Milestone (AIM:MSG), the AIM quoted provider of digital media and technology, announces that following a review of the situation regarding the placing announced on 20 October 2016 (the "Placing") and the likelihood of successful recovery of the outstanding proceeds, it has entered into a compromise agreement with the counterparty of the Placing, which was the Company's placee.
In the Placing, a dispute arose between the Company and a counterparty in relation to the issue and allotment of 83,333,332 shares (the "Shares") at a price of 1.5 pence per share, as the £1.25 million gross proceeds from the Placing were not received by the Company from its placee. The counterparty has agreed to pay the company a settlement payment of £125,000 and to waive all rights to the Shares.
It is now the Company's intention to dispose of the Shares in due course to new placees as and when demand arises.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged for release of this announcement on behalf of the Company was Tony Sanders (Chief Executive Officer).
For further information:
Milestone Group PLC
Tel: 020 7929 7826
Cairn Financial Advisers LLP, Nominated Adviser
Liam Murray/Sandy Jamieson
Tel: 020 7213 0880
Hybridan LLP, Broker
Claire Louise Noyce
Tel: 020 3764 2341
Walbrook PR Limited, PR
Gary Middleton / Paul Cornelius
Tel: 020 7933 8780