Issue of Equity

RNS Number : 2347Z

Minoan Group PLC

17 July 2008

 



17 July 2008

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

Placing and Directors' Dealings

Minoan Group Plc, the AIM-quoted leisure resort developer, has placed 3,868,653 New Ordinary Shares at 30 pence per share with a combination of existing shareholders and new investors raising £1,160,595. 

The number of shares above includes 146,668 New Ordinary Shares to Directors as follows:

Director	New Ordinary Shares acquired	New beneficial holding	Percentage of increased issued share capital
B D Bartman	20,000	53,500	0.10
G T Brown	33,334	352,095	0.65
G D Cook	33,334	834,396	1.54
C W Young	60,000	413,482	0.76

In addition the Company has agreed to issue 947,336 New Ordinary Shares at 30 pence per share in order to satisfy certain existing commitments in respect of its project at Cavo Sidero in North Eastern Crete.

Following these issues, the total number of Ordinary Shares in issue is 54,148,031 of which the total Directors' beneficial holdings are 3.98%.

Application has been made for the 4,815,989 New Ordinary Shares to be admitted to trading on AIM. It is expected that the admission will be effective from 22 July 2008.

Minoan Executive Chairman, Christopher Egleton commented:

'We welcome the continued support of shareholders and the support from new investors in funding the Company during the extended appeal process whilst allowing it to continue preparations for the commencement of developing the site at Cavo Sidero.

The Board remains encouraged by the recent passing of the National Land Plan through the Greek Parliament'.  

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

Christopher Egleton                          Minoan Group Plc                            07808 722022 

Bill Cole                                           Minoan Group Plc                            01689 897397

Jeremy Garrett-Cox/Nicola Marrin   Seymour Pierce Limited                    020 7107 8000

Nick Rome/Nick Farmer                  Bishopsgate Communications Ltd     020 7562 3350

Alan Frame                                      Westport Communications Ltd         020 7404 7878

 

END

 

 

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