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Highlights
- Westminster signs a 15-year contract, with a 5-year renewal option, to provide security services at four Gabon airports.
- The contract is expected to generate approximately $5.5 million in revenue in its first year, based on current passenger traffic.
- A £1.2 million share subscription with Pantheon A Family Office Limited will fund project working capital, with Pantheon gaining a 27.79% stake in the company.
Westminster Group Plc (LSE:WSG), a global leader in security solutions and managed services, has announced the signing of a long-term contract to provide security services across four airports in Gabon. The deal, signed during the General Assembly of the National Council for Security and Facilitation of Civil Aviation in Libreville, marks a major expansion of Westminster’s presence in Africa.
The initial contract term is 15 years, with the option for a 5-year renewal. Westminster will deliver full ground security operations at three international airports and one domestic airport, equipping the facilities with advanced surveillance, screening technology, and training programs to meet top-tier international security standards.
This upgrade is expected to enhance Gabon’s aviation security, potentially boosting air traffic and attracting new international carriers and commercial enterprises to the region.
Revenue Model and Transition Timeline
The contract is structured around Westminster’s successful managed services model, where revenues are tied to embarking passenger numbers. A fee, denominated in USD, will be collected through the ticketing system and paid directly to Westminster by airlines or collection agencies like the International Air Transport Association (IATA). Based on current passenger volumes, the contract is projected to bring in around $5.5 million within the first year of operations.
Westminster will immediately deploy a transition team to begin planning, training, procurement, and logistics, with a 90-day transition period set to finalize operational readiness.
Pantheon Subscription and Fundraising
To support the project, Westminster has secured a £1.2 million subscription from Pantheon A Family Office Limited, issuing 100 million new ordinary shares at 1.2p per share — a premium to the previous closing price of 1.1p. Pantheon will also receive 50 million warrants, split evenly between exercise prices of 2.5p and 10p, with a three-year exercise period.
The subscription was conditional on the signing of the Gabon contract, and the £1 million net proceeds will be allocated to project working capital. Following the deal, Pantheon will hold 27.79% of Westminster’s enlarged share capital and is expected to appoint a representative to the Board.
