Bird & Bird assisted Westminster Group plc (AIM: WSG) on the recent fundraising which raised gross proceeds of £2.5 million for the company by way of a 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 witnessed strong institutional demand.
Westminster Group plc is a leading supplier of managed services and technology-based security solutions worldwide, operating through an international network in over 50 countries. This fundraising was connected to two recent major long-term contract awards, the company’s Services Division has been awarded a long-term managed services contract to provide security services to five airports in the Democratic Republic of the Congo, as well as being awarded a long-term managed services contract to exclusively provide screening services at a West African container port.
The Bird & Bird team was led by legal director Nicholas Heap (Corporate).
Peter Fowler, Chief Executive Officer, Westminster Group Plc commented: “We appreciate Bird & Bird’s fast turnaround on the fundraise and their legal support at a time of growth and an increasing pipeline of opportunities for Westminster Group."
Nicholas Heap, Legal Director, Bird & Bird said: “We were delighted to work with Westminster Group Plc on this successful fundraise, which effectively concluded within the space of a day. It is particularly good to see that Westminster has been able to capitalise on these important major long-term contract wins."