REG - Minoan Group PLC - Company Update

MinoanAnnouncement

29/06/2022 14:15

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RNS Number : 6787Q  Minoan Group PLC  29 June 2022

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulation (EU) No.
596/2014. Upon the publication of this announcement this information will be
considered to be in the public domain.

29 June 2022

Minoan Group Plc

("Minoan " or the "Group")

Update

 

Minoan is pleased to announce that the Group is making good progress in the
discussions relating to adjustments to the Agreement with the Ecclesiastical
Foundation Panagia Akrotiriani (the "Foundation") which may be required in
respect of the terms of the Group's long leasehold title to the site of its
Project in Crete.

 

The Company's frequent meetings with the Foundation covering the key
legal, technical and economic aspects of the Project, have revealed that the
new law on Epifania (the equivalent of a long term ground lease in English
law) best serves the interests of both parties and, therefore, is the
preferred option to enable development of the Project. The use of Epifania
would be in line with the most advantageous of the Business Plans referred to
in Minoan's Preliminary Results Announcement of 28 April 2022.

 

George Mergos, Director said:

"We look forward to providing updates in the near term as negotiations move
towards a definitive agreement on the optimum changes and adjustments to the
present agreement with the Foundation. This will allow us to rapidly progress
further discussions with potential commercial partners."

 

Company Secretary

Bill Cole is standing down as Company Secretary, having fulfilled the role
since Minoan's incorporation. He will remain a director of Loyalward Limited.

 

Christopher Egleton, Chairman of Minoan said:

 

"I am delighted with the progress being made in Greece and look forward to the
further news referred to above.

 

In the meantime, I wish to give my personal thanks, together with those of my
colleagues on the Board, to Bill Cole who has served the Group with unstinting
loyalty for more than 25 years. We are all very pleased that he is remaining
as a director of Loyalward Limited, the Group company that owns the Project in
Crete."

 

 

 

For further information visit www.minoangroup.com (http://www.minoangroup.com)
or contact:

 Minoan Group Plc
 Christopher Egleton         christopher.egleton@minoangroup.com
 George Mergos               georgios.mergos@minoangroup.com
 Bill Cole                   william.cole@minoangroup.com

 WH Ireland Limited          020 7220 1666
 James Joyce/Megan Liddell

 Peterhouse Capital Limited  020 7469 0930
 Duncan Vasey

 

 

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