Westminster Group confirms it's not seeking AIM delisting

11th Nov 2024 12:37

(Sharecast News) - Westminster Group clarified in a statement on Monday that it was not considering a cancellation of its AIM listing in London, despite recent media speculation.

The company confirmed it was conducting a strategic review aimed at enhancing shareholder value, a process outlined in its financial results on 6 November.

It said the review, conducted with input from advisors and stakeholders, aligned with prudent board practices.

Westminster highlighted significant business growth, with annual contracted recurring revenue now exceeding £14m, including contributions from operations in the Democratic Republic of the Congo (DRC).

The company said it was also in the final stages of securing an additional managed services contract, which would further bolster its portfolio.

The board said it believed that the recent growth in contracted revenue, along with upcoming strategic initiatives, would positively impact shareholder value.

However, it emphasised that those plans did not involve delisting from AIM, reaffirming its commitment to its current market positioning.

At 1342 GMT, shares in Westminster Group were up 4.17% at 1.88p.

Reporting by Josh White for Sharecast.com.