Milestone Group PLC Milestone Group Plc : Issue Of Equity
July 31 2014 - 2:01AM
UK Regulatory
TIDMMSG
MILESTONE GROUP PLC
("Milestone" or the "Company")
Issue of Equity
Milestone, the AIM quoted (AIM: MSG) provider of digital media and
technology solutions, announces that it has agreed to issue 70,436,393
new ordinary shares in the Company at a price of 1 penny per share,
raising GBP694,363.93 in cash and settling GBP10,000 worth of trade
creditors.
The company has built and developed an exciting product range and as
previously announced at the interim results, was in the process of
seeking funds to accelerate the commercialisation of these products as
they have started to become revenue generating.
We are delighted to have now raised those funds at a premium to the
existing share price. The funds raised will be used to further develop a
number of Milestone's products and accelerate revenue opportunities
including:
-- Digitising Disorder Magazine as announced on 30 April 2014, Milestone
acquired all rights and title to the Disorder publication. The Company
will now develop a digital offering to complement the printed version of
the magazine and expand its commercialisation;
-- Marketing and distribution of Winning in the Game of Life
this educational product addresses the aspects of the Social, Moral,
Spiritual and Cultural curriculum learning needs of pupils and is in the
process of being marketed to UK primary schools and other education
providers. The product benefits from a recurring revenue license model,
but requires a "train the trainer" approach to distribution prior to
sales generation that will require financing by the company;
-- Monetising and continuing momentum of the Passion Project to run
alongside the next engagement activities as announced on 8 May 2014,
including expansion of the PP portal and delivery mechanisms with our
partners; and
-- General working capital purposes and funding of key new staff - the
product range now requires specific skill-sets to ensure revenues are
generated, and to maintain support levels for both our customers and
end-users. This leads to a requirement for the additional recruitment of
staff into certain positions within the company - the fundraising
facilitates this process.
The new ordinary shares will rank pari passu with the existing ordinary
shares of Milestone. Application has been made for the 70,436,393
ordinary shares to be admitted to trading on AIM, which is expected to
occur on or around 5 August 2014.
Following the issue, Milestone will have in issue 553,961,032 ordinary
shares with voting rights.
For further information:
Milestone Group PLC Tel: 020 7929 7826
Deborah White, Chief Executive
Cairn Financial Advisers LLP, Nominated Adviser Tel: 020 7148 7900
Liam Murray / Avi Robinson
Hybridan LLP, Broker Tel: 020 3713 4581
Claire Louise Noyce
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#1844079
http://www.milestonegroup.co.uk/
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