3rd Sep 2009 07:00
3 September 2009
Minoan Group Plc ("Minoan" or "the Company")
Fundraising and Directors' Dealings
Minoan Group Plc, the AIM-quoted leisure resort developer, is pleased to announce that it has agreed to place 6,742,500 New Ordinary Shares at 10 pence per share with a combination of existing shareholders and new investors, raising £674,250 (gross).
The net proceeds will, in the main, be used to make further progress in bringing the Cavo Sidero Project to fruition.
In addition the Company has agreed to issue 2,868,000 New Ordinary Shares at 10 pence per share in order to satisfy certain existing commitments in respect of its project at Cavo Sidero in North Eastern Crete.
The number of shares in the above placing includes 120,000 New Ordinary Shares issued to Mr G D Cook, a Director. As a result, Mr Cook's beneficial shareholding is now 934,396 Ordinary Shares, which equates to 1.46% of the issued share capital, as enlarged pursuant to this fundraising. Total directors' beneficial shareholdings are now 1,932,650 Ordinary Shares, representing 3.03% of the issued share capital, as enlarged pursuant to this fundraising.
Application has been made for the total number of 9,610,500 New Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will be effective from 8 September 2009. Following Admission, there will be a total of 63,758,531 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.
As previously reported, the Company is looking to add a new compatible activity to its business. Subscribers to the placing will receive a collective entitlement to 20% of Minoan's interest in the proposed new business.
Minoan Chairman, Christopher Egleton commented:
"I am delighted to announce the above placing which shows the support of shareholders and new investors during the protracted appeal process. We are continuing to prepare for the development of Cavo Sidero. Discussions are ongoing in respect of joint venture and partnership arrangements.
We remain focused on the Company's environmental credentials and continue to examine ways of reducing the Project's carbon footprint. I am also pleased with the progress made in adding a compatible activity to support the Cavo Sidero Project and look forward to providing further updates in the coming months."
For further information visit www.minoangroup.com or contact:
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