IN BRIEF: Minoan secures funding for audit of delayed annual results

Minoan Group PLC - London-based developer of hotel resort projects in Crete - Says DAGG LLP has agreed to loan the necessary funds to make payments to Anstey Bond LLP, following the signing of a letter of engagement with Anstey Bond for the audit of Minoan's financial year that ended October 31, 2024. The new loan will form part of Minoan's existing secured loan from DAGG, with an unchanged annual interest rate of 22%. Minoan Director Nicholas Day is a member of DAGG, and owns the largest publicly declared stake of 9.53%.

The firm warned in April that it would miss the deadline to publish its annual results due to "insufficient funds", which had triggered the temporary suspension of its shares from the beginning of May. Following Anstey Bond's audit and the publication of its financial 2024 results, Minoan's shares will be restored to trading.

By Emily Parsons, Alliance News reporter

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