News blog
Westminster Group
- BY: Andrew Hore |
- POSTED: 25/07/2011 |
Security systems and products supplier Westminster Group is raising more cash for working capital.
This time it is raising £605,000 net at 12p a share. Last October, a strategic investor invested £1m at 25p a share. H Jamal held 16.5% of the company prior to the latest placing. That strategic investment was weeks before a poor trading statement. In August 2010, £505,000 was raised at 20p a share.
Westminster says that it is talking to other potential strategic investors. The additional cash should be enough for the business for the next 12 months.
Westminster lost £4.22m on more than halved revenues of £3.8m in 2010. The underlying operating loss was still £2.77m. The cash outflow from operations was £1.16m.
The order book of £12.4m at the end of June 2011 is the highest ever. This will help second half revenues.
At 16.25p a share, down 1.5p, Westminster is valued at £3.94m before the latest placing.
Interim figures will be published on 30 September – the latest they can be issued without the shares being suspended.
Download the June 2011 edition of AIM Journal at http://www.hubinvest.com/AIMPDFJuly2011_22.pdf
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