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LONDON - Minoan Group Plc has signed a Letter of Engagement with Anstey Bond LLP to audit its financial statements for the year ended October 31, 2024, according to a press release statement issued Friday.
The audit agreement is expected to help the company meet its obligations under Rule 19 of AIM Rules for Companies, potentially enabling the lifting of the suspension of trading in Minoan’s shares. The company also aims to fulfill its filing requirements at Companies House as outlined in its June 2 announcement.
DAGG LLP has agreed to provide a loan to Minoan to fund the audit payments. This new loan will be incorporated into an existing secured loan from DAGG LLP and will accrue interest at the same annual rate of 22%. The loan is repayable on demand and carries the same security terms as the existing loan.
However, DAGG LLP has agreed to waive interest payments on the new loan if shareholders approve its final offer, which was announced on April 4.
The transaction qualifies as a related party transaction under AIM Rule 13 since Nicholas Day, a Minoan director with a 9.53% shareholding, is also a member of DAGG LLP. Tim Hill, the independent director, has consulted with the company’s nominated adviser, Zeus Capital Limited, and considers the loan terms fair and reasonable for shareholders.
Minoan Group’s shares remain suspended from trading on the AIM market of the London Stock Exchange (LON:LSEG) pending completion of the audit.
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