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Westminster Group raises £500,000 while it waits for Iran contract resolution

President Donald Trump unilaterally pulled the US out from the Iran Joint Comprehensive Plan Of Action (JCPOA) in May
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Westminster's airport contract is on hold

Security services specialist Westminster Group PLC (LON:WSG) has raised £500,000 through a placing at 10p.

Westminster has a US$24mln contract for an airport security system in Iran that is currently on hold due to the US withdrawal from the nuclear pact with the country.

READ: Westminster Group making progress on Iran airport contingency plans

The money raised will be used to prepare for the eventual start of that work, said the company.

One of the problems for Westminster is that suppliers of the equipment for its Iran contract potentially run the risk of breaching US sanctions, though European governments have said they will protect EU companies from any American action for doing business there.

President Donald Trump unilaterally pulled the US out from the Iran Joint Comprehensive Plan Of Action (JCPOA) in May, a move that was not supported by the European signatories to the treaty, including the UK.

 

 

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