Minoan Regulatory News (MIN)

30 Jun 2008 07:00



30 June 2008

MINOAN GROUP PLC

("Minoan" or "the Company")

Change of Accounting Reference Date/Greek National Land Plan

Change of Accounting Reference Date

The Board of Minoan, the AIM-quoted leisure resort developer, announces its decision to extend the Company's accounting reference date to 30 September 2008.

This date is a more usual one for leisure related companies. However, the main purpose is to enable the Board to present to shareholders, as part of its next audited financial statements, the most up to date position of the Company. This will include the status of the various factors relating to the Cavo Sidero Project and, in particular, the position regarding the Appeal hearing due to be heard in early November.

National Land Plan

The Board is also pleased to confirm that the National Land Plan has been approved by the Greek Parliament as required by the Greek Constitution.

In his speech to the Greek Parliament on 24 June 2008 advocating the approval of the National Land Plan, the Greek Minister of Environment, Land Planning and Public Works, Mr George Souflias, said: "The completion of the National Land Plan is one of the most important structural changes to happen in the country in recent decades."

The reformation of the Greek planning process, heralded by the approval of the National Land Plan, includes provision for sustainable integrated tourism developments. The Cavo Sidero Project fulfills the requirements of such developments, being firmly based on the principles of sustainability. 

Minoan Chairman, Christopher Egleton, commented: 

"The Board is delighted that this major development in the planning process has now been approved. The National Land Plan is of great importance to the Greek economy as a whole, particularly as it seeks to encourage major investment in tourism."

For further information visit www.minoangroup.com or contact: 

Christopher Egleton Minoan Group Plc 07808 722022 

Bill Cole Minoan Group Plc 01689 897397

Jeremy Garrett-Cox/Nicola Marrin Seymour Pierce Limited 020 7107 8000

Nick Rome/Nick Farmer Bishopsgate Communications Ltd 020 7562 3350

Alan Frame Westport Communications Ltd 020 7404 7878