Global security group Westminster (LON:WSG) has further reduced its debt via the conversion of a loan note.
The holder of the 10% convertible note, issued in June this year, has notified the company that it intends to convert £250,000 of the note into shares.
Westminster will thus issue 714,286 new shares and reduce its annual interest by a further £25,000.
The firm's chief financial officer Ian Selby told investors: "The group has been working actively to reduce its debt level.
"Since the AGM on 19 June 2013, when it had outstanding debt of £3.29mln (with an associated annual cash interest cost of £0.3mln), the debt has been reduced such that I am now delighted to report that it has only £1.07mln debt outstanding and has accordingly reduced its annual interest costs by 66% to just £0.1mln."
In September this year, Westminster saw the end of the long-standing Synergy Capital loan issue as it made a final settlement of money owed on favourable terms.
Synergy went into liquidation in February, 2013 and in June, after certain payments from Westminster, the amount owed was reduced to £400,000 which was payable up to June 29, 2014 without a redemption premium.
However, Westminster agreed with Synergy a discounted capital payment of £385,000 as full and final settlement of the CLN and for the associated release of debentures.
Westminster also announced it is issuing a total of 36,000 warrants to Darwin Strategic as part of three draw-downs on its equity line facility.
All warrants are priced at a premium of 15% to the drawdown price.