Share Issue & Completion of Stewart Travel Acq'n

RNS Number : 6816H

Minoan Group PLC

16 July 2012

 



  16 July 2012

Minoan Group Plc

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

Share Issue re. John Semple Travel Limited Acquisition and

Completion of Stewart Travel Centre Acquisition

 

Minoan Group Plc, the AIM listed travel and leisure company, is pleased to announce that in accordance with the terms of the acquisition of John Semple Travel Limited ("Semple") as announced on 24 October 2011, the vendors of Semple have elected to receive ordinary shares of 1p each ("Ordinary Shares") to settle the loan of £320,000, plus accrued interest. Accordingly, the Company has agreed to issue 2,860,476 Ordinary Shares at 12 pence per share to the vendors.

Minoan is also issuing 1,111,120 Ordinary Shares at 12.5 pence per share in accordance with an existing convertible loan agreement.

Application has been made for the total of 3,971,596 new ordinary shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will be effective from 20 July 2012. Following Admission, there will be a total of 129,673,865 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.

Minoan has managed the business of Stewart Travel Centre ("Stewart") since acquiring a 19.9% interest on 1 June 2011 and is now pleased to confirm that, following regulatory approval, it has completed the acquisition of 100% of the assets and business of Stewart in accordance with the terms announced on 16 March 2012.

The integration of Semple and Stewart into the Group's travel and leisure business is now complete.

Christopher Egleton, Chairman of Minoan, commented:

"We are delighted that the vendors of Semple, the Semple family, have all elected for the loan agreement to be settled in shares rather than cash, demonstrating how successful the integration of Semple into the Group has been and the positive outlook for the future.

We are also very pleased to have completed the Stewart acquisition.

The Group's travel and leisure business has grown rapidly and we are excited by the potential to continue this growth.  Discussions regarding a number of commercial opportunities in the sector are currently ongoing and the Board hopes to update shareholders in the near future.

With the recently announced investment in the Group's project in Crete, and the continued expansion in the travel and leisure business, the Board remains confident in Minoan's ability to take advantage of opportunities as they arise."

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

Minoan Group Plc
Christopher Egleton	[e-mail]
Bill Cole	020 8253 4305
Seymour Pierce Limited	020 7107 8000
David Foreman/Jonathan Wright
Peterhouse Corporate Finance Limited	020 7469 0937
Jon Levinson/Tom Stockton
Bishopsgate Communications Limited	020 7562 3350
Nick Rome/ Anna Michniewicz/Ivana Petkova

 

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