30 June 2016
Minoan Group Plc
("Minoan" or "the Company")
Presidential Decree - Appeals Hearing Date
Minoan has now been advised that the hearing of the appeals in the Council of State against the Greek State's issuance of the Presidential Decree ("PD") granting the equivalent of outline planning consent for the Group's project in Crete (the "Project") will now be heard be on 16 September 2016 , when the Court reconvenes after its Summer recess. The adjournment, which is not unusual, was decided by the Court internally. The adjourned hearing has been set for the first possible date in the new judicial year which, according to the advice we have received, is a very short delay.
Minoan is pleased to inform shareholders that interventions have been filed arguing in favour of the validity of the Presidential Decree by the Company, the Foundation, landlord of the Site, the local Municipality of Sitia and various local business organisations, all showing their support for the Project.
Christopher Egleton, Minoan Chairman, commented
"Our investment has been judged as strategically important because of the benefits it is expected to bring to Greece and the local Municipality. With a build footprint of less than 0.4 % and a sustainability plan in place, the whole development will be extremely environmentally friendly. The Company retains its confidence as to the outcome of the hearing and in the Greek Justice system, which has already twice confirmed that the PD had been lawfully proposed.
The Company will keep shareholders updated with any further news as soon as it is available".
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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