14th Jan 2010 16:18
14 January 2010
MINOAN GROUP PLC
("Minoan" or "the Company")
Announcement re Press Comment
Minoan Group Plc, the AIM-quoted leisure resort developer, would like to update the market regarding the development of its Cavo Sidero Project following incorrect press and wire comments regarding a statement issued by the Ministry of Environment.
The Board confirms that no judgment has yet been issued by the Court, the sole authority empowered to do so. As also mentioned in our previous announcement on the 14 April 2009, in accordance with the Greek Constitution and laws, the decisions of the Conseil d'Etat are issued in a public court sitting and not in the press. As such, any press comment on the issuance of the judgment and its content is speculation only.
The Ministry of Environment in its response to the question posed by three Syriza Members of Parliament reiterates that it will respect the judgment of the Court, when it is issued, and the relevant land plans.
Minoan strongly believes that the new Government will tackle any land planning hurdles efficiently. It is the Company's belief that such a carefully designed project, aimed at promoting sustainable development in the tourism sector, complies with the environmental policies outlined by the Government
The Company is continuing to work towards the development of the Cavo Sidero Project and a further announcement will be made as soon as the Court's judgment is issued.
For further information visit www.minoangroup.com or contact:
Christopher Egleton Minoan Group Plc [email protected]
Bill Cole Minoan Group Plc 01689 897397
Nicola Marrin Seymour Pierce Limited 020 7107 8000
Dru Edmonstone Rivington Street Corporate Finance Ltd 020 7562 3351
Nick Rome/Gemma O'Hara Bishopsgate Communications Ltd 020 7562 3350
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