Minoan Group PLC Update - Trading & Financing (3984Z)
15 December 2017 - 12:41AM
UK Regulatory
TIDMMIN
RNS Number : 3984Z
Minoan Group PLC
14 December 2017
14 December 2017
MINOAN GROUP PLC
("Minoan, the "Group" or the Company)
Update
Minoan is pleased to update shareholders in relation to trading
and the Group's financing arrangements.
Trading
In relation to the financial year ended 31 October 2017, Minoan
confirms that the preliminary results for the Group are expected to
be in line with market expectations.
The Travel and Leisure division ("T&L") has continued its
growth trajectory with gross sales being 18% ahead of the previous
year. Although very early in the current financial year, trading
conditions have been robust so far and gross sales are currently up
by 16% against the same period last year (i.e. November 2016).
Loan Facility Extension
The Loan Facility dated 16 October 2013 from Hillside
International Holdings Limited has been extended from 31 December
2017 to 30 June 2018. Interest is now payable at 10% per annum.
The total cash amount due under the facility as at 31 October
2017 was GBP6,266,000 (31 October 2016 - GBP5,800,000) made up of
the principal, redemption fee and interest accrued.
Christopher Egleton, Minoan Chairman, commented
"I am pleased that we have been able to report on the continued
growth in T&L and that the Loan Facility has been extended.
Following the announcement earlier in the year that the Company
has an un-appealable Presidential Decree giving outline planning
consent for its project in Crete, the Board has carried out a
review of the Group's operations and it believes that we are now
entering a period that will be key to delivering shareholder
value."
For further information visit www.minoangroup.com or
contact:
Minoan Group Plc
Christopher Egleton christopher.egleton@minoangroup.com
Duncan Wilson 0141 226 2930
Bill Cole 020 8253 4305
WH Ireland Limited 020 7220 1666
Adrian Hadden/Alex Bond
Morgan Rossiter 020 3195 3240
Richard Morgan Evans/James
Rossiter
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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