Milestone Group PLC Milestone Group Plc : Update On October Placing

 
TIDMMSG 
 
   MILESTONE GROUP PLC 
 
   ("Milestone" or the "Company") 
 
   Update on October Placing 
 
   On 20 October 2016, the Company announced that it had placed 92,333,332 
shares at a price of 1.5p per share, raising in total GBP1,385,000 of 
gross proceeds. These shares were admitted to trading on AIM on 31 
October 2016. 
 
   On 9 November 2016: 
 
 
   -- the Company announced that GBP1,250,000 of the gross proceeds remained 
      outstanding from a placee sourced by the Company (the "Company Placee"); 
      and 
 
   -- the Company's broker was in receipt of the GBP135,000 balance of the 
      gross proceeds in relation to the remaining placees (the "Broker 
      Placees"). 
 
 
   Since the 9 November 2016 announcement, the Company's broker, at their 
request and with approval from the Company, returned the sum of 
GBP135,000 to the Broker Placees.  The Company and the Company's broker 
have been in communication with the Broker Placees regarding the 
GBP135,000 and discussions are ongoing. 
 
   Nevertheless, the Company has received a legal opinion that the 
92,333,332 October 2016 placing shares were validly allotted and issued. 
 
   The Company intends to pursue the Company Placee for the outstanding 
proceeds. 
 
   The Company is seeking to undertake a new placing (the "New Placing") 
which, as a result of the share price movement since the 20 October 
2016, is likely to be at a price below 1.5p per share.  It is intended 
that the Broker Placees will be offered the opportunity to participate 
in the New Placing on revised terms. 
 
   The Company anticipates making a further announcement in relation to the 
New Placing shortly, however there can be no certainty that the New 
Placing will occur or that other forms of financing will be available to 
the Company. 
 
   The Company has limited cash resources and continues to manage its 
working capital position carefully. 
 
   The issued share capital of the Company comprises 885,734,741 ordinary 
shares. 
 
   This announcement contains inside information for the purposes of 
Article 7 of EU Regulation 596/2014. Upon the publication of this 
announcement, this inside information is now considered to be in the 
public domain. 
 
   For further information: 
 
 
 
 
Milestone Group PLC 
Deborah White, Chief Executive                   Tel: [phone] 
 
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/Paul Whittington   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

December 07, 2016 02:00 ET (07:00 GMT)

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