Minoan Regulatory News (MIN)

26 April 2012

Minoan Group Plc

("Minoan", the "Group", or the "Company")

Share Issue and Grant of Options

The directors of Minoan Group Plc, the AIM listed travel and leisure group, and certain of the directors of subsidiary companies within the Group, have agreed to accept equity and options in lieu of fees and salaries due to them totaling £1,152,669, being 18.2% of the Group's current liabilities as reported in its Report and Financial Statements at 31 October 2011.

Shares issued to Minoan and other subsidiary company directors

Outstanding fees of £683,669 will be settled by the issuance of 4,883,351 ordinary shares of 1p each in the Company ("Ordinary Shares") at 14p per share.

Included in the above are Ordinary Shares being issued to Board directors of Minoan as follows:

·; 357,143 Ordinary Shares to G D Cook; and

·; 2,857,143 Ordinary Shares to Simmons International Limited, a company which provides C W Egleton's services to Minoan and in which he is a minority shareholder.

Options granted to Minoan and other current and former subsidiary company directors

Outstanding salaries of £469,000, based on a share issue price of 14p per share as above less an option exercise price of 1p per share, will be waived in exchange for the granting of options to subscribe for a maximum of 3,607,692 Ordinary Shares ("Options") as set out below:

The Directors have decided to take this action for the following reasons:

·; to demonstrate their ongoing commitment to, and belief in, the future of both the Group's project in Crete and its expanding travel and leisure business;

·; to reduce the Group's current liabilities; and

·; to free up working capital of the Group for other purposes.

Shares issued in accordance with convertible loan agreements

Minoan is also issuing a total of 11,830,779 Ordinary Shares, as set out below, in accordance with certain existing convertible loan agreements:

The Ordinary Shares issued at 12.5p per share include 866,250 Ordinary Shares to G D Cook. Following the above, G D Cook's beneficial shareholding is 2,311,123 representing 1.84% of the issued share capital as enlarged following these share issues. The Directors' total beneficial shareholding following the issuance of these Ordinary Shares is 3,064,616 Ordinary Shares, representing 2.44% of the issued share capital as enlarged following this share issue.

Application has been made for the 16,714,130 new Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will be effective from 2 May 2012.Following Admission, there will be a total of 125,702,269 Ordinary Shares in issue. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Minoan under the FSA's Disclosure and Transparency Rules.

Christopher Egleton, Chairman of Minoan commented:

"The Directors have stated repeatedly their belief in the Group's eventual success and their commitment to providing value for shareholders. I believe the acceptance of equity in the Company in exchange for the significant majority of outstanding fees/salaries demonstrates the Directors' confidence in the Group's ability to achieve its stated aims".

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

Minoan Group Plc

Christopher Egleton christopher.egleton@minoangroup.com

Bill Cole 020 8253 4305

Seymour Pierce Limited 020 7107 8000

Nicola Marrin/David Foreman (Corporate Finance)

Rivington Street Corporate Finance Limited 020 7562 3384

Jon Levinson

Bishopsgate Communications Limited 020 7562 3350

Nick Rome/Shabnam Bashir