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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Minoan Group Plc | LSE:MIN | London | Ordinary Share | GB0008497975 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.75 | 0.70 | 0.80 | 0.75 | 0.75 | 0.75 | 97 | 07:40:23 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Hotels And Motels | 0 | -1.07M | -0.0013 | -5.77 | 6.17M |
TIDMMIN
RNS Number : 7390F
Minoan Group PLC
22 May 2017
MINOAN GROUP PLC
("Minoan, the "Group")
Acquisition of Morningside Travel Limited/Placing/Balance Sheet
Acquisition
Minoan is pleased to announce the acquisition by Stewart Travel Limited of the business of Morningside Travel Limited ("Morningside"). Morningside is an independent travel agent based in Edinburgh that, over many years, has built up a reputation for excellent customer service and is an ideal fit for the Stewart Travel retail business.
The consideration for the acquisition is GBP135,000 of which GBP110,000 is to be settled by the issue of 1,203,502 new Ordinary Shares of 1p each in Minoan at 9.14 pence per share fully paid up.
Placing
Minoan has placed, conditional upon admission to AIM, 5,000,898 new Ordinary Shares of 1p each at a price of 9 pence per share (the "Placing Price") with institutional and other investors raising GBP450,000 before expenses. The Placing Price represents a discount of 6.45 per cent on the closing middle market price on 19 May 2017. 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 (the "Project") and, together with other resources, further acquisitions.
As a consequence of the Acquisition and the Placing, which was done following advice from WH Ireland Limited and with the assistance of Daniel Stewart & Company Plc, Minoan is issuing, subject to admission on AIM, a total of 6,204,400 Ordinary Shares of 1p each (new Ordinary Shares). Application has been made for the 6,204,400 new Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will be effective from 26 May 2017.
The new Ordinary Shares are issued under the authorities in existence at the close of Minoan's last Annual General Meeting held on 27 April 2017. Following Admission, there will be a total of 211,461,868 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.
Balance Sheet
Discussions are ongoing regarding a further extension of the Group's existing Loan Facility, which currently expires on 30 June 2017. Minoan will provide an update to the market on the outcome of these discussions in due course.
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/Nick Prowting Throgmorton Street Capital 020 7071 0808 Forbes Cutler 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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(END) Dow Jones Newswires
May 22, 2017 02:00 ET (06:00 GMT)
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