Minoan Group PLC Acquisition, Placing and Balance Sheet (7390F)
May 22 2017 - 2:00AM
UK Regulatory
TIDMMIN
RNS Number : 7390F
Minoan Group PLC
22 May 2017
MINOAN GROUP PLC
("Minoan, the "Group")
Acquisition of Morningside Travel Limited/Placing/Balance
Sheet
Acquisition
Minoan is pleased to announce the acquisition by Stewart Travel
Limited of the business of Morningside Travel Limited
("Morningside"). Morningside is an independent travel agent based
in Edinburgh that, over many years, has built up a reputation for
excellent customer service and is an ideal fit for the Stewart
Travel retail business.
The consideration for the acquisition is GBP135,000 of which
GBP110,000 is to be settled by the issue of 1,203,502 new Ordinary
Shares of 1p each in Minoan at 9.14 pence per share fully paid
up.
Placing
Minoan has placed, conditional upon admission to AIM, 5,000,898
new Ordinary Shares of 1p each at a price of 9 pence per share (the
"Placing Price") with institutional and other investors raising
GBP450,000 before expenses. The Placing Price represents a discount
of 6.45 per cent on the closing middle market price on 19 May 2017.
It is intended that the net proceeds will be used to provide
general working capital to support the development of the Group,
including its resort project in Crete (the "Project") and, together
with other resources, further acquisitions.
As a consequence of the Acquisition and the Placing, which was
done following advice from WH Ireland Limited and with the
assistance of Daniel Stewart & Company Plc, Minoan is issuing,
subject to admission on AIM, a total of 6,204,400 Ordinary Shares
of 1p each (new Ordinary Shares). Application has been made for the
6,204,400 new Ordinary Shares to be admitted to trading on AIM
("Admission") and it is expected that Admission will be effective
from 26 May 2017.
The new Ordinary Shares are issued under the authorities in
existence at the close of Minoan's last Annual General Meeting held
on 27 April 2017. Following Admission, there will be a total of
211,461,868 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.
Balance Sheet
Discussions are ongoing regarding a further extension of the
Group's existing Loan Facility, which currently expires on 30 June
2017. Minoan will provide an update to the market on the outcome of
these discussions in due course.
For further information please visit www.minoangroup.com or
contact:
Minoan Group Plc
Christopher Egleton christopher.egleton@minoangroup.com
Duncan Wilson 0141 226 2930
Bill Cole 020 8253 4305
WH Ireland Limited 020 7220 1666
Adrian Hadden/Nick Prowting
Throgmorton Street Capital 020 7071 0808
Forbes Cutler
Morgan Rossiter 020 3195 3240
Richard Morgan Evans/James Rossiter
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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