MiLOC Group Limited - PLACING AND UPDATE ON DISTRIBUTER DISPUTE
RNS Number : 5350U
MiLOC Group Limited
03 December 2021
 

3 December 2021

 

MiLOC GROUP LIMITED

("MiLOC" or "the Company")

 

PLACING AND UPDATE ON DISTRIBUTER DISPUTE

 

The Company is pleased to announce that it has raised a total of HKD250,000 (equivalent to GBP23,165 through the issue of 81,282 new Ordinary Shares of US$0.001 each in the Company ("Ordinary Shares") at a price of 28.5p per share to an individual shareholder. The Company has also agreed to issue a further 9,463 Ordinary Shares to a consultant as commission in respect of fundraising commission. Application has been made for the Ordinary Shares to be admitted to trading on the AQSE Growth Market on or about 9 December 2021.

 

The Ordinary Shares, have been credited as fully paid and rank pari passu in all respects with the existing Ordinary Shares of the Company. The placing proceeds will be used for general working capital purposes.

 

The Company announces that, following the issue of Ordinary Shares referred to above, in accordance with the Financial Conduct Authority's Disclosure and Transparency Rules (the "Disclosure and Transparency Rules"), the total number of Ordinary Shares in issue will be 85,590,187 with each share carrying the right to one vote.

 

MiLOC does not hold any shares in Treasury.

 

The above figure of 85,590,187 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the Disclosure and Transparency Rules.

 

The Company also announces, further to the announcement of 14 January 2021, that its subsidiary, Star Collaboration (Guangzhou) Limited ("Star C") has received the result from the Civil Judgement that is in Star C's favour amounting to approximately £300,000 (equivalent to approximately RMB2,500,000) outstanding debt from a distributor. 

 

Further to the announcement of 30 April 2021, the Company further informs that Star C has received the result from another Civil Judgement that Star C has to return an amount of approximately GBP166,000 (equivalent to approximately RMB1,500,000) to one of its distributors. The Company is currently appealing the decision as it disagrees with the judgement. A further announcement will be made in due course. 

 

The directors of the Company accept responsibility for the contents of this announcement.

 

For further information, please contact:-

 

MiLOC

ONG Ban Poh Michael - Chief Executive Officer

 Ronnie CHOI - Chief Financial Officer

 

 

 

Tel: +852 2110 4221

 

AQSE Growth Market Corporate Adviser

PETERHOUSE CAPITAL LIMITED

Guy Miller

Mark Anwyl

Tel: +44 (0) 20 7469 0930

 

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