A number of directors of Minoan Group subsidiary companies are acquiring equity and receiving share options in exchange for fees and salaries due to them totaling £699,000.
The agreement frees up additional working capital for the Scottish group and demonstrates ongoing support for its resort development project in Crete and expanding travel and leisure business.
The company announced today that outstanding salaries due to Minoan directors and subsidiary company directors of £463,000 will be waived in exchange for the granting of options to subscribe for a maximum of more than five million ordinary shares.
Minoan also confirmed that certain third parties have agreed to receive payment by way of shares in the company or share options rather than outstanding fees of £236,000.
Chairman Christopher Egleton said: “The directors have stated repeatedly their belief in the group’s eventual success and their commitment to providing value for shareholders and have once again demonstrated this belief and confidence in the group by taking equity in the company in exchange for the majority of outstanding fees/salaries currently due to them.”