Minoan Regulatory News (MIN)

17 October 2011

MINOAN GROUP PLC

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

RESULT OF GENERAL MEETING, COMPLETION OF REVERSE TAKEOVER AND FUNDRAISING

Minoan Group Plc, the AIM listed travel and leisure company, is pleased to announce that all resolutions proposed at the General Meeting convened today at 11:30 a.m. to give effect to, inter alia, the acquisition of John Semple Travel Limited, were duly passed.

Accordingly, further to the announcement by the Company on 30 September 2011, the Company confirms, subject to Admission becoming effective:

·; the acquisition of all of the issued share capital of John Semple Travel Limited ("JST"), a multi-faceted and online travel agent based in Scotland, for a consideration of £2,000,000 of which £1.4 million is payable in cash and the balance to be satisfied by the allotment and issue of the Consideration Shares (such Consideration Shares to be allotted and issued immediately before the Second Admission and in respect of which a further announcement will be made in due course);

·; that it has:

(a) raised £290,000 through the allotment and issue of 2,900,000 new Ordinary Shares at 10 pence per share by way of the Placing; and

(b) received commitments for a further £1,375,000 via Loans;

both amounts in order to fund the cash consideration in relation to the Acquisition and to contribute to the costs of Admission.

The Acquisition constitutes a reverse takeover pursuant to Rule 14 of the AIM Rules for Companies. An application has been made to the London Stock Exchange for the First Enlarged Share Capital to be admitted to trading on AIM and, subject to any outstanding conditions having been met, trading is expected to commence at 8.00 a.m. on 18 October 2011.

Following admission of the First Enlarged Share Capital, the Company will have 96,588,094 Ordinary Shares in issue. The figure of 96,588,094 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 change their interest in, the Company under the FSA's Disclosure and Transparency Rules.

Terms and definitions used in this announcement shall, unless the context requires otherwise, have the meanings given in the Admission Document published by the Company on 30 September 2011 (a copy of which is available on the Company's website www.minoangroup.com).

 Christopher Egleton, Minoan Chairman, said:

"I am pleased that our shareholders have passed all the resolutions and provided the Board with the approval to acquire John Semple Travel Limited. This significant acquisition substantially completes the cluster of travel and leisure acquisitions in Scotland.

As previously stated, Minoan's aim is to create a substantial, profitable distribution-led travel business by building clusters in different regions and it is anticipated that the profitability of the Group will be increased accordingly.

In addition to growth by acquisition, and using the management team's contacts in the sector gained over many years, the Group proposes to enter into further strategic partnerships and to build on its existing online presence.

We are excited about the continued growth potential in the travel and leisure sector whilst remaining fully committed to the Company's project in Greece.

I look forward to making further announcements in due course."

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