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.
8 November 2024
Minoan Group Plc
("Minoan" or the "Company")
Issue of Shares to reduce
liabilities
Further to the announcement of 1
November 2024, Minoan announces additional details of the agreement
reached with creditors for the reduction of certain material
liabilities of the Minoan Group through the issuance of new
shares.
A total of 77,859,753 ordinary
shares of 1p each in the Company ("Ordinary Shares") are being
issued at an average price of 1.68p per Ordinary Share, of which
53,259,753 are being issued at 2p per share, to settle certain
Group balance sheet liabilities totalling £1,311,195. All of the
shares are being issued at a significant premium to the current
share price, further underscoring the intrinsic value of the
Project and the growing confidence of key stakeholders in the
Company's near-term prospects.
Related Parties
William Cole, Nicholas Day, Peter
Raby and Jeremy Watts are directors of Minoan's 100% owned
subsidiary Loyalward Limited. Simmons International Ltd ("Simmons")
is a company which supplies the services of Christopher Egleton, a
director of Minoan. Mr Egleton is also a minority shareholder of
Simmons. These parties are participating in the above transactions
as follows:
|
Name of related party
|
Credit
outstanding
(£)
|
Shares
being issued in settlement of outstanding debt
|
|
William Cole
|
20,000
|
2,000,000
|
|
Nicholas Day
|
153,333
|
8,716,666
|
|
Peter Raby
|
150,000
|
8,750,000
|
|
Simmons
|
173,568
|
14,678,375
|
|
Jeremy Watts
|
6,456
|
322,825
|
All of the directors mentioned are
beneficiaries, either individually or through connected parties, of
this settlement of Creditors. The agreements to satisfy Creditors
by the issue of ordinary shares constitute related party
transactions under Rule 13 of the AIM Rules for Companies. The
Directors of Minoan consider, having consulted with the Company's
nominated adviser, Zeus Capital Limited, that the terms of the
agreements are fair and reasonable insofar as its shareholders are
concerned.
Application for Admission
Application has been made for
77,859,753 new Ordinary Shares to be admitted to trading on AIM
("Admission") and it is expected that Admission will be effective
from 13 November 2024. Following Admission, there will be a total
of 922,218,539 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
Guidance and Transparency Rules.
For further information visit
www.minoangroup.com or contact:
Minoan Group
Plc
mail@minoangroup.com
Zeus
020 3829 5000
Antonio Bossi / Andrew
Andrade
Peterhouse Capital Limited
020 7469 0930
Duncan Vasey