Minoan Group plc ( (GB:MIN) ) has provided an announcement.
Minoan Group Plc has announced a likely suspension of trading of its ordinary shares due to insufficient funds to finalize its annual report and accounts by the deadline. The company is unable to secure an extension on its secured loan from DAGG LLP, which has led to a default event. DAGG has proposed a plan to inject new funds and convert the loan into equity, which would be significantly dilutive for shareholders. The proposal also includes a management agreement and debt write-offs. The company is negotiating with DAGG, and a general meeting may be convened to consider the proposal.
More about Minoan Group plc
YTD Price Performance: -45.83%
Average Trading Volume: 2,542,208
Technical Sentiment Signal: Strong Buy
Current Market Cap: £3.02M
For detailed information about MIN stock, go to TipRanks’ Stock Analysis page.