REG - Minoan Group PLC - Update

MinoanAnnouncement

30/04/2024 07:00

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RNS Number : 4955M  Minoan Group PLC  30 April 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
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30 April 2024

Minoan Group Plc

("Minoan" or the "Company")

Update

 

Ahead of the Company's AGM scheduled for 11.00 a.m. this morning, the Company
provides a brief update.

 

On 5 January 2024, the Company confirmed previous announcements, that it would
be moving ahead with its Project at Cavo Sidero (the "Project") on the basis
of the existing contract and associated documentation. As a result of this
approach and past legislative changes, the Contract will be updated to accord
with the current legal framework. The Company and the Foundation are
progressing the detailed negotiations via an institutional process conducted
through the Ministry of National Economy and Finance, the supervising
authority for all Foundations in Greece.

 

The finalisation of the updated Contract will significantly enhance Minoan's
ability to accelerate numerous financial and commercial arrangements already
in progress as well as to enter into new arrangements. To this end, especially
since the year end and as the 'updating' negotiations have moved forward, the
Company has continued to deepen its commercial relationships especially within
Greece.  This has involved discussions with major banks, finance houses,
financial advisory groups, as well as sales agents and contractors.  In
partnership with a lead banking partner, the Company intends to apply for the
various packages of assistance available for developments of the nature of the
Project. The final result, the Board believes, will deliver an outstanding
financial package to partners as we move toward delivery of the Itanos Gaia
Project.

 

The Company's audited accounts will be published later today.

 

The Chairman looks forward to meeting shareholders later today at the AGM.

 

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

Minoan Group
Plc
             mail@minoangroup.com

 

W H Ireland
Limited
020 7220 1666

Antonio Bossi / Andrew Andrade
 
 

 

Peterhouse Capital Limited
 
020 7469 0930

Duncan Vasey
 
 

 

 

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