Shares, Warrants and ESOPs

Share Price

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Warrant Price

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The Company’s Share Capital is as follows:

Issued ordinary shares 37,635,196
Shares held in Treasury Nil
Warrants 15,143,602
Employee Share Options 3,622,740
Fully diluted (Issued, Warrants and Options) 56,401,538

The Company’s issued share capital consists entirely of Ordinary Shares, with one voting right per share. The rights of shareholders may be different to the rights of shareholders in a UK incorporated company.

Both the Company’s Shares and Warrants are admitted to trading on AIM:

Ordinary shares Warrants
Ticker symbol MIL MILW
ISIN code VGG636111004 VGG636111186
Bloomberg MIL:LN MILW:LN

The above figure of 37,635,196 shares may be used by shareholders as the denominator for calculations by which they will determine if they are required under the Disclosure and Transparency Rules to notify their interest in, or a change to their interest in, the Company.

Insofar as the Company is aware, 5.7% of the Company’s Ordinary Shares (being those held by the Directors) are not in public hands.

Name Number of Ordinary Shares Percentage of Issued Capital
LIM Asia Special Situations Master Fund Limited 7,718,665 20.5%
Stewart Investors Asia Pacific Fund 3,653,695 9.7%
Probus Opportunities SA SICAV-FIS – Mekong Fund 2,118,644 5.6%
Red Oak Operations Limited 2,105,569 5.6%
Incagrove Limited 2,103,258 5.6%
Alpha Investments Asia FCP-SIF Fund 1,449,475 3.9%
Finanzverwaltungs GbR Langen II 1,443,051 3.8%
Pachira Holdings Limited 1,113,499 3.0%
Crystal Consultancy Services Limited 1,113,499 3.0%
Directors – see below 2,128,593 5.7%
Holders with less than 3% 12,687,248 33.7%
Total 37,635,196 100.00%


Source: Capita Registrars (Guernsey) Limited.
This information was updated on 2 July, 2018.

Name Number of Ordinary Shares Percentage of Issued Capital Number of Warrants Number of Options
William Knight 28,000 0.1% 3,000 157,005
Aung Htun 677,000 1.8% 123,000 899,626
Michael Dean 410,000 1.1% 98,000 815,626
Craig Martin 237,372 0.6% 145,000 167,005
Chris Appleton 190,372 0.5% 98,000 177,005
Henrik Bodenstab 585,849 1.6% 181,159 35,000
Total 2,128,593 5.7% 648,159  2,251,267

Source: Capita Registrars (Guernsey) Limited.
This information was updated on 31 January, 2018.


The Ordinary Shares and Warrants are subject to restrictions on transfer in accordance with the US Securities Act of 1933 and regulations made thereunder, and the US Investment Company Act, and the certificates in respect of such Ordinary Shares and Warrants will bear legends with respect to such transfer restrictions. Subscribers, Placees and subsequent purchasers of such Ordinary Shares and Warrants will be deemed to have agreed to be bound by the transfer restrictions and to have agreed not to effect transfers of the Ordinary Shares or Warrants except to transferees who also agree to be bound by the restrictions, while the restrictions are still applicable.

For further details please see pages 103 to 106 of the Company’s Admission Document.

All certificates representing New Ordinary Shares and all certificates representing the Warrants, if any, and all certificates issued in exchange therefor or in substitution thereof, shall bear the legend set out in Paragraph 8 on page 104 of the Company’s Admission Document.

The Company has established an Employee Share Option Plan (the “Plan”) for the employees, Directors and advisers of the Group, as well as the employees, directors and advisers of its Investee Companies (“Participants”). The Plan is administered by the Remuneration Committee.

The Plan is designed to reward a Participant only if there is an appreciation in value of the Company’s share price.

The Plan provides that share options granted by the Company under the terms of the Plan shall constitute a maximum of one-tenth of the number of the total number of ordinary shares in issue on the date preceding the date of grant.

Any issue of ordinary shares by the Company will enable the Remuneration Committee to grant further share options which will be granted with an exercise price set at a 10 percent premium to the subscription price paid by shareholders for the issue of ordinary shares that gave rise to the availability of each tranche of the share options.

Share options can be exercised at any time after the first anniversary and before the tenth anniversary of the grant (as may be determined by the remuneration committee in its absolute discretion) of the respective share options.

Options granted 2,673,028
Options available for grant 949,712
Total Employee Share Options 3,622,740