Milestone Group PLC Milestone Group Plc : Convertible Loan Note, Issue Of Equity & General Meeting

 
TIDMMSG 
 
   MILESTONE GROUP PLC 
 
   ("Milestone" or the "Company") 
 
   Convertible Loan Note, Issue of Equity and General Meeting 
 
   Milestone (AIM: MSG), the AIM and Social Stock Exchange quoted provider 
of digital media, technology and social impact solutions announces that, 
conditional on shareholder approval to be sought at a forthcoming 
General Meeting, the Company has conditionally raised (by way of a 
subscription and convertible loan notes) GBP1,500,000 by the issue of 
522,626,906 new ordinary shares at a price of approximately 0.29p per 
share ("the Subscription Price"). 
 
   The subscriber of the shares is Para & Co (UK) Ltd, a private limited 
company wholly owned by Dr. Ramesh Para. 
 
   Dr. Ramesh Para is a British businessman whose business interests 
include technology, fin-tech, healthcare, insurance and education. 
 
   Para & Co (UK) Ltd has agreed to fund the Company by way of an advance 
of these subscription monies in a form of a convertible loan note 
totaling GBP400,000.  The convertible loan note may be drawn down in two 
tranches.  The first tranche will be made available by 15 July 2017 and 
the second tranche by 15 August 2017.  Any loan drawn down in advance of 
the subscription will form part of the GBP1,500,000 subscription monies 
due and will be converted into ordinary share in the Company at the 
Subscription Price. 
 
   Para & Co (UK) Ltd has undertaken that it will not hold more than 29.9% 
of the Company's issued share capital as a result of the Subscription or 
the Conversion. 
 
   Following the subscription and subject to normal regulatory due 
diligence, it is intended that Dr. Ramesh Para will become a director of 
the Company.  Dr. Ramesh Para will be the first of a number of 
appointments expected to be made to the Board and Management team in the 
near future to support the restructuring of the business. 
 
   Following the conversion and subscription (assuming no further issues of 
equity) the Company's so enlarged issued share capital will comprise 
1,772,268,317 ordinary shares. 
 
   Further announcements will be made in due course. 
 
   Deborah White, CEO of Milestone commented: 
 
   "Following the recent review and refocusing of the business this 
investment gives the Company a combination of financial security and 
access to an extensive network of commercial opportunities for the 
technology based products and services made available via the Company's 
subsidiary Nexstar." 
 
   For further information: 
 
   Milestone Group plc 
 
   Deborah White, Chief Executive                                      Tel: 
020 7929 7826 
 
   Cairn Financial Advisers LLP, Nominated Adviser 
 
   Liam Murray / Sandy Jamieson 
Tel: [phone] 
 
   Hybridan LLP, Broker 
 
   Claire Louise Noyce                                                                        Tel: [phone] 
 
 
   Walbrook PR Limited, PR 
 
   Gary Middleton / Paul Cornelius 
Tel: [phone] 
 
   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

July 10, 2017 02:00 ET (06:00 GMT)

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