Fundraising & Directors Deali

RNS Number : 4225Y

Minoan Group PLC

03 September 2009

 



3 September 2009

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

Fundraising and Directors' Dealings

Minoan Group Plc, the AIM-quoted leisure resort developer, is pleased to announce that it has agreed to place 6,742,500 New Ordinary Shares at 10 pence per share with a combination of existing shareholders and new investors, raising £674,250 (gross).

The net proceeds will, in the main, be used to make further progress in bringing the Cavo Sidero Project to fruition.

In addition the Company has agreed to issue 2,868,000 New Ordinary Shares at 10 pence per share in order to satisfy certain existing commitments in respect of its project at Cavo Sidero in North Eastern Crete.

The number of shares in the above placing includes 120,000 New Ordinary Shares issued to Mr G D Cook, a Director. As a result, Mr Cook's beneficial shareholding is now 934,396 Ordinary Shares, which equates to 1.46% of the issued share capital, as enlarged pursuant to this fundraising. Total directors' beneficial shareholdings are now 1,932,650 Ordinary Shares, representing 3.03% of the issued share capital, as enlarged pursuant to this fundraising.

Application has been made for the total number of 9,610,500 New Ordinary Shares to be admitted to trading on AIM ('Admission') and it is expected that Admission will be effective from 8 September 2009. Following Admission, there will be a total of 63,758,531 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.

As previously reported, the Company is looking to add a new compatible activity to its business. Subscribers to the placing will receive a collective entitlement to 20% of Minoan's interest in the proposed new business.

Minoan Chairman, Christopher Egleton commented:

'I am delighted to announce the above placing which shows the support of shareholders and new investors during the protracted appeal process. We are continuing to prepare for the development of Cavo Sidero. Discussions are ongoing in respect of joint venture and partnership arrangements.

We remain focused on the Company's environmental credentials and continue to examine ways of reducing the Project's carbon footprint. I am also pleased with the progress made in adding a compatible activity to support the Cavo Sidero Project and look forward to providing further updates in the coming months.'

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

Christopher Egleton                       Minoan Group Plc                                        07808 722022

Bill Cole                                        Minoan Group Plc                                        01689 897397

Nicola Marrin                                Seymour Pierce Limited                                020 7107 8000

Leo Godsall/Monisha Varadan       Rivington Street Corporate Finance Ltd        020 7562 3393

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

 

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