REG - Minoan Group PLC - Changes to JV Agreement and Options <Origin Href="QuoteRef">MIN.L</Origin>

MinoanAnnouncement

30/12/2015 07:00

RNS Number : 3651K
Minoan Group PLC
30 December 2015
30 December 2015
MINOAN GROUP PLC
(the "Company", "Minoan" or the "Group")
 
Changes to JV Agreement and Options
Following its announcement on 20 October 2015, the Company has been advised that the process for approving the presidential decree ("PD"), which resembles an outline planning consent, is now reaching its final stages. 
The terms of the Joint Venture ("JV") announced on 20 June 2012 have been amended to take account of changed planning procedures. The right of the JV partners to increase their stake in the Project by 25% at a cost of 12.5 million will now be triggered by the issuance of the PD.
Recognising the changes in planning procedures in this manner has the effect of bringing forward the date on which the JV partners have to decide whether to purchase the additional stake. This will provide greater visibility during discussions with other potential partners, which can now take place at a substantially earlier date. 
Options
As announced on 26 April 2012, Options to purchase a maximum of 3,607,692 Ordinary Shares in Minoan at 1p per share were granted to certain directors in the Group, and a former director, in exchange for the waiver of outstanding salaries of 469,000, based on a share price of 14p per share less the option exercise price of 1p. As recommended by the Remuneration Committee, the expiry date of these Options has been extended from 31 December 2015 to 31 December 2016.
For further information please visit www.minoangroup.comor contact: 
Minoan Group Plc

Christopher Egleton 
christopher.egleton@minoangroup.com
Duncan Wilson
0141 226 2930
Bill Cole
020 8253 4305


WH Ireland Limited
020 7220 1666
Adrian Hadden/Mark Leonard



Throgmorton Street Capital
020 7071 0808
Forbes Cutler



Morgan Rossiter 
020 3195 3240
Richard Morgan Evans/James Rossiter


This information is provided by RNS
The company news service from the London Stock Exchange
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