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Gabon Contract Update & Grant of Options

2nd Jun 2025 07:00

RNS Number : 8961K
Westminster Group PLC
02 June 2025
 

 

 

02 June 2025

 

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, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN

 

 

Westminster Group Plc

('Westminster', the 'Group' or the 'Company')

 

 

Gabon Contract Update - Commencement of Services 

and Grant of share options under the 2017 Share Option Scheme

 

Westminster Group Plc (AIM: WSG), a leading supplier of managed services and technology-based security solutions worldwide, is pleased to provide an update on its recently announced multi-million £ contract regarding the provision of airport security services at 4 Airports in the Gabonese Republic (Gabon).

 

The Company announced on 4 March 2025 that it had signed a 15+ year contract with the Gabonese Ministry of Transport to provide comprehensive ground security operations at three international airports and one domestic airport within Gabon.

 

The contract included a 90-day transition period to allow for operational planning and deployment processes which have been completed, and formal operations have now commenced.

 

Under the contract, Westminster will provide the investment and expertise required to upgrade security at the airports. This not only includes the provision of advanced detection, surveillance, and screening equipment, but also the maintenance, training and various support services required to ensure airport security at these four airports is run to the highest international standards. Thereby assisting the authorities develop and maintain world-class airport security services, opening up the potential for growth in air traffic by attracting new international carriers and commercial enterprises to the region.

 

The contract is based on Westminster's managed services model successfully deployed elsewhere in Africa. Revenues will be driven by embarking passenger numbers using the airports and funded by a per passenger fee, denominated in USD, collected through the ticketing system and payable directly to Westminster by the airlines or a suitable collection agency such as the International Air Transport Association ('IATA'). Based on current embarking passenger levels the contract is expected to generate revenues of circa US$5.5m in the first 12 months of operation.

 

Commenting on the development, Westminster's Chief Executive Officer, Peter Fowler, said:

 

"I am pleased all the required transition services were completed and that formal operations regarding this important new contract have now commenced on time, which is a testament to the hard work and professionalism of the Westminster team deployed on site.

 

"This latest long-term managed services security contract in Francophone Africa adds four more airports, Libreville, Franceville, Port-Gentil & Oyem, to our growing portfolio of airport operations around the world and I look forward to Westminster having a long-term presence in Gabon and in playing our part in the successful growth and security of the country's airports."

 

Grant of Share Options:

 

The Company also announces it has granted a total of 13,700,000 share options over ordinary shares of 0.1p each ("Ordinary Shares") in the Company with an exercise price of 2.05p pence per Ordinary Share (being the closing middle market price of an Ordinary Share on 30 May 2025). The new share options have been awarded under the Company's 2017 Share Option Scheme to the Directors listed below, plus key employees (together, the "Share Options").

 

Each award (regardless of whether it was granted as an Enterprise Management Incentive (EMI) award or a non-tax advantaged 'unapproved' award) will, save for a change of control in the Company, ordinarily become exercisable on the first anniversary of grant, subject to satisfaction of the vesting conditions and the grantee's continued service with the Company, and will be exercisable at any point up until the tenth anniversary of the date of grant.

 

Vesting is subject to the Company's share price being at 3.075p or above at close of business on any 5 consecutive trading days after the date of grant, which represents a 50% increase over the exercise price. No consideration was paid by the option holders in respect of the grant of their awards.

 

The Company has not awarded any standard annual grant of options to Directors, PDMRs or employees since January 2023.

 

The Share Options have been granted to Directors (and persons closely associated with them) of the Company as follows:

 

Name

Position

Type of option award

No of Share Options awarded

Exercise Price

Date of vesting

Sir Tony Baldry

Chairman

Unapproved

750,000

2.05p

02 June 2026

Peter Fowler & Spouse

CEO

EMI - Tax approved

3,700,000

2.05p

02 June 2026

Mark Hughes

CFO

EMI - Tax approved

1,500,000

2.05p

02 June 2026

Stuart Fowler & Spouse

Group Operations Director

EMI - Tax approved

1,700,000

2.05p

02 June 2026

Simon Barrell

Non-executive director

Unapproved

250,000

2.05p

02 June 2026

Jing Zhou

Non-executive director

Unapproved

250,000

2.05p

02 June 2026

 

The remaining 5,550,000 Share Options have been granted to 34 key employees.

 

Share Options in issue

 

Following the grant of the Share Options and lapsed options from leavers etc., there is a total of 30,315,000 director and employee share options outstanding, representing approximately 6.72% of the current issued share capital of the Company.

 

The notification below, made in accordance with the requirements of the Market Abuse Regulation, provides further detail.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

 1.

Details of the person discharging managerial responsibilities / person closely associated

a)

Names

Sir Tony Baldry, Non-Executive Chairman

Peter Fowler, Chief Executive Officer

Patricia Fowler, Spouse of Peter Fowler

Mark Hughes, Chief Financial Officer

Stuart Fowler, Operations Director

Heidi Fowler, Spouse of Stuart Fowler

Simon Barrell, Director

Jing Zhou, Director

2.

Reason for the Notification

a)

Position/status

See 1(a) above for positions - all classified as PDMRs of the Company

b)

Initial notification/ Amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Westminster Group Plc

b)

LEI

213800LU5SW6Q8RDVQ64

 

4.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the Financial instrument, type of instrument

Options over Ordinary Shares

 

Identification code

GB00B1XLC220

b)

Nature of the transaction

Grant of Options

c)

Price(s) and volume(s)

Price: n/a

Volumes:

Sir Tony Baldry, 750,000 Options

Peter Fowler & Spouse, 3,700,000 Options

Mark Hughes, 1,500,000 Options

Stuart Fowler & Spouse, 1,700,000 Options

Simon Barrell, 250,000 Options

Jing Zhou, 250,000 Options

d)

Aggregated information:

· Aggregated volume

· Price

 

 

 

Volume: 8,150,000

 

Price: n/a

 

e)

Date of the transaction

 

02 June 2025

f)

Place of the transaction

 

Outside a trading venue

 

 

For further information please contact:

 

Westminster Group Plc

Media enquiries via Walbrook PR

Rt. Hon. Sir Tony Baldry - Chairman

Peter Fowler - Chief Executive Officer

Mark Hughes - Chief Financial Officer

 

Strand Hanson Limited (Financial & Nominated Adviser and Broker)

James Harris

Ritchie Balmer

Richard Johnson

020 7409 3494

 

Walbrook (Investor Relations)

Tom Cooper

020 7933 8780

Nick Rome

[email protected]

 

 

 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.

 

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