Fundraising and Directors' de

RNS Number : 5459D

Minoan Group PLC

03 December 2009

 



3 December 2009

Minoan Group Plc ("Minoan" or "the Company")   

Fundraising and Directors' Dealings

Minoan Group Plc, the AIM-quoted leisure resort developer, announces that a successful placing of 3,340,671 New Ordinary Shares at 15 pence per share has been agreed with a combination of existing shareholders and new investors, raising £501,100. In addition, in order to satisfy certain existing commitments, the Company has agreed to issue 395,000 New Ordinary Shares at 10 pence per share and 1,839,668 New Ordinary Shares at 15 pence per share. The total number of New Ordinary Shares to be issued, therefore, is 5,575,339 for a total consideration of £816,550.

The net proceeds will, in the main, be used to make further progress in bringing the Cavo Sidero Project to fruition and to help progress the Company's recently announced intention to develop a meaningful presence in the Greek renewable energy market.

The number of shares in the above placing includes 133,334 New Ordinary Shares subscribed for by Mr G D Cook, a Director of the Company and 107,334 New Ordinary Shares subscribed for by Mr B D Bartman, who is also a Director of the Company. As a result, Mr Cook's beneficial shareholding is 1,087,730 Ordinary Shares, which equates to 1.57% of the issued share capital as enlarged pursuant to this fundraising, and Mr Bartman's beneficial shareholding is 210,834 Ordinary Shares, which equates to 0.30% of the issued share capital as enlarged pursuant to this fundraising. 

The Directors' beneficial shareholdings are now 1,841,223 Ordinary Shares, representing 2.66% of the  issued share capital as enlarged pursuant to this fundraising.

The number of shares issued at 15 pence per share to settle existing commitments includes 670,000 New Ordinary Shares issued in respect of the past services of Mr C W Egleton, Chairman of the Company,  and 270,000 New Ordinary Shares issued in respect of the past services of Mr T R C Hill, a Director of the Company. 

Mr D C Wilson, the Company's independent director for the purposes of AIM Rule 13, considers, having consulted with Seymour Pierce Limited, the Company's nominated adviser, that the issue of shares to certain directors to settle existing commitments is fair and reasonable insofar as shareholders are concerned. 

Application has been made for the total number of 5,575,339 New Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will be effective from 9 December  2009. Following Admission, there will be a total of 69,333,870 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 FSA's Disclosure and Transparency Rules.

Minoan Chairman, Christopher Egleton commented:

"I am pleased to announce the successful placing and share issues, which include significant contributions from the Company's Directors.

The Board has been encouraged by the support Minoan has received since it announced that terms have been agreed to acquire the first two licences to develop a solar energy business.   We expect to announce further progress on this project in the near future. 

As stated previously, we believe that the combination of Cavo Sidero and renewable energy represents compelling business and environmental logic as we continue to prepare for the development of the Site."

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

Christopher Egleton                   Minoan Group Plc                                    07808 722022 

Bill Cole                                    Minoan Group Plc                                    01689 897397

Nicola Marrin                            Seymour Pierce Limited                            020 7107 8000

Dru Edmonstone                        Rivington Street Corporate Finance Ltd    020 7562 3351 

Nick Rome/Gemma O'Hara       Bishopsgate Communications Ltd             020 7562 3350

 

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