Operational Update (0888K)
July 11 2011 - 2:00AM
UK Regulatory
TIDMMIN
RNS Number : 0888K
Minoan Group PLC
11 July 2011
11 July 2011
MINOAN GROUP PLC
("Minoan" or the "Group")
Operational Update - Greece and Cretan project (the
"Project")
Greece
The Greek Government, following various parliamentary votes of
approval, now has time to implement the required austerity measures
and also to find ways of boosting the economy. The Ministerial
changes made by Prime Minister George Papandreou are already
showing a more urgent approach to meeting his oft stated intention
of encouraging foreign inward investment. Specifically, on 30 June
2011 the new Minister of Environment announced his determination to
unblock major investment projects.
The Project
Minoan is pleased to announce that it has submitted a file,
based on the new masterplan for the Project, to Invest in Greece
("IIG"), the government agency handling Fast Track Investment
applications and discussions with IIG are in progress.
As reported in the Chairman's Statement published on 28 June
2011, the masterplan takes into account the decision of the Council
of State in December 2010 plus recent changes in various relevant
laws and is for the creation of a smaller development than
previously proposed but one of much higher quality which remains
environmentally friendly and sustainable. The directors have been
advised that the development should now be acceptable to the Greek
State.
Meanwhile, the local municipality continues to develop the
infrastructure of Sitia as a tourist destination. The new road to
the expanded international Sitia airport and the new cruise ship
quay are virtually complete. In addition, two European airlines
have announced weekly flight plans to Sitia for 2012.
Christopher Egleton, Minoan Chairman, commented:
"I and my fellow directors remain fully committed to bringing
the Project to fruition and are encouraged by the continuing high
level of support both locally and nationally.
Despite the economic problems of the recent past the value of
the Group's interest in the land in Crete, as referred to in my
recent Chairman's Statement, remains substantially in excess of
Minoan's current market capitalisation."
For further information visit www.minoangroup.com or
contact:
Minoan Group Plc
Christopher Egleton christopher.egleton@minoangroup.com
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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