REG - Minoan Group PLC - Audit Update

MinoanAnnouncement

20/06/2025 16:45

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RNS Number : 8379N  Minoan Group PLC  20 June 2025

20 June 2025

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Minoan Group Plc

(the "Company" or "Minoan")

Audit Update

Related Party Transaction

The Directors are pleased to announce that a Letter of Engagement between
Minoan and Anstey Bond LLP for the audit of the Company's last fiscal year,
ending 31 October 2024, has been signed. The terms of the Letter of
Engagement should allow Minoan to complete the audit of its annual report and
accounts. This will enable it to comply with its obligations under Rule 19 of
AIM Rules for Companies in order to facilitate the lifting of the suspension
of trading in the Company's shares. It should also allow the Company to
satisfy its obligations as set out in the Company's announcement of 2 June
2025 for filing its accounts at Companies House.

 

DAGG LLP has agreed to loan Minoan the funds to make the necessary payments to
Anstey Bond LLP so the audit can proceed (the "New Loan").   The New Loan
will form part of the existing DAGG LLP secured loan (see announcements dated
6 January 2025 and 14 March 2025) (the "Existing Loan"). Interest on the New
Loan will accrue on the same terms as the Existing Loan, being a current
annual interest rate of 22%. The New Loan and applicable interest is repayable
on demand and is secured on the same terms as the Existing Loan. However, DAGG
LLP has agreed to waive any interest payments on the New Loan should its final
offer be approved by shareholders (see announcement dated 4 April 2025).

 

Related Party Transaction

Nicholas Day is a member of DAGG LLP, a director of Minoan and has the largest
publicly declared shareholder holding of 9.53% of the Company's ordinary share
capital. The New Loan is therefore a related party transaction pursuant to
Rule 13 of the AIM Rules for Companies. The director independent of the
transaction, Tim Hill, considers, having consulted with the Company's
nominated adviser, Zeus Capital Limited, that the terms of the New Loan are
fair and reasonable insofar as the Company's shareholders are concerned.

For further information visit www.minoangroup.com or contact:

Minoan Group
Plc
mail@minoangroup.com

 

Zeus
                                020 3829 5000

Antonio Bossi / Andrew De Andrade
 
 

 

Peterhouse Capital Limited
            020 7469 0930

Duncan Vasey
 

 

 

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