Last checked at 14 Apr 2009 07:00
14 April 2009
MINOAN GROUP PLC
("Minoan" or "the Company")
Announcement re Press Comment
Minoan Group Plc, the AIM-quoted leisure resort developer, would like to update the market regarding the development of its Cavo Sidero Project following incorrect press and wire comments that the Greek Conseil d'Etat has upheld the appeal against the Greek Government's approval of the Environmental Impact Assessment in respect of the Project.
The Board confirms that no judgment has yet been issued by the Court, the sole authority empowered to do so. In accordance with the Greek Constitution and laws, the decisions of the Conseil d'Etat are issued in a public court sitting and not in the press. As such, any press comment is speculation only.
As indicated in the Chairman's Statement published on 27 February 2009, the Board remains confident in the fairness of the Greek appeals process. Cavo Sidero is one of the most sustainable resorts ever to be planned in Europe. It is in accordance with Greek Government policy and is particularly relevant in the light of the decline in tourism currently being experienced due to the general economic climate.
A further announcement will be made as soon as the Court's judgment is issued.
For further information visit www.minoangroup.com or contact:
Christopher Egleton Minoan Group Plc 07808 722022
Bill Cole Minoan Group Plc 01689 897397
Nicola Marrin Seymour Pierce Limited 020 7107 8000
Nick Rome/Gemma O'Hara Bishopsgate Communications Ltd 020 7562 3350