Minoan Group PLC Results of Placing (6207T)

TIDMMIN

RNS Number : 6207T

Minoan Group PLC

21 July 2020

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

21 July 2020

Minoan Group Plc

("Minoan" or "the Company")

Results of Placing

The Board of Minoan is pleased to announce that further to its announcement at 9.15 a.m this morning relating to the successful reorganisation of its borrowing, the cancellation of warrants and rights to future warrants and a placing ("Placing"), the Placing has now closed with funds of GBP205,000 being subscribed at a price of 1.1p per share. The Placing, along with the reorganisation of its borrowing arrangements are subject to shareholder approval at a general meeting (the "General Meeting"), details of which were provided in the announcement at 7a.m. this morning.

Accordingly, it is expected that, subject to approval being granted in the General Meeting, 18,636,367 new ordinary shares in Minoan will be issued on 6 August 2020 in connection with the Placing, together with a further 25,000,000 new ordinary shares which will be issued to Silja in accordance with the terms of the warrant cancellation, described in the announcement of 9.15 a.m. this morning. Accordingly, the Company expect the admission of a total of 43,636,367 new ordinary shares to take place on 7 August 2020.

Placees in the Placing include the following;

 
 Name                   Holdings prior to Placing   Holdings post Placing 
 Christopher Egleton                      235,714               4,781,169 
                       --------------------------  ---------------------- 
 Nicholas Day                          58,290,376              60,563,104 
                       --------------------------  ---------------------- 
 David Raby                            33,663,965              38,209,420 
                       --------------------------  ---------------------- 
 

The transaction has a number of related parties involved. As mentioned, Christopher Egleton, Minoan's Chairman, has participated in the placing alongside David Raby and Nicholas Day, who are both directors of subsidiary company, Loyalward Limited. Nicholas Day is also a member of DAGG LLP with a 14.7% interest following a GBP75,000 investment.

The Independent Directors, having consulted with the Company's nominated adviser, WH Ireland Limited, consider that the terms of these related party transactions are fair and reasonable insofar as Shareholders are concerned.

The Company further announces that it has agreed to settle certain existing liabilities amounting to GBP197,861 by way of an issue of 17,987,401 new ordinary shares at the Placing price of 1.1p and these shares are expected to be admitted to trading on 24 July 2020.

A circular is today being sent to shareholders in respect of the General Meeting to approve the reorganisation of its borrowing, the cancellation of warrants and rights to future warrants and Placing as further described in the announcement of 9.15 a.m. this morning.

For further information visit www.minoangroup.com or contact:

 
 Minoan Group Plc 
 Christopher Egleton                [e-mail] 
 Bill Cole                          [e-mail] 
 
 WH Ireland Limited                 020 7220 1666 
 Adrian Hadden/Lydia Zychowska 
 
 Pello Capital Limited              020 7710 9610 
 Mark Traherne 
 
 Sapience Communications Limited    020 3195 3240 
 Richard Morgan Evans 
 
 

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July 21, 2020 05:15 ET (09:15 GMT)