Milestone Group PLC : Miscellaneous

Milestone Group PLC : Miscellaneous

07 November 2016
MILESTONE GROUP PLC
("Milestone" or the "Company")

Update on Placing

The Company announced on 20 October 2016 that it had placed 92,333,332 new ordinary shares at a price of 1.5 pence per share, raising in total £1,385,000 of gross proceeds.

As at 20 October 2016 the Company's broker had received irrevocable undertakings to provide the Company with £1,385,000 of funds subject to the new ordinary shares being admitted to trading on AIM.  The 92,333,332 shares were admitted to trading on AIM on 31 October 2016.

The Company's broker is in receipt of £135,000 of the placing funds.

The balance of £1,250,000 remains outstanding.  The balance of the funds receivable is outstanding from an FCA regulated entity (the "Counterparty") that had been sourced directly by the Company.

The Company's broker has terminated its relationship with the Company's sourced Counterparty.

The Company has been in active communication with the Counterparty to seek a resolution to this matter, however the Company has to date been unable to resolve it.

The Company currently has limited working capital resources and is carefully managing its existing cash balance.  The Company is in active discussions with alternative sources of financing and a further announcement in relation to this matter will be made in due course.

There is no guarantee that further funding will be available to the Company.

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: 0207 929 7826
  
Cairn Financial Advisers LLP, Nominated Adviser 
Liam Murray/Sandy Jamieson Tel: 0207 213 0880
  
Hybridan LLP, Broker  
Claire Louise Noyce Tel: 0203 764 2341
   
Walbrook PR Limited, PR  
Gary Middleton/Paul Cornelius/Paul Whittington Tel: 0207 933 8780



This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Milestone Group PLC via Globenewswire

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