29th Oct 2013 11:29
LONDON (Alliance News) - Westminster Group PLC Tuesday said it had further cut debt and reduced financing costs after a loan note issued in June was converted into shares.
The security and defence equipment company said it had received notices from holders of the 10% secured convertible loan it issued June 19 that they intend to convert GBP125,000 of the note into new Westminster shares. It will issue the note holders 357,143 shares as a result.
That will bring the company's annual interest cost down by a further GBP12,500 and reduce debt to GBP830,000, a 75% reduction in debt since June.
Westminster Group shares were down 0.8% at 91.55 pence Tuesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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