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Minoan Group PLC (MIN)

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Thursday 12 July, 2018

Minoan Group PLC

Loan Facility Extension

RNS Number : 3761U
Minoan Group PLC
12 July 2018
 

12 July 2018

Minoan Group Plc

(the "Company" of "Minoan")

 

Loan Facility Extension

 

Further to its announcement on 2 July 2018, the Company is pleased to announce that its debt facility with Hillside International Holdings Limited ("Hillside") has been extended to allow time for the sale of its travel business to be completed.  The Company also announces that the debt facility is now in the name of Zachary Asset Holdings Limited ("Zachary") a company related to Hillside.

 

The interest rate remains the same whilst the facility is now on demand with a long stop date for completion of 31 August 2018. As previously announced, the intention is that the proceeds of the sale will be used to repay the Zachary loan.

 

As part of the agreement to extend the facility, Minoan has agreed to issue 1,765,733 warrants to subscribe for ordinary shares in the Company (the "Warrants") in the name of Silja Investments Limited, a subsidiary of Zachary. The Warrants are exercisable at 6p per share and will expire on 10 July 2022.

 

Minoan Group Plc


Christopher Egleton

[email protected]

Duncan Wilson

[email protected]

Bill Cole

[email protected]



WH Ireland Limited

020 7220 1666

Adrian Hadden / Alex Bond




Cornhill Capital Limited

020 7710 9610

Daniel Gee




Morgan Rossiter

020 3195 3240

Richard Morgan Evans / James Rossiter


 


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