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."
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By Greg Rosenvinge, Alliance News senior reporter
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