Minoan Group PLC Update - Amended (5960H)
14 March 2018 - 1:11AM
UK Regulatory
TIDMMIN
RNS Number : 5960H
Minoan Group PLC
13 March 2018
The following amendment has been made to the 'Update'
announcement released on 13/03/2018 at 07:00 under RNS No 4763H.The
'Results' paragraph should read: 'The Group's results for the year
ended 31st October 2017 are expected to be published at the end of
this month together with any further news on the various matters
covered in this announcement.'
All other details remain unchanged. The full amended text is
shown below.
MINOAN GROUP PLC
("Minoan", the "Group", the "Company")
Update
Minoan is pleased to provide an update to shareholders in
relation to the Group's general strategy and Greece.
Travel & Leisure Division
An exclusivity agreement has been signed with the preferred
buyer of the Travel & Leisure division. The due diligence
process has begun and is proceeding according to plan. Under the
heads of terms, the sale, when completed, would leave the Group
substantially debt free.
Meanwhile trading for the Division for the first fiscal quarter
is significantly ahead of the same period last year - unaudited
First Quarter Gross sales are up 15%, Commission is up 10%, with
the difference largely accounted for by a change in sales mix.
Greece
The Greek property market is finally showing signs of recovery
both in the "retail" markets for villas and apartments and in terms
of interest in tourism assets where a number of deals are now in
progress with prices being achieved substantially ahead of previous
expectations.
The Company is now focusing on its Crete asset and in this
context, an experienced corporate advisor with an understanding of
Greece has been appointed to assist in the process. In parallel,
additional detailed site studies have been commissioned, these are
ongoing and will hasten the progress of the Project and therefore
enhance its current value.
The Company has recently received an approach from a credible
party which has expressed an interest in acquiring a significant
stake in the Project. Discussions are at an early stage and the
Company will provide shareholders with an update in due course.
Results
The Group's results for the year ended 31(st) October 2017 are
expected to be published at the end of this month together with any
further news on the various matters covered in this
announcement.
Debt Fundraising
At the current share price the market capitalisation of the
quoted group is approximately GBP11.4m which represents a discount
of over 70% to the Group's last published net asset value of
GBP43m. As a result the Directors take the view that, where debt
finance is available, it is preferable to issuing ordinary shares
at current levels. Accordingly the Company is in the process of
undertaking a small debt fundraising which will enable it to meet
its liabilities until the material and positive developments
outlined above are closer to crystalisation.
Notwithstanding the above, and in order to meet certain prior
obligations, the Company is issuing, subject to admission on AIM,
1,293,333 Ordinary Shares of 1p each at 6p per share.
Application has been made for the total of 1,293,333 new
Ordinary Shares to be admitted to trading on AIM ("Admission") and
it is expected that Admission will be effective from 19 March
2018.
The new Ordinary Shares are issued under the authorities in
existence at the close of Minoan's last Annual General Meeting held
on 27 April 2017. Following Admission, there will be a total of
218,516,775 Ordinary Shares in issue.
For further information please 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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