Minoan Group has extended the repayment date of a loan by eight months as it nears “the definitive stage” of its hotel and tourism development project in Crete.
The Surrey-based firm said in a statement: “Further to recent announcements by the company highlighting the growing belief by the board of Minoan that the company is finally nearing the definitive stage of its development of its Cavo Sidero project in Crete, the board is pleased to announce that it has reached agreement for an eight-month extension of the repayment date of the only secured debt (the ‘loan’) of the company.”
The loan has been extended to December 31 for a fee of £150,000, to be settled by an issue of ordinary shares in Minoan at 1p per share.
The amount outstanding at April 30 was £1,338,182.
Christopher Egleton, chairman, said: “We are pleased to have been able to agree this extension to the ‘oan to cover a period during which we expect the company’s project in Crete to reach a definitive stage in its development.”
In 2018, the company sold Scottish agency Stewart Travel to concentrate on developing its luxury resort in Crete.