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Westminster Group's new business development partner will help it secure contracts

Last updated: 18:06 24 Mar 2014 AEDT, First published: 19:06 24 Mar 2014 AEDT

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Global security specialist Westminster (LON:WSG) has welcomed on board a new strategic investor in the group, which will also become a business development partner.

The unnamed investor is known to the company and has significant interests in emerging markets. It is focused on infrastructure and  natural resource products and will be able to help Westminster gain security contracts for its managed service business. 

On Friday (March 21), the firm issued just shy of 390,000 shares to the company at 77 pence each raising £300,000.

That's an almost 3% premium to Westminster's closing price of 75p on Friday (March 21). 

Peter Fowler, the group's chief executive, told investors on Monday: "Where we have a combination of a business development partner who has additionally invested in our group, we have a very powerful combination.

"The managed services division has attracted significant client interest and is working on a healthy and growing prospect pipeline around the world including the East African airport project which is still very much an active and advanced opportunity.  

"The strategic investor/partner mentioned above is well known to us and we are excited by the potential project opportunities they can bring to our group. The revenue profile on these projects is attractive and supports a long term growth opportunity for the group and its shareholders."

As part of its appointment as development partner, the firm has been granted 0.5mln options over Westminster shares.

They have a strike price of 85p and vest on delivery of certain revenue based milestones.

In addition today, Westminster also announced it had further draw down on its equity line with Darwin - raising gross proceeds of £150,150 by the issue of 195,000 new shares at 77p each.

AIM-quoted Westminster provides solutions to the security, defence, fire protection and safety markets worldwide.

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