Last checked at 11 Jul 2011 07:00
11 July 2011
MINOAN GROUP PLC
("Minoan" or the "Group")
Operational Update - Greece and Cretan project (the "Project")
Greece
The Greek Government, following various parliamentary votes of approval, now has time to implement the required austerity measures and also to find ways of boosting the economy. The Ministerial changes made by Prime Minister George Papandreou are already showing a more urgent approach to meeting his oft stated intention of encouraging foreign inward investment. Specifically, on 30 June 2011 the new Minister of Environment announced his determination to unblock major investment projects.
The Project
Minoan is pleased to announce that it has submitted a file, based on the new masterplan for the Project, to Invest in Greece ("IIG"), the government agency handling Fast Track Investment applications and discussions with IIG are in progress.
As reported in the Chairman's Statement published on 28 June 2011, the masterplan takes into account the decision of the Council of State in December 2010 plus recent changes in various relevant laws and is for the creation of a smaller development than previously proposed but one of much higher quality which remains environmentally friendly and sustainable. The directors have been advised that the development should now be acceptable to the Greek State.
Meanwhile, the local municipality continues to develop the infrastructure of Sitia as a tourist destination. The new road to the expanded international Sitia airport and the new cruise ship quay are virtually complete. In addition, two European airlines have announced weekly flight plans to Sitia for 2012.
Christopher Egleton, Minoan Chairman, commented:
"I and my fellow directors remain fully committed to bringing the Project to fruition and are encouraged by the continuing high level of support both locally and nationally.
Despite the economic problems of the recent past the value of the Group's interest in the land in Crete, as referred to in my recent Chairman's Statement, remains substantially in excess of Minoan's current market capitalisation."
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)
Marianne Woods (Corporate Broking)
Rivington Street Corporate Finance Limited 020 7562 3384
Dru Edmonstone
Bishopsgate Communications Limited 020 7562 3350
Nick Rome/Michael Kinirons