Minoan Group PLC Results of Placing (6207T)
21 July 2020 - 7:15PM
UK Regulatory
TIDMMIN
RNS Number : 6207T
Minoan Group PLC
21 July 2020
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
21 July 2020
Minoan Group Plc
("Minoan" or "the Company")
Results of Placing
The Board of Minoan is pleased to announce that further to its
announcement at 9.15 a.m this morning relating to the successful
reorganisation of its borrowing, the cancellation of warrants and
rights to future warrants and a placing ("Placing"), the Placing
has now closed with funds of GBP205,000 being subscribed at a price
of 1.1p per share. The Placing, along with the reorganisation of
its borrowing arrangements are subject to shareholder approval at a
general meeting (the "General Meeting"), details of which were
provided in the announcement at 7a.m. this morning.
Accordingly, it is expected that, subject to approval being
granted in the General Meeting, 18,636,367 new ordinary shares in
Minoan will be issued on 6 August 2020 in connection with the
Placing, together with a further 25,000,000 new ordinary shares
which will be issued to Silja in accordance with the terms of the
warrant cancellation, described in the announcement of 9.15 a.m.
this morning. Accordingly, the Company expect the admission of a
total of 43,636,367 new ordinary shares to take place on 7 August
2020.
Placees in the Placing include the following;
Name Holdings prior to Placing Holdings post Placing
Christopher Egleton 235,714 4,781,169
-------------------------- ----------------------
Nicholas Day 58,290,376 60,563,104
-------------------------- ----------------------
David Raby 33,663,965 38,209,420
-------------------------- ----------------------
The transaction has a number of related parties involved. As
mentioned, Christopher Egleton, Minoan's Chairman, has participated
in the placing alongside David Raby and Nicholas Day, who are both
directors of subsidiary company, Loyalward Limited. Nicholas Day is
also a member of DAGG LLP with a 14.7% interest following a
GBP75,000 investment.
The Independent Directors, having consulted with the Company's
nominated adviser, WH Ireland Limited, consider that the terms of
these related party transactions are fair and reasonable insofar as
Shareholders are concerned.
The Company further announces that it has agreed to settle
certain existing liabilities amounting to GBP197,861 by way of an
issue of 17,987,401 new ordinary shares at the Placing price of
1.1p and these shares are expected to be admitted to trading on 24
July 2020.
A circular is today being sent to shareholders in respect of the
General Meeting to approve the reorganisation of its borrowing, the
cancellation of warrants and rights to future warrants and Placing
as further described in the announcement of 9.15 a.m. this
morning.
For further information 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
Mark Traherne
Sapience Communications Limited 020 3195 3240
Richard Morgan Evans
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END
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July 21, 2020 05:15 ET (09:15 GMT)
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