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.
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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.