8th Jul 2015 08:50
LONDON (Alliance News) - Security services company Westminster Group PLC on Wednesday said it has reached a final settlement with the sellers of CTAC Ltd, which it acquired back in 2010.
Westminster did not provide any financial details of the settlement but said it was in line with its expectations. Under the terms, Westminster will get an initial payment within 28 days, with a final payment to be made before May 2018.
"We announced in our trading statement on June 30 that agreement had been reached in principle with the vendors of CTAC Ltd, and that we expected a final resolution to this issue in July 2015. I am therefore pleased to now be able to announce we have secured full and final settlement today," said Westminster Chief Executive Peter Fowler.
"With the Ebola issue hopefully coming to an end and the increasing interest in our services from around the world, I am pleased this legacy issue has been finalised so that management time can be spent on developing our business," Fowler added.
Shares in Westminster were untraded on Wednesday, having last traded at 22.50 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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