Update on Reduction of Capital Process

RNS Number : 1169R

Westminster Group PLC

03 November 2021

 

Westminster Group Plc

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

Update on Reduction of Capital Process

Westminster, the specialist security and services group, is pleased to provide a further update on its proposed reduction of capital which was approved by the Company's shareholders at its Annual General Meeting held on 24 June 2021 ("Reduction of Capital").

Following the announcement made on 18 October 2021, the final hearing to approve the Reduction of Capital took place yesterday and was sanctioned by the High Court of England and Wales. The effect of the Reduction of Capital is to create distributable reserves and to eliminate the accumulated losses on the Company's profit and loss account which, amongst other things, would enhance the Company's ability to pay dividends and/or to make other forms of distributions to shareholders in the future. The order of the High Court (the "Order") confirming the Reduction of Capital, and the associated statement of capital that was approved by the High Court, were delivered to the Registrar of Companies yesterday. The Reduction of Capital will become effective upon the registration of the Order by the Registrar of Companies. Due to ongoing Covid-19 related delays, this is now expected to take a few days to occur.  Accordingly, a further announcement will be made in due course in order to confirm once the Order has been registered.

The Company confirms that, following the Reduction of Capital, the issued share capital of the Company remains at 330,514,660 ordinary shares of £0.001 pence each; there are no shares held in treasury. The total number of voting rights in the Company also remains at 330,514,660.

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)
James Harris	020 7409 3494
Ritchie Balmer Arden Partners plc (Broker)  Richard Johnson (Corporate) Tim Dainton/Simon Johnson (Broking)	020 7614 5900
Walbrook (Investor Relations)
Tom Cooper	020 7933 8780
Paul Vann
Nick Rome	[e-mail]

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 (NGOs) 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.

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. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN

 

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