Westminster Group PLC Major Middle East Project Opportunity Update (1455A)
22 December 2017 - 6:00PM
UK Regulatory
TIDMWSG
RNS Number : 1455A
Westminster Group PLC
22 December 2017
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014
Westminster Group Plc:
Major Middle East Project Opportunity Update
Westminster Group Plc ('Westminster', the 'Group' or the
'Company'), the AIM-listed supplier of managed services and
technology based security solutions, is pleased to provide an
update on its previously announced major long-term project
opportunity within the Middle East.
On 22 September 2017, the Company announced that certain Board
members had met with and reached agreement with the client and
other administrative bodies involved on the key points of the long
term Middle East project opportunity. Since that time, further
extensive discussions have been taking place regarding priorities,
order of roll-out and the client's growing requirements.
Whilst these negotiations have taken longer than expected, the
Company is pleased to report that senior management, including the
Chairman and CEO, have just returned from an extended visit to the
country concerned and all but a few more minor commercial and
contractual issues have now been agreed. Due to the complexity and
increasing potential scope of this project, it has now been agreed
to undertake the project in phases, with the initial phase expected
to be worth approximately EUR24m per annum to Westminster. Any
future extensions and changes of scope are expected to be subject
to price revision.
In order to achieve the commercial and contractual agreement,
the contract required approval by a number of governmental
departments and organisations, all of which have now been received.
The client now has one final internal approval process to complete
and whilst with any project of this size and complexity there can
never be certainty of timing or outcome, the Company expects to
provide a further update on this project opportunity in January
2018.
Plans are in place to raise the required funds to support
investment in this project and other potential new Managed Services
contracts, details of which will be announced in due course. These
plans are now expected to be implemented in Q1 2018 with the
commercial and contractual issues having been agreed later than
anticipated at the time of our Interim Results announcement in
September 2017
The Company will provide a trading update on its business
activities for the year to 31 December 2017 in January 2018.
For further information, please contact:
Westminster Group Plc Media enquiries via Walbrook PR
Rt. Hon. Sir Tony Baldry - Chairman
Peter Fowler - Chief Executive Officer
Martin Boden - Chief Financial Officer
S. P. Angel Corporate Finance LLP (NOMAD & Joint Broker)
Stuart Gledhill 020 3470 0470
Lindsay Mair
Caroline Rowe
Beaufort Securities Limited (Joint Broker)
Elliiot Hance 020 7382 8300
Walbrook (Investor Relations)
Tom Cooper 020 7933 8780
Paul Vann 0797 122 1972
tom.cooper@walbrookpr.com
Notes:
Westminster Group plc is a specialist security and services
group operating worldwide through an international network of
agents and offices in over 50 countries.
Westminster's principal activity is the design, supply and
on-going support of advanced technology security solutions,
encompassing a wide range of surveillance, detection, tracking and
interception technologies and the provision of long-term managed
services contracts such as the management and running of complete
security services and solutions in airports, ports and other such
facilities together with the provision of manpower, consultancy and
training services. The majority of its customer base, by value,
comprises governments and government agencies, non-governmental
organisations (NGO's) and blue chip commercial organisations.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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