Issue of Equity

RNS Number : 0692M

Minoan Group PLC

18 May 2010

 



18 May 2010

Minoan Group Plc ("Minoan" or "the Company")

Fundraising and Share Issue

Minoan Group Plc, the AIM-quoted leisure resort developer, is pleased to announce that it has successfully placed 1,375,000 New Ordinary Shares at 16 pence per share with a combination of existing shareholders and new investors, raising £220,000. In addition, in order to satisfy certain existing commitments, the Company has agreed to issue 717,658 New Ordinary Shares at 16 pence per share. The total number of New Ordinary Shares to be issued, therefore, is 2,092,658for a total consideration of £334,825.

The Directors' beneficial shareholdings are 1,841,223 Ordinary Shares, representing 2.45 % of the issued share capital as enlarged pursuant to this fundraising.

Application has been made for the total number of 2,092,658 New Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will be effective from21 May 2010. Following Admission, there will be a total of 75,227,447 Ordinary Shares in issue. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Minoan under the FSA's Disclosure and Transparency Rules.

Minoan Chairman, Christopher Egleton commented:

"We are delighted with the continued support Minoan is receiving. The net proceeds of the placing will be used to progress the Cavo Sidero Project and the Company's plans in renewable energy and the tourism and leisure sector.

In the meantime, the infrastructure in the area surrounding Cavo Sidero continues to be upgraded and I am pleased to report that the new road linking the Project to Sitia is expected to be completed in the next few weeks".

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

Sam Tully                                        Seymour Pierce Limited                                         020 7107 8000

Jon Levinson                                    Rivington Street Corporate Finance Ltd                   07956 671131

Nick Rome/Michael Kinirons             Bishopsgate Communications Ltd                          020 7562 3350

 

END

 

 

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