Project Update, Convertible Loans

RNS Number : 2893W

Minoan Group PLC

06 November 2014

 



6 November 2014

Minoan Group Plc

(the "Company" or "Minoan")

Project Update, Convertible Loans

Project Update

The Company has become aware of articles which have appeared overnight in the Greek media reporting that, at its meeting held yesterday, the Central Council for the Administration of Public Property has discussed and approved the terms of the draft Presidential Decree in respect of the Group's project in Crete, which is part of the process for the issuance of a Presidential Decree prior to evaluation by the Greek Council of State.  

The Company will provide further information once the official announcement has been received and translated.

Convertible Loans

In the meantime, Minoan is pleased to announce that it has agreed to issue three-year unsecured convertible loan notes up to a maximum amount of £1.5 million. The conversion price is 15.5p per share and the coupon is 10% per annum.

As a consequence, up to a maximum of approximately 14.03 million shares may be issued at 15.5p per share during the period ending 6 January 2018 to settle all amounts outstanding, including interest incurred over the period and related costs.

Christopher Egleton, Minoan Chairman, commented:

"I am delighted that we have secured this funding on the terms outlined. The funds will be used to provide general working capital and to support further acquisitions".

For further information 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/Mark Leonard
Throgmorton Street Capital	020 7071 0808
Forbes Cutler
Morgan Rossiter	020 3195 3240
Richard Morgan Evans/James Rossiter

 

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