MILESTONE GROUP PLC ('Milestone' or the 'Company')
Update on October Placing
Milestone (AIM: MSG), the AIM and Social Stock Exchange quoted provider of digital media, technology and social impact solutions, provides an update to the announcements made 27 February 2017 and 30 March 2017, regarding the status of the October Placing (the 'Placing').
The Company commenced a legal recovery process against the counterparty to the placement shortly after the placing failed. This process was put on hold whilst the Company engaged with the counterparty in order to try and resolve the situation.
The Company advises that whilst it is pursuing all avenues to provide a mutually acceptable solution, should such an agreement not be forthcoming in the near future, the Company intends to recommence legal proceedings and will issue a statutory demand on the counterparty. Further updates regarding this matter will follow shortly.
The Company continues to manage its working capital position carefully and it is expected it will need to raise further capital in the near future.
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 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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