Westminster Group issues convertible loan notes

Westminster Group has signed agreements for the issuance of £1.2m of Convertible Unsecured Loan Notes (CULN) to support expansion programmes with additional financial resources.

"The size and complexity of these projects, the Middle East airport project in particular, has necessitated extensive pre contract expenditure around professional and preparation costs including the establishment of an office in mainland Europe," the company said.

"The proceeds of the CULN issue are to support working capital requirements around this, the anticipated initial post contract spend as well as for general corporate purposes.

"The Company, supported by its institutional investors, has determined that funding by way of loan notes at this time is the most beneficial and potentially less dilutive means of financing such expenditure."

Separately, Westminster appointed James Sutcliffe as a non-executive director, effective from Dec. 1.