24 August 2016
MILESTONE GROUP PLC
("Milestone" or the "Company")
Issue of Options and Warrants
Milestone announces that on 23 August 2016 the directors waived their entitlement to historic
contingent liabilities (accrued in the balance sheet) of £704,347 and as a consequence the Company has issued them options over
78,260,782 Ordinary Shares.
The terms of the options
| Date of issue |
23 August 2016 |
| Exercise price |
0.1p |
| Exercise period |
To 23 August 2026 |
Furthermore, the Company announces that it has awarded an option to Tony Sanders, a director of
the Company, over 3,333,334 Ordinary Shares and warrants to other directors, as set out in the table below, to subscribe for
35,797,060 new ordinary shares in the company.
The terms of the options and warrants are set out below
| Date of issue |
23 August 2016 |
| Exercise price |
50% at 1.25p; 50% at 1.75p |
| Exercise period |
To 23 August 2026 |
| Other conditions |
options and warrants can only be exercised once the share price of the
Company has exceeded 2.5p for 5-day consecutive period. |
The Company does not have sufficient shareholder authority to grant all of the options and
warrants set out above, consequently of the total 16,000,000 options will be granted immediately, the balance of the options and
warrants will be granted subject to shareholder approval that will be sought at a forthcoming General Meeting of the Company that
will be convened shortly.
This arrangement significantly improves the balance sheet of the Company allowing it to use its
cash resources to finalise existing contracts as well as securing new ones.
The table below sets out the schedule of options and warrants that have been issued to directors
and others.
| |
No. of New Options Issued
|
No. of Existing Options Held |
Total No. of Options Held |
New Warrants Issued |
Total No. of Warrants Held |
No. Ordinary Shares held |
Deborah White |
49,149,668 |
46,056,000 |
95,205,668 |
24,574,834 |
24,574,834 |
35,439,330 |
Tony Sanders |
10,000002 |
15,352,000 |
25,352,002 |
- |
- |
1,500,000 |
David Hill |
9,333,334 |
7,676,000 |
17,009,334 |
4,666,668 |
4,666,668 |
1,000,000 |
Kevin Everett |
7,777,778 |
3,582,000 |
11,359,778 |
3,888,890 |
3,888,890 |
- |
James Brown |
5,333,334 |
- |
5,333,334 |
2,666,668 |
2,666,668 |
- |
Others
|
- |
27,252,000 |
27,252,000 |
- |
75,134,400 |
720,908,652 |
| Total |
81,594,116 |
99,918,000 |
181,512,116 |
35,797,060 |
110,931,4600 |
758,847,982 |
The total number of 181,512,116 options in issue represents circa 23.9 per cent of the Company's
issued ordinary share capital. In addition, the 110,931,460 warrants represent circa 14.6 per cent. of the Company's issued
ordinary share capital.
For further information:
Milestone Group PLC
Deborah White, Chief Executive |
Tel: 020 7929 7826 |
|
|
Cairn Financial Advisers LLP, Nominated Adviser
Liam Murray |
Tel: 020 7148 7900 |
|
|
Hybridan LLP, Broker
Claire Louise Noyce
Walbrook PR Limited, PR
Gary Middleton / Paul Cornelius / Paul Whittington |
Tel: 020 3764 2341
Tel: 020 7933 8780 |
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX 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
HUG#2036819