REG - Minoan Group PLC - Option Expiry Extension and Shareholder Update

MinoanAnnouncement

05/01/2024 07:00

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RNS Number : 7169Y  Minoan Group PLC  05 January 2024

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 inside information
is now considered to be in the public domain.

5 January 2024

Minoan Group Plc

(The "Company" or "Minoan")

Option Expiry Extension and Shareholder Update

 

Option Expiry Dates

 

Shareholders are aware from previous announcements that, historically, certain
directors and executives have agreed to accept options in lieu of their
remuneration. These options expired on 31 December 2023. The Minoan Board has
decided that it is in the best interest of the Company to extend the expiry
date of those options granted to the directors Grahame Cook and Timothy Hill
and certain other non-Board members.

 

As a result, the expiry dates of options to subscribe for a total of 8,541,025
ordinary shares in the Company ("Ordinary Shares") at 1p per Ordinary Share
(including 762,393 options in respect of Grahame Cook and 1,233,333 options in
respect of Timothy Hill) have been extended to 31 December 2024.

 

Shareholder Update

 

The Minoan Board is pleased to provide an update to shareholders on its
Project at Cavo Sidero (the "Project"). As previously announced, the Company
confirms that it remains in dialogue with the Public Welfare Ecclesiastical
Foundation Panagia Akrotiriani (the "Foundation") with regard to the granting
of "Epifania" (the equivalent of a 99 year ground lease) for its Project.
 The Board expects that the grant of Epifania in due course will add further
material upside to what is already a very attractive financial proposition for
all parties.

 

The Company is pleased to confirm that it is moving ahead with the Project on
the basis of the existing contract and associated documentation whilst it
pursues further commercial discussions and negotiations with more hotel
operators, financial and other types of partner, a process which has already
begun. It is important for all external stakeholders as well as shareholders
that the Project is commenced as soon as practicable and the Board believes
that progressing the Project on this basis will achieve that objective.

 

The work done by the Company and Deloitte on the business plan, with input
from Savills, underpins this approach and demonstrates major revenues and the
significant NPV of the Project. The Board is pleased to report that interest
in, and room rates of, high end tourist resorts have increased since these
initial reports were commissioned and is confident that, once the Project is
built, yearly revenues considerably in excess of €100m will be achieved. The
Project will bring substantial benefits to this region of Crete, which suffers
from a shortage of tourist beds and, in particular, high end tourism
opportunities.

 

The preparation of the detailed Environmental Study is continuing and is
incorporating recent legislative changes as well as the latest environmental
and ecological best practice, which will be required for building licences
when the first commercial agreements are complete and building contracts are
put in place.

 

The Board looks forward to being able to report on further progress in the
next few months.

Notes about the Project:

 

·    One of the largest private estates in the Eastern Mediterranean set
in the Cavo Sidero 25 square kilometre Peninsula, with its 28 kilometres of
coastline and numerous secluded coves and bays in an area of outstanding
natural beauty with spectacular views.

·    Endowed naturally with a history spanning the Minoan, Hellenistic,
Venetian and Byzantine periods, Cavo Sidero is famed as the birth place of
Europa and where the Greek gods would go to celebrate their victories and for
rest and relaxation.

·    Permitted build space of 108,000 square metres with five distinctive
locations for hotels and resorts.

·    Uses less than 0.5% of the land for building.

·    30 minutes from Sitia International airport.

·    The Project is supported by the Municipality of Sitia and 28 unions
and trade associations in addition to the Church and Foundation, and will
contribute a significant number of jobs and economic benefits to the local
area.

 

 

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

Minoan Group Plc

Christopher Egleton
          christopher.egleton@minoangroup.com

George
Mergos
georgios.mergos@minoangroup.com

 

W H Ireland
Limited
020 7220 1666
Antonio Bossi / Andrew de Andrade
 
 

 

Peterhouse Capital Limited
                                  020 7469
0930

Duncan Vasey
 
 

 

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