Minoan Regulatory News (MIN)

5 Nov 2007 08:14

Minoan Group PLC05 November 2007 MINOAN GROUP PLC ("Minoan" or "the Company") NEW, ENHANCED SHAREHOLDER LOYALTY SCHEME The Board of Minoan, the AIM quoted leisure resort developer, announces a new,enhanced shareholder loyalty scheme. This replaces the existing scheme and givesimproved benefits to reward long term shareholders in the Company. HIGHLIGHTS •Scheme beneficially rewards longer term shareholders giving discounts on properties £€20,000 discount (previously £4,000) on 2 bedroom apartments dependent on shareholding £€175,000 discount (previously £125,000) on 4/5 bedroom coastal village villas for those with 500,000 or more shares •Major incentive to acquire a property as scheme will only be in operation for a limited period This scheme, which applies retrospectively to existing shareholders as well asfor new shareholders, means that discounts on a range of properties are evenmore attractive both in terms of the size of an investor's shareholding and theduration of that investment (for the full table please see below). The rules of the scheme mean that properties bought under the scheme may not bedisposed of within 12 months following completion. Thereafter properties may bedisposed of as the holders wish and they will be able to take advantage of any"disposal scheme" operated by the Company. In order to utilise the discount the shareholder must still hold the requiredlevel of shares in Minoan at the time of commitment and such shares must havebeen held for a minimum of 12 months to qualify. Commenting on the new loyalty scheme, Executive Chairman, Christopher Egletonsaid: "We are delighted to be able to offer this new scheme as a reward to all of ourshareholders, particularly those who have remained so loyal for so many years,as we move closer to the development of the Cavo Sidero site. We also hope thatthis will incentivise newer shareholders to keep their holding as well, in orderto take advantage of the changes." 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 Seymour Pierce 020 7107 8024 Nick Rome/Nick Farmer Bishopsgate Communications Ltd 020 7562 3350 Alan Frame Westport Communications Ltd 020 7404 7878 Notes to Editors: MinoanMinoan, through its subsidiary Loyalward Limited, plans to create Cavo Sidero asa sustainable development. It will be the finest exclusive holiday destinationin the eastern Mediterranean. This unique luxury resort will comprise five wellspaced villages set in a protected natural environment on a 26 sq km peninsulasite in north east Crete. The Cavo Sidero scheme will comprise five low-density clusters of luxury hotels,villas, townhouses and apartments, all with access to extensive sports,entertainment, restaurant and retail amenities. Shareholder Loyalty Scheme Shares Held 1Year 3 Years From To Discount Discount Unit Type number number Value Value £ £ 5,000 9,999 7,500 15,000 2 bedroom apartment 10,000 19,999 10,000 20,000 2 bedroom apartment 20,000 29,999 15,000 25,000 2-3 bedroom apartment 30,000 44,999 20,000 35,000 3 bedroom apartment 45,000 64,999 25,000 42,500 3 bedroom apartment/2-3 bedroom townhouse 65,000 99,999 30,000 50,000 3 bedroom apartment/2-3 bedroom townhouse 100,000 199,999 35,000 70,000 Townhouse/3 bedroom villa 200,000 299,999 60,000 100,000 3 bedroom premium/4 bedroom villa 300,000 399,999 85,000 125,000 3 bedroom premium/4 bedroom villa 400,000 499,999 110,000 150,000 4 bedroom coastal village villa 500,000 plus 135,000 175,000 4/5 bedroom coastal village villa Rules of the scheme - summary 1. Shares must have been held for a minimum of 12 or 36 months in order toqualify for the relevant discounts. 2. Shares must still be held at the time the discount is utilised. 3. Company will notify shareholders of their discount entitlements and when therelevant property is available. Shareholders must then utilise their discountswithin 6 months of receiving such notification. 4. Any property acquired under the terms of the Scheme may not be disposed ofwithin 12 months of the completion of the acquisition. Thereafter theshareholder may dispose of the property or take advantage of any "disposalscheme" operated or put in place by the Company. 5. The Scheme will be in operation for a limited period. 6. The Directors reserve the right terminate or amend the Scheme in any way theydeem appropriate. For the full Scheme Rules please see www.minoangroup.com ---ENDS--- 5 November 2007 This information is provided by RNS The company news service from the London Stock Exchange