MSG Milestone Grp

 
TIDMMSG 
 
   07 November 2016 
 
   MILESTONE GROUP PLC 
 
   ("Milestone" or the "Company") 
 
   Update on Placing 
 
   The Company announced on 20 October 2016 that it had placed 92,333,332 
new ordinary shares at a price of 1.5 pence per share, raising in total 
GBP1,385,000 of gross proceeds. 
 
   As at 20 October 2016 the Company's broker had received irrevocable 
undertakings to provide the Company with GBP1,385,000 of funds subject 
to the new ordinary shares being admitted to trading on AIM.  The 
92,333,332 shares were admitted to trading on AIM on 31 October 2016. 
 
   The Company's broker is in receipt of GBP135,000 of the placing funds. 
 
   The balance of GBP1,250,000 remains outstanding.  The balance of the 
funds receivable is outstanding from an FCA regulated entity (the 
"Counterparty") that had been sourced directly by the Company. 
 
   The Company's broker has terminated its relationship with the Company's 
sourced Counterparty. 
 
   The Company has been in active communication with the Counterparty to 
seek a resolution to this matter, however the Company has to date been 
unable to resolve it. 
 
   The Company currently has limited working capital resources and is 
carefully managing its existing cash balance.  The Company is in active 
discussions with alternative sources of financing and a further 
announcement in relation to this matter will be made in due course. 
 
   There is no guarantee that further funding will be available to the 
Company. 
 
   This announcement contains inside information for the purposes of 
Article 7 of EU Regulation 596/2014. 
 
   For further information: 
 
 
 
 
Milestone Group PLC 
Deborah White, Chief Executive                   Tel: 0207 929 7826 
 
Cairn Financial Advisers LLP, Nominated Adviser 
Liam Murray/Sandy Jamieson                       Tel: 0207 213 0880 
 
Hybridan LLP, Broker 
Claire Louise Noyce                              Tel: 0203 764 2341 
 
Walbrook PR Limited, PR 
Gary Middleton/Paul Cornelius/Paul Whittington   Tel: 0207 933 8780 
 
 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Milestone Group PLC via Globenewswire 
 
 
  http://www.milestonegroup.co.uk/ 
 

(END) Dow Jones Newswires

November 09, 2016 10:41 ET (15:41 GMT)

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