Minoan Group PLC Update and Issue of Shares and Warrants (4230W)
11 December 2019 - 6:00PM
UK Regulatory
TIDMMIN
RNS Number : 4230W
Minoan Group PLC
11 December 2019
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.
11 December 2019
MINOAN GROUP PLC
("Minoan", the "Company")
Update and Issue of Shares and Warrants
Update
Minoan's Board has been actively exploring interest from a range
of serious parties operating within inter alia, the UK, the Middle
and Far East as well as Greece. The Board is now considering a
number of different types of commercial transactions with a view to
entering into more formal arrangements. Whilst there can be no
guarantee, we expect to be able to confirm and move forward with
the most appropriate transaction in the first quarter of the New
Year. We will keep the market informed on progress.
The interest outlined has arisen against a steadily improving
background to the business climate in Greece and the efforts of the
Government to promote development in the tourism sector with
particular reference to strategic projects, of which the Company's
project in Crete is one.
In addition to the promotional effort, the Government has taken
concrete steps to improve the financial returns for Investors by
introducing a number of changes in the taxation system including
the reduction of corporate taxes and VAT. All of these measures are
helping to improve the marketability of Greek tourism investments,
particularly those, including the Company's project, that are very
close to being 'buildable'.
Over the last four months the Government has passed a new
Development Law which is intended to reduce bureaucracy
substantially, has redefined the role of Enterprise Greece to make
it more investor friendly as well as numerous other initiatives to
enhance the Greek economy. At the same time, the Greek Banking
sector has begun to loosen its lending criteria, Capital Controls
have eased, and the Greek financial community has been expanded by
the opening of Chinese banks.
Issue of Shares and Warrants
The Board is pleased to announce the conclusion of the Firm
Subscription for cash referred to in its announcement on the 10 May
2019 as a result of which, the Company has issued a further
7,272,728 ordinary shares of 1p each ("New Ordinary Shares") at
2.75p per share.
In addition, the Company has agreed to settle certain
liabilities by the issue of 8,494,603 Ordinary Shares of 1p each at
2.75p per share.
Application has been made for the 15,767,331 New Ordinary Shares
to be admitted to trading on AIM ("Admission") and it is expected
that Admission will be effective on 16 December 2019.
In accordance with the previously announced agreement with Silja
Investments Limited, Minoan is issuing, again conditional upon
Admission occurring, 2,680,447 warrants to subscribe for New
Ordinary Shares at an exercise price of 2.75 pence per share (the
"Warrants"). The Warrants will expire on 12 October 2023.
Finally, and in order to settle certain liabilities, the Company
is issuing 3,677,828 warrants to subscribe for New Ordinary Shares
at an exercise price of 2.75 pence per share (the "additional
Warrants"). The additional Warrants will expire on 31 October
2022.
The New Ordinary Shares are being allotted and issued under the
authorities granted at Minoan's Annual General Meeting held on 30
April 2019. There are no shares held in treasury therefore,
following Admission, there will be a total of 435,047,778 ordinary
shares of 1p each in issue, all with equal voting rights. 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 Guidance and Transparency Rules.
For further information please visit www.minoangroup.com or
contact:
Minoan Group Plc
Christopher Egleton christopher.egleton@minoangroup.com
Bill Cole william.cole@minoangroup.com
WH Ireland Limited 020 7220 1666
Adrian Hadden/Lydia Zychowska
Pello Capital Limited 020 7710 9610
Daniel Gee
Sapience Communications Limited 020 3195 3240
Richard Morgan Evans
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END
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