Loan Note Conversion

RNS Number : 7896D

Milestone Group PLC

19 September 2008

 



MILESTONE GROUP PLC

'Milestone' or the 'Company'

CONVERSION OF LOAN NOTES

The Company announces that, following the receipt of valid instructions from TRMK Estate Income Limited ('TRMK') and CMH Management Limited ('CMH'), the Board today agreed to a conversion of loan notes to the aggregate value of £37,500 plus accrued interest. The Board has approved the issue of 2,273,489 Ordinary Shares and 1,136,734 Ordinary Shares to TRMK and CMH respectively in accordance with the terms of the Company's Loan Note Instrument.

The Company has today made application for 3,410,223 new Ordinary Shares to be admitted to trading on AIM, with admission anticipated on 26 September 2008. The shares will rank pari passu with all existing 0.1p Ordinary Shares of the Company. Post-admission the total issued share capital of the Company will increase to 52,890,319 (excluding deferred shares which have no rights attached to them).

Under the terms of the Loan Note Instrument, the Company may issue a further £962,500 loan notes at any time prior to 31 July 2011. There are currently no loan notes in issue.

For further information:

Milestone
Deborah White, Chief Executive	Tel: [phone]
Arden Partners plc	Tel: [phone]
Richard Day

 

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