Minoan Group Plc
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27 April 2018
MINOAN GROUP PLC (the Company)
Align Research Note
Minoan Group Plc announces that Align Research (Align) has initiated research coverage on the
Company.
The research note can be found on the Align website as shown below.
For further information please visit www.minoangroup.com or contact:
Minoan Group Plc
Christopher Egleton [email protected]
Duncan Wilson [email protected]
Bill Cole [email protected]
Align Research
www.alignresearch.co.uk
26 April 2018
MINOAN GROUP PLC (Minoan, the Group)
Placing & Appointment of Joint Broker
Placing
Minoan is pleased to announce that it has placed, conditional upon admission to AIM, 9,166,667
ordinary shares of 1p each (New Ordinary Shares) at a price of 6 pence per share with institutional
and other investors, raising 550,000 before expenses (the Placing). It is intended that the net
proceeds will be used to provide general working capital to support the development of the Group,
including its resort project in Crete.
As a result of the Placing, Minoan is issuing, subject to admission on AIM, a total of 9,166,667 New
Ordinary Shares. Application has been made for the 9,166,667 New Ordinary Shares to be admitted to
trading on AIM (Admission) and it is expected that Admission will be effective from 2 May 2018.
The New Ordinary Shares are issued under the authorities granted at Minoans last Annual General
Meeting held on 27 April 2017. Following Admission, there will be a total of 227,683,442 Ordinary
Shares in issue. This figure may be used by shareholders as the denominator for the calculations by
which they will determine if they are required to notify their interest in, or a change to their interest in,
Minoan under the FCA's Disclosure and Transparency Rules.
Appointment of Joint Broker
Minoan is pleased to announce the appointment of Cornhill Capital Limited (Cornhill) as Joint
Stockbroker. The appointment of Cornhill comes at a time when Minoan is set on a path to concentrate
its efforts on creating maximum value from its Project in Crete as a result of the pending disposal of
its Travel and Leisure division.
Under the terms of the engagement letter, Cornhill will receive a total of 458,333 Warrants to subscribe
for Ordinary Shares in Minoan (the Warrants). The Warrants are exercisable at 6p per share and will
expire on 26 April 2021.
Christopher Egleton, Minoan Chairman, commented:
I am very pleased to raise these funds, which will provide working capital and enable Minoan to
continue to pursue the development of its project in Crete. Furthermore, the Board and I are pleased
to welcome Cornhill to the Minoan team at a time of significant change and the re-focusing of our
efforts on the Crete Project following the impending sale of the Travel and Leisure division
For further information please visit www.minoangroup.com or contact:
Minoan Group Plc
Christopher Egleton [email protected]
Duncan Wilson 0141 226 2930
Bill Cole 020 8253 4305
WH Ireland Limited 020 7220 1666
Adrian Hadden/Alex Bond
Minoan Group Plc
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Cornhill Capital Limited 020 7710 9610
Daniel Gee
Morgan Rossiter 020 3195 3240
Richard Morgan Evans/James Rossiter
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.
6 April 2018
Minoan Group Plc
(or the Company)
Notice of Annual General Meeting
Minoan Group Plc announces that its Annual General Meeting will be held at 11.30 a.m. on 30 April
2018 at the offices of Pinsent Masons LLP, 30 Crown Place, London, EC2A 4ES.
The Report and Financial Statements for the year ended 31 October 2017, together with the Notice
of Annual General Meeting, will be available on the Companys website today and will be posted
today to those shareholders who have elected to continue to receive hard copy communication from
the Company.
For further information visit www.minoangroup.com or contact:
Minoan Group Plc
Christopher Egleton [email protected]
Duncan Wilson 0141 226 2930
Bill Cole 020 8253 4305
WH Ireland Limited 020 7220 1666
Adrian Hadden/Alex Bond
Morgan Rossiter 020 3195 3240
Richard Morgan Evans/James Rossiter
Preliminary Results Announcement
Minoan Group Plc (or "the Group") announces its Preliminary Results for the year ended 31 October 2017
Minoan Group Plc
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Highlights
Un-appealable outline planning consent has been granted by the Greek government on the Site in
Greece.
The Board have taken the decision to dispose of the Travel & Leisure division (subject to shareholder
approval) partly in order to pay-down group debt. The division has been treated as a Non-current
asset held for sale in the Financial Statements. Note 4 of the preliminary results sets out segmental
information in a format shareholders will be familiar with.
Total transaction value of T&L up by over 18% to 80,320,000 (2016: 67,820,000)
Gross profit of T&L increased by 18% to 8,346,000 (2016: 7,044,000)
The Group made a loss after taxation of 2,516,000 (2016: 2,272,000)
Although Loans classified as current liabilities increased to 6,118,000 (2016: 5,086,000) the directors
believe that following the sale of Travel and Leisure the Group will be substantially debt free.
Minoan Chairman, Christopher Egleton commented:
Following the expected sale of the Travel and Leisure Division, which I hope to be announcing the completion
of in the near future, I and my colleagues will be concentrating our efforts on optimising the value of the
Groups project in Crete for the benefit of all shareholders.
Minoan Group Plc's Preliminary Results Announcement for the year ended 31 October 2017 can be viewed on
the Company's website, www.minoangroup.com, with effect from 6 April 2018.
For further information please visit www.minoangroup.com or contact:
Minoan Group Plc
Christopher Egleton [email protected]
Duncan Wilson 0141 226 2930
Bill Cole 020 8253 4305
WH Ireland Limited 020 7220 1666
Adrian Hadden
Alex Bond
Morgan Rossiter 020 3195 3240
Richard Morgan Evans/James Rossiter
Chairmans Statement
Introduction
My statement will focus on the status of the Groups project in Greece (the Project) and the
position of and prospects for the Group after the intended disposal of its Travel and Leisure (T&L)
business as announced on 13 March 2018. I remarked in that announcement that following the sale
of T&L your Board expected the Group to be substantially debt free in relation to its loan obligations
and this continues to be the case.
The results for the year ended 31 October 2017 include the trading results of the travel business for
the full year and demonstrate the divisions continuing growth. Nevertheless, the decision to sell the
division results from a number of other factors including, but not limited to, the view of the Board
that all efforts must be concentrated on delivering the value of the Project to shareholders and that
this will be much easier to achieve without a major burden of debt.
In view of the proposed sale of T&L (the impact of which has been to present the division as a
Discontinued Operation within the accounts), the results themselves cannot give a good guide to the
Groups prospects for the coming period, which I and my colleagues believe will begin to repay the
faith shown by all stakeholders in the future and value of the Project.
Greece
As announced in 2017, we now have un-appealable outline planning consent for a development set
on a 6,000 acre plot within a peninsula site with 28 kilometres of coastline on the island of Crete
through the Presidential Decree originally issued on 11 March 2016. The consent is for a complex
resorts project comprising up to 108,000 square metres of built space split between five main
locations which are, and will be, designed in such a manner that the development will be largely
invisible to the casual observer.
It is intended that we, together with major partners both financial and operating, will develop one of
the most environmentally friendly and soft major projects in Europe with a build footprint of less
than 0.5% of the site and through this and other criteria create a landmark for tourism in Greece.
The size of site is unusual in a region as crowded as the Eastern Mediterranean. This, combined with
the consent and development intentions, makes the whole package extremely rare in a region
where low cost mass tourism has previously been the main driver for development. The area of Crete
in which the Project sits is, however, not just mass tourism as will be seen in some of the well-known
resorts around the village of Elounda which is also in the Prefecture of Lasithi, the Easternmost in
Crete.
Chairmans Stat
