Westminster Group PLC Extension of Convertible Secured Loan Note (2679P)
May 25 2018 - 1:01AM
UK Regulatory
TIDMWSG
RNS Number : 2679P
Westminster Group PLC
25 May 2018
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014
Westminster Group Plc
('Westminster', the 'Group' or the 'Company')
Extension of Convertible Secured Loan Note
Westminster Group Plc (AIM: WSG), a leading supplier of managed
services and technology-based security solutions worldwide, is
pleased to announce that it has agreed to extend the duration of
its Convertible Secured Loan Note ("CLN") by at least a further 12
months.
Variation of 2016 Convertible Secured Loan Note
On 19 June 2013, the Company issued a CLN enabling the drawdown
of a maximum of GBP4m, with a three year duration, a 10% annual
coupon and a conversion price of 35 pence per share. This was
subsequently extended in April 2015 to extend the maturity date to
June 2018.
There is currently principal of GBP2.245m of CLN outstanding
and, with maturity getting close, agreement has been reached to
extend the term of the CLN to 30 June 2019 at a coupon of 12%. The
Company also has an option to extend the term further to 31
December 2019 at a higher coupon of 15%. The conversion price has
also been reduced to 25p per share.
All other terms of the CLN remain unchanged and the CLN holders
may convert at any time during the term of the instrument at the
holder's option while Westminster may repay the CLN without penalty
or force conversion subject to previously agreed price triggers.
The CLNs are listed on The International Stock Exchange (TISE),
formerly the Channel Islands Securities Exchange.
For further information, please contact:
Westminster Group Plc Media enquiries via Walbrook PR
Rt. Hon. Sir Tony Baldry - Chairman
Peter Fowler - Chief Executive Officer
Martin Boden - Chief Financial Officer
S. P. Angel Corporate Finance LLP (NOMAD & Broker)
Stuart Gledhill 020 3470 0470
Lindsay Mair
Caroline Rowe
Walbrook (Investor Relations)
Tom Cooper 020 7933 8780
Paul Vann 0797 122 1972
tom.cooper@walbrookpr.com
Notes:
Westminster Group plc is a specialist security and services
group operating worldwide through an international network of
agents and offices in over 50 countries.
Westminster's principal activity is the design, supply and
on-going support of advanced technology security solutions,
encompassing a wide range of surveillance, 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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