Operational Update
18 March 2011
MINOAN GROUP PLC
("Minoan" or the "Group")
Operational Update and Changes to Significant Shareholdings
Greek Fast Track Process
On 3 December 2010, Minoan announced that the Greek Government had approved a new permitting process, the "Fast Track" law, for strategic investments considered to be of long term national interest.
It has now been confirmed that applications under the Fast Track process will be reviewed by the Greek Government Agency, Invest in Greece ("IIG"). Whilst the Board anticipated that applications under this procedure could be made from mid-January, IIG has only now been able to announce the initial detailed criteria for applications following the publication of three Joint Ministerial Decisions by the Greek Government. As a consequence, the review process is yet to commence.
The Company is currently focused on ensuring that its application satisfies all the recently published criteria and intends to submit its application upon IIG confirming that it is ready to accept such applications, which is now expected in the next few weeks.
Following the publication of the initial detailed criteria, the Board remains confident that the project in Crete will qualify for admission under the Fast Track process. The tourism section of the IIG website includes the project as a Resort in the Pipeline. (http://www.investingreece.gov.gr/default.asp?pid=36§orID=42&la=1)
Christopher Egleton, Minoan Chairman, commented:
"The recent publication of the initial detailed criteria reaffirms the Board's belief that the Cretan project can be brought to fruition.
The Company, and its advisers in Greece, are doing all that is required to ensure that its application fulfills the current published requirements and to ensure that it will be ready as soon as possible after IIG opens its doors.
In addition, the recent announcement of the first acquisition in the Group's travel and leisure strategy, means that the Group has taken the first steps in creating its own passenger generating capability through building a distribution led travel business complementary to its development in Crete.
Further announcements in respect of the Fast Track process and the next stages in the implementation of the Group's travel and leisure strategy will follow in due course".
Significant Shareholdings
Following its recent placing and share issue, Minoan Group Plc has been notified that the beneficial shareholdings of both Henderson Global Investors Ltd and Dynamic Smartcap no longer represent 3% or more of the total Ordinary Shares currently in issue.
For further information visit www.minoangroup.comor contact:
Minoan Group Plc
Christopher Egleton christopher.egleton@minoangroup.com
Bill Cole 020 8253 4305
Seymour Pierce Limited 020 7107 8000
Nicola Marrin/David Foreman (Corporate Finance)
Marianne Woods (Corporate Broking)
Rivington Street Corporate Finance Limited 020 7562 3384
Dru Edmonstone
Bishopsgate Communications Limited 020 7562 3350
Nick Rome/Michael Kinirons
This information is provided by RNS