Minoan Group PLC - developing tourist resort in Crete - Enters into a conditional share purchase agreement with DAGG LLP for the purchase of subsidiary Loyalward Ltd, to be voted on at its annual general meeting on December 30. As part of the proposal DAGG would provide funds to settle Minoan’s and Loyalward’s debts. Also, seeks shareholder approval of an investigation into its former chair. Says in November 2024, certain creditors were issued shares in lieu of settlement monies being paid to them without their knowledge. Following the disposal, says remaining cash will permit operations to continue for 2-3 months while it explores legal action, but says this is insufficient time to settle with creditors, raise additional funds and clarify its financial position. Therefore, expects shares to be cancelled from AIM on January 5, 2026. ‘The board will seek to return any remaining cash to shareholders and liquidate the company unless there is interest in acquiring the AIM quoted cash shell,’ Minoan says.
Current share price: 0.20 pence
12-month change: down 68%, suspended since April
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