Source - RNS
RNS Number : 0803J
Minoan Group PLC
26 June 2017


(the "Company")


Appeals Dismissed

Minoan Group Plc is pleased to announce that the Appeals (petitions of annulment), against the Presidential Decree ("PD") granting land use approval for its Itanos Gaia project in Crete (the "Project") have been dismissed following the issuing of decisions number 1704/2017 and 1705/2017 of the Greek Conseil D'Etat.

The Company now has an un-appealable PD which, in effect, gives outline planning consent for the Project and allows the Board to take the steps necessary to crystallise value for all stakeholders.

Christopher Egleton, Minoan Chairman, commented:

"As a result of the Greek Supreme Court's decision, the Company can now accelerate the development of the Project, which will include, inter alia; the continuation of negotiations for joint venture arrangements with hoteliers, investors, partners and other parties.

It also means that our long cooperation with the Foundation Panagia Akrotiriani, the Municipality of Sitia and the local community can begin to bring more prosperity to the area.

This decision represents the successful culmination of many years of hard work by everyone in the Company with the patience and support of the Company's shareholders.

I look forward to providing the market with more news in the near future."

For further information please visit or contact:

Minoan Group Plc

Christopher Egleton

[email protected]

Duncan Wilson

0141 226 2930

Bill Cole

020 8253 4305

WH Ireland Limited

020 7220 1666

Adrian Hadden/Alex Bond

Throgmorton Street Capital

020 7071 0808

Forbes Cutler

Morgan Rossiter

020 3195 3240

Richard Morgan Evans/James Rossiter

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.


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