Minoan Group PLC Loan Extension (7264S)
18 Juli 2022 - 8:00AM
UK Regulatory
TIDMMIN
RNS Number : 7264S
Minoan Group PLC
18 July 2022
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Regulation (EU) No. 596/2014. Upon the publication of this
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18 July 2022
Minoan Group Plc
(The "Company" or "Minoan")
Loan Extension
Further to recent announcements by the Company highlighting the
growing belief by the Board of Minoan that the Company is finally
nearing the definitive stage of its development of its Cavo Sidero
project in Crete, the Board is pleased to announce that it has
reached agreement for an eight month extension of the repayment
date of the only secured debt (the "Loan") of the Company.
Loan Extension
The Loan is with DAGG LLP ("DAGG") and has been extended to 31
December 2022 for a fee of GBP150,000 to be settled by an issue of
Ordinary Shares in Minoan at 1p per share.
The amount outstanding at 30 April 2022 was GBP1,338,182. The
interest rate is 10% per annum. Other than the repayment date, all
terms of the Loan remain unchanged.
The expiry date of a total of 35,000,000 Warrants to subscribe
for Ordinary Shares in Minoan at 1.4p per share held by the members
of DAGG, will also be extended to 31 December 2022 to be
coterminous with the Loan.
Nicholas Day, a substantial shareholder of the Company currently
holding 9.45% of Minoan's issued share capital, is a member of
DAGG. The loan extension and fee constitutes a related party
transaction under Rule 13 of the AIM Rules for Companies. The
Directors of Minoan consider, having consulted with the Company's
nominated adviser, that the terms of the transaction are fair and
reasonable insofar as its shareholders are concerned.
Christopher Egleton, Chairman, comments:
"We are pleased to have been able to agree this extension to the
Loan to cover a period during which we expect the Company's Project
in Crete to reach a definitive stage in its development."
For further information visit www.minoangroup.com or
contact:
Minoan Group Plc
Christopher Egleton christopher.egleton@minoangroup.com
George Mergos georgios.mergos@minoangroup.com
Bill Cole william.cole@minoangroup.com
WH Ireland Limited 020 7220 1666
Megan Liddell
Peterhouse Capital Limited 020 7469 0930
Duncan Vasey
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