Minoan raises £0.19m as Greek tourism sentiment warms

The AIM-traded firm said interest was being shown in its project in Crete from an “ever-increasing” number of potential commercial partners, adding that it expected to progress with one or more of them once discussions with all interested parties were complete.

It said it was continuing to advance the project on a number of fronts in response to the predicted changes in demand driven by changing tastes and Covid-19.

“We continue to work with our partners in the foundation to ensure the project works for all parties, and to optimise the opportunity for shareholders,” the Minoan board said in its statement.

“Indeed, many of the changes we see in the sector are in the requirements for environmentally sound developments with significantly increased demand for personal space, which appears to be one of the first indicative market trends, especially in the upper and luxury segments of the market, and to which the project is, and has always been, ideally suited.

“To this end, the group has appointed the consulting division of a top-four accountant with major expertise in the tourism market, to refine its business plan - a process which is largely complete - in order to assist the board in achieving a successful outcome.”

The directors said they believed the appointment would increase its current value in partnership discussions, as well as attract additional interest.

Minoan said it was also progressing a number of further studies, such as a survey of flora and fauna, to speed up the process of completing all permissions necessary to ensure a quick start once partners were selected.

“In light of this and the continuing very severe impacts of the pandemic, the board has also been reviewing the company's plans to ensure that they are as robust as possible in terms of any further changes that may be required in the tourism industry, particularly in the upper and luxury segments of the market, in what is expected to be a changed world.”

The directors confirmed a successful placing of ordinary shares arranged by Peterhouse Capital had taken place, raising a total of £0.187m, with 17 million shares being issued at 1.1p each.

At 1125 GMT, shares in Minoan Group were down 23.78% at 1.11p.