]; @SteveMcGrath1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Westminster Group