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LONDON (Alliance News) - Minoan Group PLC said its focus will now be on the "optimisation" of the value of its Crete resort project following its general meeting held Monday.
The travel firm said it believes the value of the project is "substantially" higher that the company's current market capitalisation.
Minoan said the sale of Stewart Travel Ltd has had an "unduly negative effect" on its share price.
Shares in Minoan were up 1.5% Monday at 3.30 pence each - giving it a market cap of GBP7.6 million - in the last month, however, its share price is down 35%.
Minoan sold Stewart Travel to Zachary Asset Holdings Ltd for GBP6.6 million on September 20 to reduce its debt and dispose of its Travel & Leisure division.
According to Minoan, its secured debt will be "less than" GBP1 million due to the sale and overheads will "reduce dramatically".
The company secured a Presidential Decree from the Greek authorities - equivalent to UK planning consent - which has attracted "a number of interested parties".
Minoan said both investors and operators have "expressed interest" in its Crete project. As a result, the company has entered into non-disclosure agreements with "certain parties".
The company stressed these discussion are at an early stage and it is too early to to comment on the outcome and timing of the discussions.
Minoan believes the "unique nature" of the project - which will include five villages, three golf courses, a marina and a conference centre - "enhances its desirability" and "gives it substantial value".
