March 20, 2008 06:47 ET

Mediterranean Moorings plc: Receipt of Convertible Loan Note

LONDON, UNITED KINGDOM--(Marketwire - March 20, 2008) - On 13 March 2008 Mediterranean Moorings plc ('the Company') agreed an unsecured convertible loan note ('Loan Note') facility for GBP 120,000 with Griffin Two Limited. If not redeemed or repaid within two years from the date of issue, Griffin Two Limited may request the Company to convert the Loan Note into 60,000 ordinary shares of 0.5p each.

Griffin Two Limited currently holds 2.55m shares, representing 6.51% of the Company's issued share capital.

Amounts received from the above Loan Note will be used to fund the working capital of the Company until the first mooring is sold.

THE DIRECTORS OF MEDITERRANEAN MOORINGS PLC RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT.