10 May 2016
Minoan Group Plc
(or "the Company")
Presidential Decree - Appeals
On 11 March 2016, Minoan announced the issue of the Presidential Decree ("PD") granting land use approval for its project in Crete (the "Project").
As shareholders may be aware, all Government decisions in Greece (administrative acts) are subject to appeal and such appeals are common, especially in the case of environmental approvals. In the Company's case, not unexpectedly, two appeals have been lodged with the Greek Council of State ("CdE"), the same court which has reviewed the PD on two occasions.
In its announcement on 18 March 2015, the Company stated that the Plenum of the CdE had unanimously reached the conclusions that the draft PD was lawfully proposed by the Government. The final draft was also reviewed in the same manner in February 2016 prior to its publication.
Given the unanimous, extended and comprehensive reasoning of the Plenum of the CdeE on the legality of the PD, the Company has good grounds to believe that a successful appeal is unlikely. The reasoning of the Court, as covered in its minutes, dealt with the issues that were considered important.
The Company hopes for an early hearing so that the development of the Project can continue as soon as possible.
Christopher Egleton, Minoan Chairman, commented:
"We firmly believe that, notwithstanding these Appeals, the Project will continue to fruition and thus bring economic growth to the whole of the local region. I will keep shareholders informed of all material developments as they arise."
For further information visit www.minoangroup.com or contact:
Minoan Group Plc |
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Christopher Egleton |
[email protected] |
Duncan Wilson |
[email protected] |
Bill Cole |
[email protected] |
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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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