TIDMMIN
RNS Number : 6535B
Minoan Group PLC
15 February 2022
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
15 February 2022
MINOAN GROUP PLC
("Minoan" or the "Company")
UPDATE
New Appointment
Minoan is pleased to announce the appointment of Mr George
Mergos as a director to the Boards of both the Company and its
subsidiary Loyalward Limited.
George is Professor Emeritus, Division of Development and
International Economics, Department of Economics, National and
Kapodistrian University of Athens.
He is a Board member of the Foundation of Economic and
Industrial Research (IOBE), a private, non-profit, public-benefit
research organisation.
Since May 2017 he has been a director, and from June 2021 Vice
Chairman, of Terna Energy SA, a renewable energy company listed on
the Athens Stock Exchange. Since November 2014 he has been a
director of Piraeus Real Estate SA, the real estate arm of Piraeus
Bank and of PICAR SA, a real estate company owned by Piraeus
Bank.
George, aged 73, is a senior academic with extensive management
experience at the highest levels in the public and the private
sector. He has served as Secretary General of the Ministry of
Finance, Secretary General of the Ministry of Economy, Governor of
IKA, and as a member of the Boards of the Hellenic Financial
Stability Fund, the Public Power Corporation and the Council of
Europe Pension Reserve Fund. He is an expert on economic
development, project and programme evaluation and has consulted
extensively with organisations which included the World Bank, OECD
and the European Commission.
George has confirmed that there is no further information to be
disclosed pursuant to paragraph (g) of Schedule 2 to the AIM
Rules.
George Mergos said: "I have been aware of Minoan's Project in
Crete (the "Project") for some time and of its strategic importance
in terms of tourism in Crete and the country as a whole. I am
delighted to be able play a role in helping the Company to create
value for all stakeholders by achieving its vision for the
Project."
Christopher Egleton, Chairman of Minoan, said: "I look forward
to working with George and am sure that he will bring to the
Company his insight and experience, which will be invaluable as we
progress the Project, particularly with all our Greek
partners."
Retirement
The Company announces that Barry Bartman has decided to retire
from the Board.
Christopher Egleton said "I would like to thank Barry for his
input and support over the years. I have had the pleasure of
working with him for more than 30 years and he has served on the
Minoan Board since March 2006 where his wise, patient and steady
hand has been of enormous help to the Company. We wish him the best
in his retirement."
The Project
The Board of Minoan is continuing to fine tune its plans, and to
that end has deepened its relationship with the professional
advisory firm, Deloitte, who are currently completing the work on
refining the business plan. This reflects stakeholder feedback and
the changes already apparent in the post Covid world, as well as an
upgrade in the quality of the tourism offering created by the
Project. This has included reviewing and updating the architectural
plans, the calculations on rates of return and other key aspects of
the business model. This plan will form the basis of the core
documents which Minoan will be sharing with potential commercial
partners and stakeholders, feeding into a more structured process
with interested parties.
The Company continues to work constructively on a number of
fronts with the Public Welfare Ecclesiastical Foundation Panagia
Akrotiriani (the "Foundation"), and hopes to be able to report
progress in its contractual discussions shortly.
The Company is also pleased to report that site visits have now
resumed after a near two year hiatus caused by Covid restrictions.
Christopher Egleton said: "Tim Hill, George Mergos and I have
recently returned from Crete, having had a number of meetings with
potential partners, the design team, and others. I look forward to
being able to update shareholders on progress in the coming
period."
Development Law
Now that the full suite of three Development Laws has been
approved by the Greek Government, it is worth pointing out that
there are a number of elements that the Company feels will have a
positive impact on the Project. In addition to streamlining the
approval process, as previously announced, with approval of
business plans from a reported average of 670 days to 60 days, the
Development Laws foresee aid in the form of tax breaks, subsidies,
leasing subsidies, job creation subsidies and business risk
financing for tourism.
Further potential financial assistance in the Development Laws
outline the amounts of aid available for approved investment plans.
For investment projects with eligible costs over 50 million euros
(large investment projects) the maximum allowable amount of aid for
projects such as the Group's development, dependent on meeting
certain criteria.
The total amount of aid per submitted individual investment plan
may not exceed the amount of EUR 10 million. It is also stated that
the aid provided to each investment project entity, including aid
to cooperating or affiliated companies, may not exceed a cumulative
amount of EUR 20 million for an individual company and EUR 30
million for all cooperating or affiliated companies' business.
These restrictions apply to investment plans for a period of three
years from the submission of the application of the institution for
inclusion of its investment plan.
Christopher Egleton said: "It is clear that the Government is
actively supporting tourism investments and I believe that this
will have an extremely beneficial effect on the quality of the
Greek Tourism offering, of which the Group's Project is part."
For further information please visit www.minoangroup.com or
contact:
Minoan Group Plc
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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDTIMLTMTJBBIT
(END) Dow Jones Newswires
February 15, 2022 01:59 ET (06:59 GMT)
Minoan (LSE:MIN)
Historical Stock Chart
Von Dez 2024 bis Jan 2025
Minoan (LSE:MIN)
Historical Stock Chart
Von Jan 2024 bis Jan 2025
