TIDMMIN
RNS Number : 1337C
Minoan Group PLC
26 April 2012
26 April 2012
Minoan Group Plc
("Minoan", the "Group", or the "Company")
Share Issue and Grant of Options
The directors of Minoan Group Plc, the AIM listed travel and
leisure group, and certain of the directors of subsidiary companies
within the Group, have agreed to accept equity and options in lieu
of fees and salaries due to them totaling GBP1,152,669, being 18.2%
of the Group's current liabilities as reported in its Report and
Financial Statements at 31 October 2011.
Shares issued to Minoan and other subsidiary company
directors
Outstanding fees of GBP683,669 will be settled by the issuance
of 4,883,351 ordinary shares of 1p each in the Company ("Ordinary
Shares") at 14p per share.
Included in the above are Ordinary Shares being issued to Board
directors of Minoan as follows:
-- 357,143 Ordinary Shares to G D Cook; and
-- 2,857,143 Ordinary Shares to Simmons International Limited, a
company which provides C W Egleton's services to Minoan and in
which he is a minority shareholder.
Options granted to Minoan and other current and former
subsidiary company directors
Outstanding salaries of GBP469,000, based on a share issue price
of 14p per share as above less an option exercise price of 1p per
share, will be waived in exchange for the granting of options to
subscribe for a maximum of 3,607,692 Ordinary Shares ("Options") as
set out below:
Name Number of Options Exercisable between
Minoan directors:
B D Bartman 1,000,000 1 May 2012 and 31 December
2015
G D Cook 384,615 1 May 2012 and 31 December
2015
D C Wilson 1,000,000 1 May 2012 and 31 December
2015
Subsidiary company directors:
W C Cole 1 May 2012 and 31 December
1,000,000 2015
C W Young (former 1 May 2012 and 31 December
director) 223,077 2015
The Directors have decided to take this action for the following
reasons:
-- to demonstrate their ongoing commitment to, and belief in,
the future of both the Group's project in Crete and its expanding
travel and leisure business;
-- to reduce the Group's current liabilities; and
-- to free up working capital of the Group for other purposes.
Shares issued in accordance with convertible loan agreements
Minoan is also issuing a total of 11,830,779 Ordinary Shares, as
set out below, in accordance with certain existing convertible loan
agreements:
Number of Ordinary Issue price per Ordinary
Shares Share
1,818,188 8.00p
3,076,918 8.50p
1,428,570 10.00p
5,507,103 12.50p
The Ordinary Shares issued at 12.5p per share include 866,250
Ordinary Shares to G D Cook. Following the above, G D Cook's
beneficial shareholding is 2,311,123 representing 1.84% of the
issued share capital as enlarged following these share issues. The
Directors' total beneficial shareholding following the issuance of
these Ordinary Shares is 3,064,616 Ordinary Shares, representing
2.44% of the issued share capital as enlarged following this share
issue.
Application has been made for the 16,714,130 new Ordinary Shares
to be admitted to trading on AIM ("Admission") and it is expected
that Admission will be effective from 2 May 2012.Following
Admission, there will be a total of 125,702,269 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 FSA's Disclosure and Transparency Rules.
Christopher Egleton, Chairman of Minoan commented:
"The Directors have stated repeatedly their belief in the
Group's eventual success and their commitment to providing value
for shareholders. I believe the acceptance of equity in the Company
in exchange for the significant majority of outstanding
fees/salaries demonstrates the Directors' confidence in the Group's
ability to achieve its stated aims".
For further information visit www.minoangroup.com or
contact:
Minoan Group Plc
Christopher Egleton christopher.egleton@minoangroup.com
Bill Cole 020 8253 4305
Seymour Pierce Limited 020 7107 8000
Nicola Marrin/David Foreman (Corporate Finance)
Rivington Street Corporate Finance Limited 020 7562 3384
Jon Levinson
Bishopsgate Communications Limited 020 7562 3350
Nick Rome/Shabnam Bashir
This information is provided by RNS
The company news service from the London Stock Exchange
END
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