Westminster Group (WSG.L) Result of Placing to raise £2.5m

Westminster Group plc (AIM: WSG), a leading supplier of managed services and technology-based security solutions worldwide, is pleased to announce that, further to the announcement made yesterday.

The Company has conditionally raised gross proceeds of £2.5 million by the placing of 43,859,649 Placing Shares, at a price of 5.7 pence per Placing Share (the “Issue Price”). The Placing was oversubscribed and led by strong institutional demand. The Placing is being carried out using the Company’s existing shareholder authorities.

The Placing Shares will be issued credited as fully paid and will, on issue, rank pari passu in all respects with the existing issued Ordinary Shares, including the right to receive all dividends and other distributions thereafter declared, made or paid on the same.

The Placing was conducted through an accelerated bookbuild process undertaken by Arden Partners PLC (“Arden”) acting as sole bookrunner and broker to the Company.

Peter Fowler, Westminster’s Chief Executive Officer, commented:

“I am encouraged by signs travel restrictions may, at last, be beginning to ease in a number of regions and that some of our delayed projects are once again beginning to move forward. This has been amply demonstrated by two recent major long-term contract awards and advances in other near-term prospects.

“I am also encouraged by the strong institutional and shareholder support that has driven this fundraise at a premium to the mid-market price and I am pleased to welcome new institutional investment. I believe this fundraise further strengthens our ability to deliver on our growing pipeline of opportunities.”

Admission and Total Voting Rights

Upon Admission, the Enlarged Share Capital and total voting rights will be 330,387,160 Ordinary Shares and the Placing Shares will represent approximately 13.3 per cent. of the Enlarged Share Capital. This figure may therefore be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the Enlarged Share Capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules.

Application is being made for the 43,859,649 Placing Shares to be admitted to trading on AIM and it is anticipated that admission of the Placing Shares will occur at 8.00 a.m. on or around 23 June 2021.

Settlement timetable for Placees

Trade Date: 18 June 2021

Settlement Date: 23 June 2021

Capitalised terms not otherwise defined in this announcement shall have the same meaning ascribed to such terms in the announcement released yesterday unless the context requires otherwise.

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

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