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Westminster Group

  • BY: Andrew Hore |
  • POSTED: 25/10/2010 |

An unnamed investor has invested £1m in security systems and products supplier Westminster Group.

The shares were acquired for 25p each and give the investor 16.5% of Westminster. The share price has risen 2.5p to 23.5p, valuing the company at £4.76m before the cash injection. Westminster raised £505,000 at 20p a share two months ago.

Net debt was £740,000 at the end of June 2010, including convertible loan notes. One of the loan note holders wants to redeem their investment early – it is due for redemption in 2014. Westminster says that it will “use its best endeavours to redeem these loan notes early”. The latest cash raised will help to finance this.

Revenues were flat at £2.35m in the first half of 201. Higher admin expenses and finance costs meant that the loss increased from £672,000 to £1.42m. There was a £273,000 provision relating to a Middle East debt.

The second half always tends to be stronger.

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