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