REG - Minoan Group PLC - Notices for the Re-convened AGM & General Meeting

MinoanAnnouncement

18/10/2023 07:00

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RNS Number : 4463Q  Minoan Group PLC  18 October 2023

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18 October 2023

Minoan Group Plc

(or "the Company")

 
Notices for the Re-convened AGM and General Meeting

 

Further to the announcement made on 29 September concerning the forthcoming
meetings of the Company, Minoan announces the following timings of and agendas
for the meetings, both of which will be held at the Company's Registered
office at 30 Crown Place, London, EC2A 4ES.

 

The Company announces that its Re-convened Annual General Meeting, at which
the accounts for the year ended 31 October 2022 together with the reports of
the directors and auditors thereon be received and considered, will be held at
11.00 am on Friday 10 November 2023.

 

The Company also announces that its General Meeting will be held at 11.30 am
on Friday 10 November 2023. There will be four resolutions proposed at the
General Meeting. Two of these resolutions will relate to the authority to
issue shares in relation to the agreement reached with DAGG LLP to repay part
of the only secured debt of the Company as announced on 29 August. The other
resolutions will be for the authority to issue up to 120m shares to settle up
to £2.8m of balance sheet liabilities in order to improve the security of the
balance sheet and prepare Minoan for the next stage of its development.

 

It is the Board's intention that this authority will only be used to issue
shares at prices up to 3p per share, with the average over the full allocation
of 120m shares expected to be over 2p. The Board is very pleased to announce
that as part of this process the Company has already reached agreement in
principle to issue shares at prices in excess of 2p per share in respect of
liabilities in excess of £500,000 at the date of the latest audited Balance
Sheet, 31 October 2022.

 

The Notice of both meetings will be available on the Company's website today
and will be posted today to those shareholders who have elected to continue to
receive hard copy communication from the Company.

 

Christopher Egleton, Chairman of Minoan, said:

 

 "The Board is pleased to have successfully concluded the negotiations with
DAGG and looks forward to introducing a new Board member in due course. The
Company believes that this addition, amongst others, will strengthen the Board
at this crucial time in the commercial development of The Project.

Further, we are also keen to reduce balance sheet liabilities, and are
delighted to be able to further reduce the Company's liabilities, at a
substantial premium to the current share price. I believe it demonstrates in a
real way that the Company and the Itanos Gaia Project in Crete, are currently
significantly undervalued.

We look forward to updating shareholders on a number of matters at the
meetings, including the appointment of the new DAGG nominated director and on
contractual and commercial developments, in addition to the recent
announcement of the 'collaboration' agreement with an international operator
of luxury hotels."

 

 

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

 WH Ireland Limited          020 7220 1666
 Antonio Bossi

 Peterhouse Capital Limited  020 7469 0930
 Duncan Vasey

 

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