- Westminster had noted ongoing delays in the commencement of its West African ferry project, and in other larger projects, and said it will need to put additional financing in place in the near term. It is mulling a capital reconstruction.

Some of the delays had been partially offset by the improving performance in Westminster's airport security operation. Westminster said its Technology Division's trading had been affected by delays in its Americas consultancy project and US bridge project.

"The Board is currently exploring a number of potential financing options, which include directors' support and investment by strategic investors including a substantial strategic investment fund which is interested in joint venture arrangements relating to Westminster's aviation security business, Westminster Aviation Security Services Ltd (WASS)," it said.

"Also, in order to provide additional financing flexibility and due to the Company's share price recently trading around or below its nominal share price of 10p, the Company is currently finalising plans for a capital reconstruction to reduce its nominal share capital to 1p.

"The Company will shortly issue a circular to shareholders with full details. The proposed change in nominal value will be subject to the passing of certain resolutions at a General Meeting."

CEO Peter Fowler said:

"The last couple of years have been a challenging period for our Group with the Ebola crisis lasting longer and becoming more destructive than anyone had anticipated, coupled with the delays in the commencement of our ferry project in Sierra Leone, and the significant drop in oil prices having a knock on delaying factor with several of our key project opportunities.

"Despite these challenges, we have continued to expand our international presence and large scale project opportunities, particularly in our increasingly core focus airport security business, have the potential to transform the business.

""Whilst many of the issues faced have been beyond the Company's control, we have taken a critical look at our operations, learnt lessons with the benefit of hindsight, and are therefore undertaking a strategic review of our business to streamline operations and to ensure maximum shareholder benefit is achieved from the numerous large scale, long term and high margin opportunities we are developing and which we remain excited about."

Story provided by