Milestone Group PLC Milestone Group Plc : Update On Settlement Agreed For October 2016 Placing

 
TIDMMSG 
 
   MILESTONE GROUP PLC 
 
   ("Milestone" or the "Company") 
 
   Update on Settlement Agreed for October 2016 Placing 
 
   Milestone (AIM:MSG), the AIM quoted provider of digital media and 
technology, provides a further update to the announcement made on 22 
January 2018 relating to a compromise agreement ("Compromise Agreement") 
with City of London Markets Limited. Milestone entered into the 
Compromise Agreement with City of London Markets Limited following the 
failed placing announced on 20 October 2016 (the "Placing"). 
 
   In the Placing, a dispute arose between the Company and City of London 
Markets Limited in relation to the issue and allotment of 83,333,332 
shares (the "Shares") at a price of 1.5 pence per share, as the GBP1.25 
million gross proceeds from the Placing were not received by the Company 
from its placee. 
 
   City of London Markets Limited has failed to make a payment as per the 
compromise agreement on the agreed basis.  In order to bring this matter 
to a close the Company has agreed to enter into revised payment terms 
whereby City of London Markets Limited will pay an amount of GBP76,000 
on an agreed payment schedule by 27 April 2018, the remaining balance of 
GBP49,000 is to be paid in quarterly instalments by 30 April 2019. 
 
   As previously announced the City of London Markets Limited waived all 
rights to the Placing Shares upon execution of Compromise Agreement. 
 
   The Company reserves all rights regarding legal pursuit of the matter of 
the Compromise Agreement should City of London Markets Limited fail to 
make any future scheduled payment on time. 
 
   Tony Sanders, Chief Executive Officer commented "It is very 
disappointing that City of London Markets Limited has failed to honour 
its agreement entered into on 22 January 2018.  The Board has taken the 
view that it is in the best interest of the Company to close this matter 
on the revised terms as the cost and use of management time being spent 
is causing significant disruption to Milestone's business development." 
 
   This announcement contains inside information for the purposes of 
Article 7 of EU Regulation 596/2014. The person who arranged for release 
of this announcement on behalf of the Company was Tony Sanders (Chief 
Executive Officer). 
 
   For further information: 
 
 
 
 
Milestone Group PLC                              Tel: [phone] 
 Tony Sanders 
Cairn Financial Advisers LLP, Nominated Adviser  Tel: [phone] 
 Liam Murray / Jo Turner 
Hybridan LLP, Broker                             Tel: [phone] 
 Claire Louise Noyce 
Walbrook PR Limited, PR                          Tel: [phone] 
 Gary Middleton / Paul Cornelius 
 
 
 
   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

February 16, 2018 06:12 ET (11:12 GMT)

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