IN BRIEF: Minoan recommends acceptance of DAGG proposal
Minoan Group PLC - developing tourist resort in Crete - Recommends acceptance of a non-binding offer from DAGG LLP. Under the NBO, DAGG offers to forgo a GBP1.3 million loan and interest, provide a maximum of GBP676,170 in cash to Minoan to be used to settle debts owed to creditors and continue to contribute to the critical running costs to Minoan, in exchange for 100% of the shares of Loyalward Ltd. The latter is a subsidiary of Minoan. DAGG initially provided a facility to Minoan in 2013, due to mature in 2021. DAGG granted three waivers/extensions, with the loan's current maturity date December 2024. The loan is in default and presently accruing default interest. In addition, DAGG would also commit to contribute a maximum of GBP930,030 to Loyalward to settle its outstanding liabilities and contribute the cash needed to meet running costs and working capital needs at Loyalward. Read More