REG - Minoan Group PLC - Placing and Directors’ Shareholdings

MinoanAnnouncement

24/10/2022 14:30

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RNS Number : 9127D  Minoan Group PLC  24 October 2022

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.

24 October 2022

Minoan Group Plc

("Minoan" or the "Company")

Placing and Directors' Shareholdings

The Directors of Minoan are pleased to announce the agreement to place and to
subscribe for ordinary shares of 1p each ("Ordinary Shares") which was
successfully arranged by Peterhouse Capital Limited (the "Placing").
36,000,000 Ordinary Shares are to be issued at 1p per Ordinary Share raising
£360,000. Three of the Group's Directors, being George Mergos, Nick Day, and
Marco Nijhof are each subscribing for 5,000,000 Ordinary Shares at 1p per
Ordinary Share.  In addition, a further 9,000,000 Ordinary Shares are being
issued at 1p per Ordinary Share in order to settle liabilities.

The placing price represents a discount of approximately 3 per cent. to the
Closing Price of 1.03 pence per Ordinary Share on 21 October 2022, being the
latest practicable business day prior to the publication of this Announcement.

Application has been made for a total of 45 million new Ordinary Shares to be
admitted to trading on AIM ("Admission") and it is expected that Admission
will be effective from 28 October 2022. The Ordinary Shares are being issued
under the authorities in existence at the close of Minoan's last Annual
General Meeting held on 29 April 2022. Following Admission, there will be a
total of 732,517,005 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.

George Mergos, Chairman of Loyalward Ltd and Director of Minoan, commented:
"My colleagues and I look forward to being able to report on the successful
progress of our discussions over the updated and revised contract for the
development of our project on the Cavo Sidero Peninsula, Crete, and on
significant progress on a number of commercial fronts in the coming months."

For further information visit www.minoangroup.com or contact:

Minoan Group Plc

Christopher Egleton
   christopher.egleton@minoangroup.com

George
Mergos
georgios.mergos@minoangroup.com

 

W H Ireland
Limited
020 7220 1666

Antonio Bossi / Enzo Aliaj
 

 

Peterhouse Capital Limited
                               020 7469 0930

Duncan Vasey
 
 

 

 

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