MILESTONE GROUP PLC ("Milestone" or the "Company")
Update on October Placing
Further to the announcements on 7 December 2016 and 13 December 2016 the Company has been advised that the 5,000,000 ordinary shares of the Company issued to the one outstanding Broker Placee (as defined in the 7 December 2016 announcement) as part of the October 2016 Placing have been transferred to an investor ("Investor") at a price of 1.5 pence per share, and that the Company is now in receipt of the outstanding £75,000 consideration due in respect of such shares.
In addition, the Company has entered into a conditional subscription agreement ("Agreement") with the Investor to allow him to subscribe for a further 30,000,000 ordinary shares at par, which, upon completion, will provide the Company with additional gross proceeds of £30,000. The effect of this Agreement is that the Investor will then have effectively acquired its shares at an average price of 0.3 pence per share, being the price the placing announced on 13 December 2016 was undertaken at.
The Agreement is conditional on the Company obtaining the requisite authorities to issue new shares that it intends to seek as part of the renewal of its general authorities to be approved at the time of its forthcoming Annual General Meeting which it anticipates will be held in March 2017.
The Company continues to pursue the Company Placee (as defined in the announcement of 7 December 2016) in respect of the £1,250,000 receivable.
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 | ||
