Minoan Group PLC Update and Placing (9434S)
March 22 2021 - 3:00AM
UK Regulatory
TIDMMIN
RNS Number : 9434S
Minoan Group PLC
22 March 2021
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22 March 2021
Minoan Group Plc
(the "Minoan" or the "Company")
Update and Placing
Update
Despite the heavy impact of Covid-19 on the tourism sector, the
Board of Minoan has been encouraged by an upturn in investor
sentiment towards Greece and its real estate and tourism
industries. The importance of tourism to the Greek economy cannot
be overstated and this, plus investor sentiment, are being
reflected not only in on-going Greek Government initiatives but
also by the interest being shown in the Company's Project in Crete
from an ever increasing number of potential commercial partners.
The Company expects to be able to progress with one or more of
these once discussions with all interested parties have been
concluded.
The Company is continuing to advance the Project on a number of
fronts in response to the predicted changes in demand driven by
changing tastes and Covid-19. We continue to work with our partners
in the Foundation to ensure the Project works for all parties and
to optimise the opportunity for shareholders.
Indeed, many of the changes we see in the sector are in the
requirements for environmentally sound developments with
significantly increased demand for personal space, which appears to
be one of the first indicative market trends, especially in the
upper and luxury segments of the market, and to which the Project
is, and has always been, ideally suited.
To this end the Group has appointed the consulting division of a
"top 4" accountant with major expertise in the tourism market to
refine its business plan, a process which is largely complete, in
order to assist the Board in achieving a successful outcome.
The Board is of the view that this will not only increase its
current value in partnership discussions but also attract
additional interest. We are also progressing a number of further
studies, such as the survey of flora and fauna, that are necessary
in order to speed up the process of completing all the detailed
permissions necessary to ensure a quick start once partners have
been selected.
In light of this and the continuing very severe impacts of the
pandemic, the Board has also been reviewing the Company's plans to
ensure that they are as robust as possible in terms of any further
changes that may be required in the tourism industry, particularly
in the upper and luxury segments of the market, in what is expected
to be a changed world.
A more complete review will be included in the Chairman's
Statement accompanying the Group's annual results in April.
Placing
The Directors are pleased to announce a successful placing of
ordinary shares arranged by Peterhouse Capital Limited. The total
amount raised is GBP187,000 as a result of which 17,000,000
ordinary shares of 1p each are being issued at 1.1p per share.
Share Issue
In order to settle prior obligations, 6,363,636 ordinary shares
of 1p each are being issued at 1.1p per share plus 3,181,818
warrants to subscribe for ordinary shares at 1.4p per share. The
warrants will expire on 31 December 2022.
Application has been made for a total of 23,363,636 new Ordinary
Shares to be admitted to trading on AIM ("Admission") and it is
expected that Admission will be effective from 25 March 2021. The
new Ordinary Shares are issued under the authorities in existence
at the close of Minoan's last Annual General Meeting held on 30
April 2020 and the General Meeting held on 6 August 2020. Following
Admission, there will be a total of 561,644,276 Ordinary Shares in
issue or to be issued. 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 FCA's Disclosure and
Transparency Rules.
For further information visit www.minoangroup.com or contact:
Christopher Egleton christopher.egleton@minoangroup.com
Bill Cole william.cole@minoangroup.com
W H Ireland Limited 020 7220 1666
Adrian Hadden/Lydia Zychowska
Pello Capital Limited 020 7710 9610
Mark Treharne
Peterhouse Capital Limited 020 7469 0930
Duncan Vasey
Sapience Communications Limited 020 3195 3240
Richard Morgan Evans
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