Acquisition of Further Solar

RNS Number : 1047H

Minoan Group PLC

15 February 2010

 

  15 February 2010

MINOAN GROUP PLC

("Minoan" or "the Company")

Acquisition of Further Solar Energy Licences

Minoan Group Plc, the AIM-quoted leisure resort developer, is pleased to announce that it has agreed terms to acquire additional photo voltaic solar energy licences with a combined output of 2.1 megawatts. These new licences will significantly enhance the Company's solar energy portfolio and will be held in a discrete subsidiary.  

Minoan anticipates that its growing portfolio of solar licenses will provide recurring income and will ensure that the Company remains well positioned for its future development. Minoan agreed terms to acquire its first two licences in November 2009 (see announcement dated 18 November 2009) and it expects to continue growing its solar energy subsidiary.

Once in full production the cash flow generated from Minoan's current portfolio of licences, after interest, should cover the majority of its existing monthly cash burn. The Company is in discussions regarding the acquisition of additional licences and with providers of debt finance. The aim remains firmly on meeting the twin targets of achieving carbon neutrality for the Cavo Sidero Project and creating a business which will provide the net income to cover all Minoan's existing overheads.

Minoan is in discussions with a number of manufacturing and installation companies and expects installation of the licences acquired to commence later this year. The creation of this business will not only provide revenue but will also enhance the already established environmental credentials of the Cavo Sidero Project.

Although still awaiting the court's decision, the Board remains committed to bringing the Cavo Sidero Project to fruition in the shortest possible time.

The Company is continuing to investigate a number of potential opportunities in the travel and leisure sector.

Minoan Chairman, Christopher Egleton commented:

"We are delighted to have furthered our expansion into the Greek solar energy sector. The income generated will underpin our development plans and we look forward to taking advantage of further opportunities in this and the travel and leisure sectors as and when they arise."

For further information visit www.minoangroup.comor contact:

Christopher Egleton                        Minoan Group Plc       [e-mail]

Bill Cole                                         Minoan Group Plc                                          01689 897397

Nicola Marrin                                 Seymour Pierce Limited                                 020 7107 8000

Dru Edmonstone                             Rivington Street Corporate Finance Ltd           020 7562 3351

Nick Rome/Gemma O'Hara            Bishopsgate Communications Ltd                     020 7562 3350

 

END

 

 

ACQTTMFTMBBBBTM