Minoan Share News (MIN)

EXECUTIVE CHANGES: Ethernity chair stays on, Picton director to quit

(Alliance News) - The following is a round-up of London-listed company director and manager changes announced on Friday and not separately reported by Alliance News:

IN BRIEF: Minoan Group upgrades forecast for Cavo Sidero project

Minoan Group PLC - developer of hotel resort projects in Crete - Expects annual revenue from its planned Cavo Sidero resort to be "considerably in excess of EUR100 million". This is based on an updated business plan for the project, prepared with the help of property agent Savills PLC, that takes into account recent increases in room rates at high-end tourist resorts. Cavo Sidero sits on a peninsula facing the Mediterranean, and Minoan is permitted to build 108,000 square metres of space in five locations for hotels and resorts. Minoan says it continues to talk to the Public Welfare Ecclesiastical Foundation Panagia Akrotiriani about being granted an 'epifania', equivalent to a 99-year ground lease, for the project. In the meantime, Minoan is moving ahead on the basis of its existing contract. It is preparing an environmental study, which is required before building.

IN BRIEF: Minoan in discussions over deal for Itanos Gaia hotel, Crete

Minoan Group PLC - Croydon, England-based developer of the Itanos Gaia resort hotel project in Crete - Says it is in "frequent discussions" with the Public Welfare Ecclesiastical Foundation Panagia Akrotiriani on an updated agreement for the company's Itanos Gaia project. Says: "The company will update shareholders regularly on progress towards a conclusion. Alongside this, the team is moving forward with the environmental studies required as part of the final planning process. Both actions are assisting in the discussions on the final format and shape of the initial agreement with the first of the hotel groups." Says as part of ongoing commercial activities, it has had a number of discussions in recent weeks regarding third parties taking "meaningful interests" in the project. Says: "These discussions are being actively pursued and, if successful, the company will make the appropriate announcements in due course."

UK shareholder meetings calendar - next 7 days

IN BRIEF: Minoan schedules meeting to help settle loan and liabilities

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."

IN BRIEF: Minoan issues shares to clear half of loan, gets extension

Minoan Group PLC - developing Itanos Gaia resort hotel project in Crete, Greece - Issues 70.7 million new shares at 1 pence each, an 11% premium to Friday's closing price, to DAGG LLP to clear GBP707,231 of the GBP1.4 million loan owed to DAGG. The remainder of the loan will be extended to December 31, 2024 at the same interest rate of 10%. For this, Minoan will pay a fee of GBP175,000, which will be added to the loan principal. DAGG will have warrants for 35.0 million Minoan shares reinstated at an exercise price of 1.1p. DAGG also will be given the right to name one director to the Minoan board.

Minoan to collaborate with unnamed luxury group on Crete hotels

(Alliance News) - Minoan Group PLC on Tuesday said it has agreed to work with an unnamed "major international" luxury hotel group on one or more of Minoan's hotels in the Itanos Gaia project in Crete, Greece.

EARNINGS UPDATES: Kropz annual loss widens on impairments

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

IN BRIEF: Minoan annual loss widens as costs rise

Minoan Group PLC - London-based Greek hotel investor - Pretax loss widens to GBP1.1 million for the year ended on October 31, from GBP749,000 the year before. Says this is due to increased loan interest charges. Operating costs rise to GBP541,000 from GBP511,000. Net assets as at October 31 increase to GBP42.7 million from GBP42.4 million a year earlier. Makes no revenue for the year. Adds that the continuing constructive discussions with the Public Welfare Ecclesiastical Foundation Panagia Akrotiriani are not impeding progress on the Itanos Gaia Project in Crete.

UK shareholder meetings calendar - next 7 days

IN BRIEF: Minoan expects to conclude debt discussion shortly

Minoan Group PLC - London-based Greek hotel investor - Expects to conclude "constructive" discussions over its secured debt with DAGG LLP "shortly". Says it will update shareholders in due course. Also expects to provide an update on the progress of discussions regarding the commercial and financial activities of the Itanos Gaia project in Crete.

AIM WINNERS & LOSERS: Live Co drops on expectations of annual loss

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Thursday.

TRADING UPDATES: Silverwood finishes acquisition; Hardide names chair

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

TRADING UPDATES: Bidstack names new COO; Fintel expands deal

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

TRADING UPDATES: Walker Crips assets grow; Minoan interim loss narrows

(Alliance News) - The following is a round-up of earnings by London-listed companies, issued on Friday and not separately reported by Alliance News: