The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

2 October 2024

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

Convertible loans and Company update

The Company announces that agreement has been reached to exchange certain outstanding loans to the Company with a total value of £1,149,494 (the "Loans") into new convertible loans (the "New Convertible Loans").  All but one of the New Convertible Loans are interest free and will be redeemable or converted together with a fee of 10% at either the Company or holder's option. The Company will be allowed to exercise the option to convert the New Convertible Loans only if the share price exceeds 0.9p for a period of seven days. One of the New Convertible Loans with a value of £190,000 and an interest rate of 10% per annum with no fee, is convertible at the holder's option only.

All of these New Convertible Loans have a redemption date which has been extended to 31 December 2025 and will be convertible by the issue of ordinary shares at 1p per share in Minoan, a premium of approximately 90% to yesterday's closing mid-price of 0.53p. If all of these New Convertible Loans were to be converted, liabilities would be reduced by £1,149,494.

The arrangement concerning the settlement of certain creditors, as announced on 18 October 2023 is nearing completion. Assuming conversion of the loans announced today, together, these settlements, which have taken a considerable time to negotiate and agree, will significantly de-lever Minoan's balance sheet, an essential pre-cursor as the Company prepares for the next steps towards starting development at Cavo Sidero.

In addition, the Board is expecting to be able to update shareholders shortly on significant commercial progress and on our detailed negotiations, conducted through the Greek Ministry of National Economy and Finance in relation to the updated contract with the Public Welfare Ecclesiastical Foundation Panagia Akrotiriani.

Related Party Transaction

Nicholas Day and Peter Raby are directors of Minoan's 100% owned subsidiary Loyalward Limited and are participating in the above transaction as follows:

These directors are beneficiaries, either individually or through connected parties, of the conversion of the Loans into the interest free New Convertible Loans. The agreements to exchange the Loans into the New Convertible Loans constitute related party transactions under Rule 13 of the AIM Rules for Companies. The Directors of Minoan consider, having consulted with the Company's nominated adviser, Zeus Capital Limited, that the terms of the agreements are fair and reasonable insofar as its shareholders are concerned.

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

Minoan Group Plc                                                        [email protected]

Zeus Capital Limited                                                     020 3829 5000
Antonio Bossi / Andrew Andrade                                                             

Peterhouse Capital Limited                                         020 7469 0930

Duncan Vasey