Minoan secures extension to debt facility with Hillside

AIM-listed Minoan Group has secured an extension to its debt facility with Hillside to allow time for the sale of its travel business to be completed.

In addition, the company said on Thursday that the debt facility is now in the name of Zachary Asset Holdings Limited, a company related to Hillside.

The interest is unchanged while the facility is now on demand with a long stop date for completion of 31 August 2018. As previously announced, the group plans to use the proceeds from the sale to repay the Zachary loan.

As part of the agreement to extend the facility, Minoan has agreed to issue just over 1.7m warrants to subscribe for ordinary shares in the company in the name of Silja Investments, a subsidiary of Zachary. These are exercisable at 6p per share and expire on 10 July 2022.

At 1600 BST, the shares were down 3.5% to 5.50p.