Decision of Greek Council of
3 December 2010
MINOAN GROUP PLC
("Minoan" or "the Company")
Decision of Greek Council of State and Fast Track
Minoan Group Plc is pleased to announce that the Greek Council of State has reached a decision relating to its Cavo Sidero Project which the Directors believe will enable the Company to realise its goal of developing a world class destination resort in north eastern Crete.
More specifically, the process has been stalled in the Greek judicial system for some years following objections to the scope and scale of the initial proposal. Although this judgement on the one hand annuls the Greek Government's approval of the project in its current form, on the other hand it sets out the legislative framework within which the Cavo Sidero Project should be developed.
The Greek Government recently approved a new "Fast Track" law, the purpose of which is to expedite the planning process for projects which the government considers to be environmentally appropriate and, in the strategic long term, national interest. The Company has recently been advised by its Athens based legal team and planning consultants that the Cavo Sidero Project met all the published criteria of the new "Fast Track" process. The principal impediment to Cavo Sidero's application being included in the very first consideration of suitable applications was the unresolved position of the Council of State case. With today's ruling this impediment has been removed and, as a result, Minoan intends, subject to final review of the Council of State's ruling, to submit revised applications via the Fast Track route as soon as practically possible.
Christopher Egleton, Minoan Chairman, who was in Athens this afternoon to receive the court's judgement, said:
"We are pleased that the previous impasse has, at last, ended".
He continued,
"Whilst clearly the rejection of the Government's approval of our application in its original form is a disappointment, we are now clear as to the specific modifications required to satisfy the Court, all of which we are happy to comply with. This knowledge coupled with the parameters of the new Fast Track law means that I now believe we are on the brink of bringing our project to fruition. It will create hundreds of jobs in an area of Crete which desperately needs and deserves them."
Mr. Egleton concluded by saying:
"First submissions under the Fast Track process are expected to be accepted by Invest in Greece, the official body appointed to review submissions, in mid January 2011. The process of acceptance into the Fast Track process is prescribed by law to be no more than 45 working days from the date of submission".
For further information visit www.minoangroup.comor contact:
Minoan Group Plc
Christopher Egleton christopher.egleton@minoangroup.com
Bill Cole 01689 897397
Seymour Pierce Limited 020 7107 8000
Nicola Marrin/David Forman (Corporate Finance)
Jeremy Stephenson (Corporate Broking)
Rivington Street Corporate Finance Limited 07956 671131
Jon Levinson
Bishopsgate Communications Limited 020 7562 3350
Nick Rome/Michael Kinirons
This information is provided by RNS
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