www.wg-plc.com
The Westminster Group is a specialist security group operating worldwide via an extensive international network of agents and offices in over 45 countries. The Group's principal activity is the design, supply and ongoing support of advanced technology Fire, Safety, Security and Defence solutions to governments and government agencies, non governmental organisations and blue chip commercial organisations worldwide. The Group is listed on the AIM market of the London Stock Exchange and its Corporate Headquarters and Demonstration Grounds occupy a 4½ acre site, discreetly located in the heart of the English countryside.
Westminster Group in talks with potential major investors as reveals £645,000 placing
Security specialist company Westminster Group (LON:WSG) revealed today that it was in discussions with potential major investors as it unveiled a £645,000 placing.
The talks concern possible partnerships or strategic investments in Westminster to assist with its expansion plans, the firm told investors in a statement.
In a trading update, the company said it had made good progress in improving sales and reducing costs.
The firm's order book for the 6 months to 30 June 2011 was improved to £12.4 million (2010: £1.1million) - representing the highest order book achieved yet by the company, it said.
"We expect this order flow to contribute to revenues in the second half of 2011 as we deliver to customers," said the firm.
However, last month, Westminster announced that a large contract had been delayed until the second half of the year.
Meanwhile, the board believes that the £605,000 net raised as a result of today's placing will be sufficient for the company's working capital requirements for 12 months.
Unaudited cash book balances at 30 June 2011 were around £0.4 million and the firm continues to carefully manage its cash resources whilst these orders begin to contribute to operating cash flows
Today, Westminster said it had placed 5.37 million new shares with directors and existing shareholders at a price of 12 pence each - a discount to Friday's closing price of 17.75 pence.
Net of fees, the company will receive around £610,000, it added.
Four directors including new finance director Ian Selby (who spent £20,000 buying 166,667 new shares) took part in the cashcall and bought a total of 416,669 new shares.
