TIDMMIN
RNS Number : 0413V
Minoan Group PLC
09 December 2021
9 December 2021
Minoan Group Plc
("Minoan" or the "Company")
Update on new Law on Strategic Investments
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
Highlights
-- Passing of long-awaited new legislation in Greece relating,
inter-alia, to inward investment into the country, likely to have
significant benefits for Minoan's Itanos Gaia Project in Crete (the
"Project");
-- Commercial, regulatory, and legal framework created as a
result of the new legislation, designed to maximise attractiveness
of Greece as a market for international investors, whilst
minimising planning and administration timetables and
procedures;
-- The intention to create a new "investor-friendly" environment
in which the Project will be advanced may be highlighted by this
month's sale of a large plot of land in Crete for future tourism
and leisure development to an entity controlled by international
investors.
Background
Further to its announcement of 1 December, the Company is
pleased to provide further details relating to the new "Law on
Strategic Investments" (the "Legislation"), which has recently
passed through the Greek Parliament. Amongst its features, the
Legislation creates new sets of incentives and assessment
procedures with which the Greek government is trying not only to
attract strategic investments, but to see them realised in a
measurable and timely manner.
The Legislation is aimed at consolidating the perception that
Greece is a reliable, transparent and attractive international
investment destination and to formulate a modern investment
strategy oriented to the challenges and transformations of the
international economic environment through t he creation of a
single "Law on Strategic Investments". This Legislation will be a
reference point for anyone wishing to investigate and choose the
country as an investment destination as set out by Alternate
Minister of Development Nikos Papathanassis.
The Board of Minoan regards these developments as being of the
utmost importance and relevance in terms of the Company's immediate
outlook. In particular, there are three areas where the changes
provided for in the new Legislation are likely to have a direct,
significant and beneficial effect on the progress of the
Project.
These are:
a) Strategic Investments planned on land owned by Ecclesiastical
Foundations are now to be allowed to use "Epiphania", a right which
can most easily described as akin to an English ground lease, and
which provides a mechanism to achieve terms of up to 99 years. The
use of Epiphania would enhance significantly the ability of
investors to finance their investments through the banking
system;
b) The law provides for a procedure to allow for changes to
business plans previously approved by the Government; and
c) Building permit pre-approvals will be granted centrally
rather than through the relevant local authority.
Minister of Development Adonis Georgiadis said, "The aim is for
the interested investor to follow the development of his investment
plan through his mobile phone. The main goal with the changes in
these procedures is now to reduce to 60 days the settlement of
applications (investment plans) and 100 days for the final
submission for an investment law, something that previously needed
up to two and a half years."
The law provides for additional benefits for Strategic
Investments, including tax incentives, grants, the use of coastal
land and the adjacent sea bed, provisions for auxiliary
infrastructure as well as other changes to ensure easier and faster
progress through the bureaucracy.
Greece
In the last few months it has become clear that the Greek
economy has rebounded strongly after the last financial crisis and
the worst effects of the pandemic, recording growth of in excess of
13% in quarter 3 of 2021 (increased tourism). On a seasonally
adjusted basis, Greece grew at 2.7% compared to the Eurozone
average of 2.2%.
Most sectors of the Greek real estate market have become more
active in the last 12 months. Residential property prices have
shown significant growth of over 8% year on year after growth of
over 10% in the previous year.
The Company notes also the recent announcement of the sale of an
85 acre plot of land on the North Coast of Crete near Heraklion for
a sum of EUR40m. This plot carries the right to build approximately
59,000 m2 the main use of which will be tourism and will include a
casino, hotel and residential accommodation.
The Legislation referred to above will be followed by a new
Development Law, which will set out the details of new and revised
incentives for investors and investments. This is expected
shortly.
Chairman's Comment
"I am extremely pleased by the changes brought about by the new
Law on Strategic Investments, which will be complemented by the new
Development Law. Taken together with the numerous changes to
planning laws, which Greece has enacted over the last few years, it
means that current and future trends in tourism, including Minoan's
Itanos Gaia Project, will allow the Company to move forward with
confidence."
For further information visit www.minoangroup.com or contact:
Christopher Egleton christopher.egleton@minoangroup.com
Bill Cole william.cole@minoangroup.com
WH Ireland Limited 020 7220 1666
Adrian Hadden/Megan Liddell
Sapience Communications Limited 020 3195 3240
Richard Morgan Evans
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END
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