Appeals Dismissed

RNS Number : 0803J

Minoan Group PLC

26 June 2017

 

MINOAN GROUP PLC

(the "Company")

Appeals Dismissed

Minoan Group Plc is pleased to announce that the Appeals (petitions of annulment), against the Presidential Decree ("PD") granting land use approval for its Itanos Gaia project in Crete (the "Project") have been dismissed following the issuing of decisions number 1704/2017 and 1705/2017 of the Greek Conseil D'Etat.

The Company now has an un-appealable PD which, in effect, gives outline planning consent for the Project and allows the Board to take the steps necessary to crystallise value for all stakeholders.

Christopher Egleton, Minoan Chairman, commented:

"As a result of the Greek Supreme Court's decision, the Company can now accelerate the development of the Project, which will include, inter alia; the continuation of negotiations for joint venture arrangements with hoteliers, investors, partners and other parties.

It also means that our long cooperation with the Foundation Panagia Akrotiriani, the Municipality of Sitia and the local community can begin to bring more prosperity to the area.

This decision represents the successful culmination of many years of hard work by everyone in the Company with the patience and support of the Company's shareholders.

I look forward to providing the market with more news in the near future."

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

Minoan Group Plc
Christopher Egleton	[e-mail]
Duncan Wilson	0141 226 2930
Bill Cole	020 8253 4305
WH Ireland Limited	020 7220 1666
Adrian Hadden/Alex Bond
Throgmorton Street Capital	020 7071 0808
Forbes Cutler
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.

 

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