Milestone Group PLC Milestone Group Plc : Update On October Placing

 
TIDMMSG 
 
   MILESTONE GROUP PLC 
 
   ("Milestone" or the "Company") 
 
   Update on October Placing 
 
   Further to the announcements on 7 December 2016 and 13 December 2016 the 
Company has been advised that the 5,000,000 ordinary shares of the 
Company issued to the one outstanding Broker Placee (as defined in the 7 
December 2016 announcement) as part of the October 2016 Placing have 
been transferred to an investor ("Investor") at a price of 1.5 pence per 
share, and that the Company is now in receipt of the outstanding 
GBP75,000 consideration due in respect of such shares. 
 
   In addition, the Company has entered into a conditional subscription 
agreement ("Agreement") with the Investor to allow him to subscribe for 
a further 30,000,000 ordinary shares at par, which, upon completion, 
will provide the Company with additional gross proceeds of GBP30,000. 
The effect of this Agreement is that the Investor will then have 
effectively acquired its shares at an average price of 0.3 pence per 
share, being the price the placing announced on 13 December 2016 was 
undertaken at. 
 
   The Agreement is conditional on the Company obtaining the requisite 
authorities to issue new shares that it intends to seek as part of the 
renewal of its general authorities to be approved at the time of its 
forthcoming Annual General Meeting which it anticipates will be held in 
March 2017. 
 
   The Company continues to pursue the Company Placee (as defined in the 
announcement of 7 December 2016) in respect of the GBP1,250,000 
receivable. 
 
   This announcement contains inside information for the purposes of 
Article 7 of EU Regulation 596/2014. 
 
   For further information: 
 
 
 
 
Milestone Group PLC 
Deborah White, Chief Executive                     Tel: 0207 929 7826 
 
Cairn Financial Advisers LLP, Nominated Adviser 
Liam Murray/Sandy Jamieson                         Tel: 0207 213 0880 
 
Hybridan LLP, Broker 
Claire Louise Noyce                                Tel: 0203 764 2341 
 
Walbrook PR Limited, PR 
Gary Middleton/Paul Cornelius/Paul Whittington     Tel: 0207 933 8780 
 
 
 
   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 27, 2017 02:00 ET (07:00 GMT)

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