News blog
Westminster Group / Pentagon Protection
- BY: Andrew Hore |
- POSTED: 16/11/2009 |
Westminster Group says that it has made a bid approach to safety and security films supplier Pentagon Protection.
Pentagon says that the proposed offer is too low and “substantially undervalued the company “.
Shares in Pentagon rose 0.11p to 0.57p each, which values the company at £2.95m. Westminster shares fell 0.5p to 33p each, which values the security, defence, fire and safety products and systems supplier at £5m.
Pentagon has a strong distribution network in the Middle East and Westminster is already its agent for its blast protection films in Asia. Pentagon has also linked up with Aim-quoted Eruma.
Westminster reported interim revenues up 69% to £2.4m in the six months to June 2009. However, the loss increased from £413,000 to £672,000.
The order book was worth £5.3m at the end of June 2009 and further orders have been won since then. The latest was a $2.72m extension of an existing contract at Juba International Airport in Southern Sudan.
Westminster recently switched broker from FinnCap to Seymour Pierce, who is also Pentagon’s adviser.
Higher overheads meant that Pentagon reported an increase in loss from £79,000 to £409,000. Costs have been cut.
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