Minoan Group shares rocket after winning legal battle in Crete

Shares in resort developer Minoan Group soared on Monday after it won a legal battle over its Itanos Gaia project in Crete.

The group's shares were up 17.65% to 10.0p at 15:35 BST after appeals against the presidential decree granting land use for its Itanos Gaia project in Crete were dismissed following the decisions taken by the Greek Conseil D'Etat.

That meant the company now had an un-appealable PD which, effectively, provides outline planning consent for the project, enabling the board to take the steps necessary to crystallise value for all stakeholders, Minoan said in a statement.

"As a result of the Greek Supreme Court's decision, the Company can now accelerate the development of the Project, which will include, inter alia; the continuation of negotiations for joint-venture arrangements with hoteliers, investors, partners and other parties", said Christopher Egleton, Minoan Chairman.