Appointment of Business Development partner

RNS Number : 1491L

Westminster Group PLC

02 July 2014

 



2^nd July 2014

Westminster Group Plc:

Appointment of Business Development Partner

and Issue of Employee Share Options

Westminster Group Plc ('Westminster', 'the Company' or 'the Group'), the AIM listed supplier of system solutions and products to the security, defence, fire protection and safety markets worldwide, is pleased to announce it has appointed a business development partner (the "Partner") to assist the development of the Managed Services business as well as other opportunities.

The Partner has a presence in one of the Group's target geographical markets and is well placed to assist with the development of the Managed Services division.  This is in line with the Group's strategy of appointing key partners who can develop incremental business. To incentivise the Partner to develop business it has been granted 300,000 options over 10p ordinary shares in Westminster ("Options"). The Options have a strike price of 85p each and vest on achievement of GBP5 million of new Managed Services revenues directly generated by the Partner within 3 years of commencement.  As in previous such agreements, a key condition is that revenue is defined in accordance with the Group's standard revenue recognition policies and that it has also been paid in full. Westminster will be involved at all stages in client negotiations and product specifications and will have ultimate sanction over contractual terms.

In addition, the Company has granted 430,000 options over 10p ordinary shares to staff (excluding directors or directors of subsidiaries) under the rules of the Company's EMI and unapproved schemes which were adopted in June 2007.  These options have an exercise price of 51p per share, being the mid-market closing price on 1^st July 2014, and vest on the second anniversary of their issue.

Commenting on the appointment of the Business Development Partner and Issue of Employee Options, Peter Fowler, Chief Executive of Westminster Group, said:

"I am delighted to be able to announce both the appointment of our latest business development partner and the employee share option awards.

"A key strategy for our business is to work with well-placed partners who invest in our business and are able to use their skills, contacts and knowledge of specific regions or territories to help deliver substantial incremental business for the Group, particularly in terms of recurring revenue from Managed Services. Our new Partner, who is also an investor, is active and well-connected in one of our target markets and I am delighted with this appointment.

"I am equally pleased to be able to reward our hard working employees with a well-deserved share option award. Our staff are critical to our growth and their dedication and expertise is instrumental in our success and I am pleased that, through these option awards, they will also benefit from our future growth."

For further information please contact:

Westminster Group plc.	Tel: [phone]
Peter Fowler (Chief Executive)
Ian Selby (Chief Financial Officer)
S. P. Angel Corporate Finance LLP (NOMAD + Broker)	Tel: [phone]
Stuart Gledhill/Katy Birkin
Winningtons Financial (Financial PR)	Tel: [phone]
Tom Cooper/Paul Vann	0797 122 1972

Notes:

Westminster Group plc. is a leader in the supply of system solutions and products to the security, defence, fire protection and safety markets worldwide.

Westminster's principal activity is the design, supply and ongoing 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 manned services, 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.  For further information please visit www.wsg-corporate.com  

 

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