Minoan Group PLC Placing, Share Issue & Option Expiry Dates (5904J)
December 22 2020 - 10:57AM
UK Regulatory
TIDMMIN
RNS Number : 5904J
Minoan Group PLC
22 December 2020
22 December 2020
Minoan Group Plc
(the "Minoan" or the "Company")
Placing/Share Issue/Option Expiry Dates
The Directors of Minoan are pleased to announce a placing by
investors of Peterhouse Capital Limited of 12,500,000 ordinary
shares of 1p each to be issued at 1.1p per share (the "Placing").
In addition, and in order to settle certain existing liabilities
the Company is issuing 3,636,364 Ordinary Shares of 1p each at 1.1p
per share. The total value of the two issues is GBP177,500, the
majority of which will be utilised in meeting working capital
requirements and Project costs.
Subject to admission on AIM, 16,136,364 Ordinary Shares of 1p
will be issued at 1.1p per share.
Following the successful Placing, Peterhouse Capital Limited has
been appointed a Joint Broker to the Company.
Application has been made for the 16,136,364 new Ordinary Shares
to be admitted to trading on AIM ("Admission") and it is expected
that Admission will be effective from 30 December 2020. The new
Ordinary Shares are issued under the authorities in existence at
the close of Minoan's last Annual General Meeting held on 30 April
2020. Following Admission, there will be a total of 512,452,272
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.
Chairman's Comment
"We are grateful for the continued support of existing
shareholders and pleased to welcome some new shareholders to the
register. Whilst, inevitably, progress in Greece has been impacted
by the effects of Covid 19, things are moving forward and I look
forward to reporting back to shareholders early in the New
Year"
Option Expiry Dates
Shareholders are aware from previous announcements that,
historically, certain directors and executives have agreed to
accept options in lieu of their remuneration. These options are due
to expire on 31 December 2020. Minoan's Board has decided that it
is in the best interest of the Company, whilst also reflecting the
original intentions of the parties, to extend the expiry date of
those options granted to the directors Grahame Cook, Barry Bartman
and Timothy Hill and certain others who are not on the Board.
As a result, the expiry dates of options to subscribe for a
total of 11,252,136 ordinary shares in the Company at 1p per share
have been extended to 31 December 2021.
For further information visit www.minoangroup.com or contact:
Christopher Egleton christopher.egleton@minoangroup.com
Bill Cole william.cole@minoangroup.com
W H Ireland Limited 020 7220 1666
Adrian Hadden/Lydia Zychowska
Pello Capital Limited 020 7710 9610
Mark Treharne
Peterhouse Capital Limited 020 7469 0930
Duncan Vasey
Sapience Communications Limited 020 3195 3240
Richard Morgan Evans
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END
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