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Westminster Group raises £5m through equity placing
StockMarketWire.com
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Security services company Westminster Group has raised £5 million through share issuance, it announced this morning.
The company has issued 125 million new shares at 4p each. The shares will begin trading on 22 December 2020, subject to approval by existing shareholders at a general meeting on 21 December.
Peter Fowler, Westminster's CEO, said: 'We have spent a number of years investing in our business, building our global presence and developing an impressive pipeline of large-scale opportunities, each of which, if secured, would lead to multi-million-pound step changes in growth. Accordingly, the board and I believe we are now at an inflection point in our growth trajectory.
'This investment will assist us in delivering on this substantial growth potential and put the company in a stronger position for the next stage of its development by providing working capital to support the growth and delivery of the pipeline of near-term potential major projects, together with recently secured contracts, whilst also strengthening its balance sheet by the removal of debt, saving some £0.3 million in annual interest and fees.
'It is encouraging to see a number of new and institutional investors supporting this placing and being supportive of our longer-term growth strategy, particularly as the placing was oversubscribed.'
At 10:04am: (LON:WSG) Westminster Group PLC share price was 0p at 6.25p
Story provided by StockMarketWire.com
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