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Minoan says Crete project value expected to be “substantially” higher than market cap

The luxury resort developer said the project had attracted a number of interested parties and that it had already entered into a number of non-disclosure agreements

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The group added that the sale its travel and leisure division meant overheads would be “reduced dramatically”

Minoan Group PLC (LON:MIN) has said the value of its project in Crete was now “substantially higher” than its current market cap of £7.4mln.

In an update ahead of its general meeting today, the luxury resort developer said the project had attracted a number of interested parties and that it had already entered into a number of non-disclosure agreements and expected to enter others as negotiations progressed.

READ: Minoan soars after court dismisses appeals against its proposed Itanos Gaia project

The group added that following the sale of Stewart Travel Limited (STL), its travel and leisure division, to Zachary Asset Holdings Limited for £6.6mln, overheads would be “reduced dramatically” with secured debts being less that £1mln.

Minoan also said that in order to manage cash and show confidence in the future, a number of its directors were willing to accept shares in place of a “large part” of their unpaid remuneration.

Shares were down 1.5% at 3.2p.

Quick facts: Minoan Group plc

Price: 1.92 GBX

AIM:MIN
Market: AIM
Market Cap: £8.05 m
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