Exercise of Warrants

19 May 2011

Minoan Group Plc

("Minoan" or the "Company") 

Exercise of Warrants

Minoan Group Plc announces the issue of 333,333 new ordinary shares at 15 pence per share in respect of the exercise of Warrants 2011 to subscribe for ordinary shares in the Company.

The Directors' beneficial shareholdings are 1,841,223 ordinary shares, representing 2.10% of the issued share capital as enlarged following this share issue.

Application has been made for the 333,333 new ordinary shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will be effective from 25 May 2011. Following Admission, there will be a total of 87,875,111 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 FSA's Disclosure and Transparency Rules.

For further information visit www.minoangroup.com or contact:

Minoan Group Plc

Christopher Egleton [email protected]

Bill Cole 020 8253 4305

Seymour Pierce Limited 020 7107 8000

Nicola Marrin/David Foreman (Corporate Finance)

Marianne Woods (Corporate Broking)

Rivington Street Corporate Finance Limited 020 7562 3384

Dru Edmonstone

Bishopsgate Communications Limited 020 7562 3350

Nick Rome/Michael Kinirons