Further to the announcement dated 27 February 2017 the Company confirms that it now has the relevant shareholder authority to issue 30,000,000 new ordinary shares at a price of 0.1 pence per share (“Placing”) to satisfy a conditional subscription agreement (“Agreement”) entered into at that time with an investor (“Investor”). The Agreement was entered into to allow the Investor to invest in the Company at an effective placing price of 0.3p per share.
Having previously purchased 5,000,000 ordinary shares at a price of 1.5p per share, generating gross proceeds of £75,000 for the Company, the Investor has now purchased a total of 35,000,000 shares for total consideration of £105,000, giving an effective price per share of 0.3p, as per the terms of the Agreement.
The Placing will provide the Company with gross proceeds of £30,000. Application for the 30,000,000 new ordinary shares will be made to the London Stock Exchange. Trading in the new ordinary shares is expected to occur on or around 6 April 2017.
Upon Admission, Milestone will have in issue 1,112,141,411 Ordinary Shares with voting rights.
The above 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, the Company under the FCA’s Disclosure and Transparency Rules.
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: 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 / Paul Whittington
Tel: 020 7933 8780