Minoan Group PLC Placing & Appointment of Joint Broker (2459M)
26 April 2018 - 8:24PM
UK Regulatory
TIDMMIN
RNS Number : 2459M
Minoan Group PLC
26 April 2018
MINOAN GROUP PLC
("Minoan", the "Group")
Placing & Appointment of Joint Broker
Placing
Minoan is pleased to announce that it has placed, conditional
upon admission to AIM, 9,166,667 ordinary shares of 1p each ("New
Ordinary Shares") at a price of 6 pence per share with
institutional and other investors, raising GBP550,000 before
expenses (the "Placing"). It is intended that the net proceeds will
be used to provide general working capital to support the
development of the Group, including its resort project in
Crete.
As a result of the Placing, Minoan is issuing, subject to
admission on AIM, a total of 9,166,667 New Ordinary Shares.
Application has been made for the 9,166,667 New Ordinary Shares to
be admitted to trading on AIM ("Admission") and it is expected that
Admission will be effective from 2 May 2018.
The New Ordinary Shares are issued under the authorities granted
at Minoan's last Annual General Meeting held on 27 April 2017.
Following Admission, there will be a total of 227,683,442 Ordinary
Shares in issue. This figure may be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, Minoan under the FCA's Disclosure and Transparency
Rules.
Appointment of Joint Broker
Minoan is pleased to announce the appointment of Cornhill
Capital Limited ("Cornhill") as Joint Stockbroker. The appointment
of Cornhill comes at a time when Minoan is set on a path to
concentrate its efforts on creating maximum value from its Project
in Crete as a result of the pending disposal of its Travel and
Leisure division.
Under the terms of the engagement letter, Cornhill will receive
a total of 458,333 Warrants to subscribe for Ordinary Shares in
Minoan (the "Warrants"). The Warrants are exercisable at 6p per
share and will expire on 26 April 2021.
Christopher Egleton, Minoan Chairman, commented:
"I am very pleased to raise these funds, which will provide
working capital and enable Minoan to continue to pursue the
development of its project in Crete. Furthermore, the Board and I
are pleased to welcome Cornhill to the Minoan team at a time of
significant change and the re-focusing of our efforts on the Crete
Project following the impending sale of the Travel and Leisure
division"
For further information please visit www.minoangroup.com or
contact:
Minoan Group Plc
Christopher Egleton christopher.egleton@minoangroup.com
Duncan Wilson 0141 226 2930
Bill Cole 020 8253 4305
WH Ireland Limited 020 7220 1666
Adrian Hadden/Alex Bond
Cornhill Capital Limited 020 7710 9610
Daniel Gee
Morgan Rossiter 020 3195 3240
Richard Morgan Evans/James Rossiter
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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