Fast Track Application (4535A)
March 30 2012 - 6:24AM
UK Regulatory
TIDMMIN
RNS Number : 4535A
Minoan Group PLC
30 March 2012
30 March 2012
Minoan Group Plc
("Minoan" or the "Company" or the "Group")
Fast Track Application and Travel and Leisure Division
Update
Minoan, the AIM listed travel and leisure group, is pleased to
announce the following:
Greece
-- Application to be included in the Fast Track process has now been submitted
-- Process of acceptance to be no more than 45 working days
-- Invest in Greece ("IIG") to coordinate the overall planning process
Following a lengthy and ongoing process, which started more than
a year ago, the Company has submitted its final application to IIG
for its Cretan project to be recognised as a strategic investment
and, as such, to qualify for inclusion in the Fast Track process.
The timescale should be measured in months - a substantial
improvement compared with the previous long drawn out
procedure.
The process of acceptance into the Fast Track process is
prescribed by law to be no more than 45 working days from the date
of submission. Thereafter IIG will coordinate the overall planning
process.
The new project has been re-designed and is intended to be a
world class destination resort with the highest environmental and
quality credentials. The Company's admission document dated 30
September 2011 contained a letter of opinion from CB Richard Ellis
stating that, based on certain assumptions, the Company's interest
in the land would have a value likely to be in the order of EUR100
million when fully consented.
The design has had to undergo a number of iterations following
various changes to relevant planning and tourism laws since July
2011. At the same time, it has had to take into account changes in
economic circumstances throughout Europe and, especially, in
Greece.
The Fast Track law was established to expedite the realisation
of projects which the Greek government considers to be in the
strategic long term national interest. Once a project has been
accepted into Fast Track, IIG will coordinate the overall planning
process on behalf of the Company.
Travel and Leisure
-- Creation of Great UK Stays travel portal
-- Exclusive deals negotiated with hotels
-- Opportunity to cross-sell Golfkings brand
-- Deals available to Canadian partners
-- Toronto-based company Travelwatch Inc. to market the Group's other products
Minoan has created a new travel portal called "Great UK Stays".
Great UK Stays will provide services to the increasing numbers of
UK residents holidaying in the UK. It will offer over 300
handpicked and directly negotiated hotels, ranging in standard from
three to five star properties.
Great UK Stays will target both corporate and leisure travellers
and the hotels featured will range from city centre hotels to
castles and country houses with exclusive offers promoted on the
website. Some hotels have golf courses which it is anticipated will
complement our existing Golfkings brand.
All of the promotions provided by Great UK Stays will be
available to our Canadian partners who are operating 8 flights per
week from Toronto to the UK this summer.
In addition, the Group has signed non-binding heads of terms
with Travelwatch Inc., one of Toronto's leading online travel
marketing companies, in order to market our offerings in Canada.
The arrangement encompasses our Golfkings, Cruisekings and hotel
offerings. Canadian websites are expected to be operational by the
end of April. The Canadian market is of particular interest due to
its counter cyclical characteristics in both profitability and
cashflow.
Minoan is also building a dedicated "UK Breaks" website for one
of the largest trade unions in the UK, with approximately 1.4m
members.
Website
The Company's website has been completely redesigned to reflect
the major changes in the Group's business during the past year.
Christopher Egleton, Chairman of Minoan commented:
"We are delighted to have submitted the Fast Track application.
The project in Greece remains a truly exciting prospect and this
latest step means that we are closing in on our long term goal of
commencing work. In addition, we continue to be happy with the
performance of our travel and leisure operations, which we have
grown rapidly through acquisitions and organic growth."
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)
Rivington Street Corporate Finance Limited 020 7562 3384
Jon Levinson
Bishopsgate Communications Limited 020 7562 3350
Nick Rome/Shabnam Bashir
This information is provided by RNS
The company news service from the London Stock Exchange
END
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