Minoan announces measures to reduce liabilities

Minoan Group announced further measures to reduce its liabilities and update its financing strategy on Friday.

The AIM-traded company said that, following an earlier agreement to convert certain loans into new convertible loans, it now planned to settle additional liabilities by issuing up to 78 million new shares worth over £1.3m, to specific balance sheet creditors.

Some directors and those of subsidiary Loyalward were expected to participate in this conversion, with further details to follow.

Additionally, Minoan said it was progressing financing efforts for its Cavo Sidero project in Crete.

The firm, which previously indicated it aimed to secure funding without relying on short-term equity placings, said it was now in advanced talks with a strategic partner for substantial funding.

While the terms and timing remained uncertain, both parties agreed that any resulting fundraising would not necessitate a change in the current 1p par value of Minoan’s ordinary shares.

At 0911 GMT, shares in Minoan Group were up 21.51% at 0.79p.

Reporting by Josh White for Sharecast.com.