15th Aug 2025 21:34
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.
Tim Hill, independent director of Minoan says: "Having taken independent legal advice in my capacity as Minoan Group PLC's independent director, I have carefully considered the benefit to the creditors of accepting the non-binding offer from DAGG LLP against the position the creditors will be in if the Company enters an insolvency process. I also reflected upon the funding requirements and potential detriment to creditors of taking further time to explore the NBO."
"On that basis, I recommend that parties to the liability settlement agreements should accept the NBO. Should a sufficient level of acceptances be forthcoming from parties to the liability settlement agreements, I will recommend that ordinary shareholders approve the NBO at the ensuing shareholders' meeting."
Current share price: shares suspended at 0.18 pence
By Jeremy Cutler, Alliance News reporter
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