News blog
Minoan Group
- BY: Andrew Hore |
- POSTED: 20/06/2012 |
Shares in Minoan Group rose 40% to 10.12p on news that it has secured a partner for its Crete development.
The Candia Investment Corporation is investing £2m for a 10% stake in the north eastern Crete project. The cash will be invested in tranches between August 2012 and September 2013. Candia has the right to purchase a further 25% for £12.5m for a period after environmental approval of the project.
Candia has been granted an option over up to 4m Minoan shares at an exercise price of 8p a share.
This puts a value of £20m on the project, rising to £50m if the 25% stake is also acquired by Candia. This is a project that has been around for years and there have been a number of setbacks. More recently management has been optimistic that approvals might be forthcoming from the authorities.
Minoan and Candia are also establishing a special purpose vehicle, owned 51% and 49% respectively, to acquire Greek leisure assets.
Minoan is continuing to build up a travel agency business. The latest acquisition is Ski Travel Centre.
The completion of the acquisition of Stewart Travel Centre has been delayed because regulatory approval has not been formalised.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJune2012_33.pdf
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