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Minoan Group PLC - Croydon, England-based developer of the Itanos Gaia resort hotel project in Crete - Says re-convened annual general meeting to consider accounts for the year ended October 31 will be held on November 10. Company will hold a general meeting on the same day. Will propose two resolutions regarding authority to issue shares to DAGG LLP, having said in late August it will issue 70.7 million shares at 1 pence each to DAGG to clear half of a GBP1.4 million loan. Minoan will also request authority to issue up to 120 million shares at 2p each on average, to settle up to GBP2.8 million of balance sheet liabilities. Says this will improve the balance sheet's security and prepare Minoan for the next stage of development. Chair Christopher Egleton says prioritising liability reduction "demonstrates in a real way that the company and the Itanos Gaia project...are currently significantly undervalued."
Current stock price: 0.75 pence, down 2.6% on Wednesday in London
12-month change: down 26%
By Emma Curzon, Alliance News reporter
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