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Upon the publication of this announcement, this inside information
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30 April 2024
Minoan Group Plc
("Minoan" or the "Company")
Update
Ahead of the Company's AGM scheduled
for 11.00 a.m. this morning, the Company provides a brief
update.
On 5 January 2024, the Company
confirmed previous announcements, that it would be moving ahead
with its Project at Cavo Sidero (the
"Project") on the basis of the existing
contract and associated documentation. As a result of this approach
and past legislative changes, the Contract will be updated to
accord with the current legal framework. The Company and the
Foundation are progressing the detailed negotiations via an
institutional process conducted through the Ministry of National
Economy and Finance, the supervising authority for all Foundations
in Greece.
The finalisation of the updated
Contract will significantly enhance Minoan's ability to accelerate
numerous financial and commercial arrangements already in progress
as well as to enter into new arrangements. To this end, especially
since the year end and as the 'updating' negotiations have moved
forward, the Company has continued to deepen its commercial
relationships especially within Greece. This has involved
discussions with major banks, finance houses, financial advisory
groups, as well as sales agents and contractors. In
partnership with a lead banking partner, the Company intends to
apply for the various packages of assistance available for
developments of the nature of the Project. The final result, the
Board believes, will deliver an outstanding financial package to
partners as we move toward delivery of the Itanos Gaia
Project.
The Company's audited accounts will
be published later today.
The Chairman looks forward to meeting
shareholders later today at the AGM.
For further information visit
www.minoangroup.com or contact:
Minoan Group
Plc
mail@minoangroup.com
W H Ireland
Limited
020 7220 1666
Antonio Bossi / Andrew
Andrade
Peterhouse Capital Limited
020 7469 0930
Duncan Vasey