REG - Minoan Group PLC - New Development Law and Loan Extension

MinoanAnnouncement

01/12/2021 12:45

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RNS Number : 2442U  Minoan Group PLC  01 December 2021

1 December 2021

Minoan Group Plc

(The "Company" or Minoan)

New Development Law and Loan Extension

 

 

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

New Development Law

 

The Company is pleased to report that the Greek Parliament has approved a new
development law regarding strategic investments such as the Company's Itanos
Gaia hotel and resort development in Crete (the "Project").

 

 The law is intended to enhance the attractiveness of Greece to investors by
inter alia: simplifying bureaucracy, improving incentives and, in particular,
enhancing the approval processes for Strategic Investments of which the
Company's Itanos Gaia project is one.

 

Loan Extension

 

Further to the announcement on 29 October 2021, the Company announces that for
a fee of £150,000, to be settled by an issue of Ordinary Shares in Minoan at
1p per share, a six month extension of the loan to 30 April 2022 has been
agreed.

 

As Nicholas Day, a substantial shareholder of the Company currently holding
10.18% of Minoan's issued share capital, is a member of the lender (DAGG LLP)
and the loan extension and fee constitutes a related party transaction under
Rule 13 of the AIM Rules for Companies, the Directors of Minoan consider,
having consulted with the Company's nominated adviser, that the terms of the
transaction are fair and reasonable insofar as its shareholders are concerned.

 

Chairman's Comment

 

"The Company will now be taking further steps to progress its Project in Crete
and looks forward to providing a more detailed update following the formal
publication of the new law, expected in the next few days."

 

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

 

 Christopher Egleton              christopher.egleton@minoangroup.com
 Bill Cole                        william.cole@minoangroup.com

 WH Ireland Limited               020 7220 1666
 Adrian Hadden/Megan Liddell

 Sapience Communications Limited  020 3195 3240
 Richard Morgan Evans

 

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