By Michele Maatouk
Date: Thursday 03 Dec 2020
LONDON (ShareCast) - (Sharecast News) - AIM-listed Westminster Group said on Thursday that it has conditionally raised around £5m in a share placing to help support "the initial deployment of long-term multi-million pound annual recurring revenue prospects in advanced stages of negotiation".
The company placed 125m new ordinary shares, or 44% of its issue share capital, at 4p each, with new institutional, other and existing investors in an accelerated bookbuild.
Chief executive officer Peter Fowler 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 GBP 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."
Fowler noted that the placing was oversubscribed.
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Currency | UK Pounds |
Share Price | 2.55p |
Change Today | 0.000p |
% Change | 0.00 % |
52 Week High | 3.50 |
52 Week Low | 1.08 |
Volume | 824,828 |
Shares Issued | 330.51m |
Market Cap | £8.43m |
Beta | 0.01 |
RiskGrade | 329 |
Value |
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Price Trend |
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Income |
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Growth |
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No dividends found |
Time | Volume / Share Price |
15:31 | 100,000 @ 2.55p |
15:28 | 193,643 @ 2.58p |
13:20 | 20,000 @ 2.51p |
13:15 | 4,000 @ 2.55p |
13:14 | 52,000 @ 2.55p |
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