REG - Minoan Group PLC - Issue of Shares to reduce liabilities

MinoanAnnouncement

08/11/2024 07:00

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RNS Number : 4371L  Minoan Group PLC  08 November 2024

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
 
 

 

 

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