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Westminster Group making progress on Iran airport contingency plans

The US$24mln contract was put on hold following the US’s withdrawal from the Iran nuclear pact in May
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US President Trump unilaterally pulled the US out of the Iran nuclear pact

Westminster Group PLC (LON:WSG) has made progress on ways to move forward its contract for security equipment at an airport in Iran.

The US$24mln contract was put on hold following the US withdrawal from the Iran nuclear pact in May. The US move led to uncertainty among suppliers over possible sanctions against Iran.

READ: Westminster Group happy to continue pursuing high-risk/high-reward opportunities

European governments, including the UK, though are supportive and are putting measures in place to assist and protect EU companies from US action. These are largely in place and expected to be formally announced by August 6.

Westminster added it had made good progress through its own efforts on financing, banking and its supply chain with workable arrangements in place on key issues.

The group has also raised US$250,000 (£190,961) through the issue of convertible redeemable unsecured loan notes. The conversion price is 10p per share.

The investor who has subscribed for the loan notes is known to Westminster.

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