Presidential Decree Issued

RNS Number : 8896R

Minoan Group PLC

11 March 2016

 

11 March 2016

MINOAN GROUP PLC

(the "Group" or "Minoan")

Presidential Decree Issued

Minoan Group Plc is pleased to announce that the Presidential Decree ("PD") granting land use approval for its project in Crete (the "Project") has been issued.

The President of the Hellenic Republic of Greece, Mr Prokopios Pavlopoulos has signed the decree and it has been published in the Government Gazette today. The planning rules for the Project are now enshrined in law.

Christopher Egleton, Minoan Chairman, commented:

"The issue of the PD is a transformational event for the Group and means that Minoan is in a position to accelerate discussions related to the development of the Project. Shareholders will be aware that the last opinion of the development value of the Project site was in the order of €100 million (as per the estimate dated 27 June 2011, which was reaffirmed in March 2012) and the Board will now be working to deliver maximum value.

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

Minoan Group Plc
Christopher Egleton	[e-mail]
Duncan Wilson	0141 226 2930
Bill Cole	020 8253 4305
WH Ireland Limited	020 7220 1666
Adrian Hadden/Mark Leonard
Throgmorton Street Capital	020 7071 0808
Forbes Cutler
Morgan Rossiter	020 3195 3240
Richard Morgan Evans/James Rossiter

 

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