StockMarketWire.com - Westminster Group (WSG) said it remains in talks with several financing partners, and added that it had received a Letter of Intent from a Middle East Airport Authority relating to a long term airport security contract.

"At this stage (the company) does not believe that it will need to issue a circular to call a separate general meeting," it said.

"The proposals to restructure the Company's share capital outlined in the announcement of 12 May 2016 are now expected to be put to the Annual General Meeting of the Company which is expected to be held on 30 June 2016. The notice of Annual General Meeting is expected to be posted to shareholders on or around 7 June 2016."

Referring to the letter of intent, Westminster added:

"In March 2016 the Company announced that its aviation security subsidiary, Westminster Aviation Security Services ('WASS'), had signed a new Memorandum of Understanding ("MoU") with a Middle East Civil Aviation Authority for the provision of long term (up to 25 years) aviation security services at a significant international airport.

"Following the signing of the MoU, the Company undertook and completed a gap analysis review of the airport concerned and subsequently commenced contract negotiations.

"The Letter of Intent now received indicates the authority's intention to enter into contract with WASS in due course for the provision of long term airport security services.

"Under the draft terms of the contract WASS would generate revenues in excess of £30m per annum based on the current PAX throughput and the currently anticipated fee per passenger.

"This project represents a major growth opportunity not only for Westminster, but is also significant for the United Kingdom and consequently we are working closely in conjunction with the UK Government as it has its own specific hurdles to overcome prior to contract finalisation.

"The Company is in discussions with potential specialist financing partners regarding supporting the deployment of this large incremental opportunity."




At 9:19am: [LON:WSG] Westminster Group PLC share price was +7.75p at 13.25p



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