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Minoan Group PLC - Surrey-based Greek hotel investor - Signs eight month extension for the repayment date of its only secured debt. Notes loan with Dagg LLP now extended to end of 2022, for fee of £150,000, which will be settled through issue of shares at 1 pence each. Also notes 35.0 million warrants owned by Dagg will be converted on December 31, at a price of 1.4p.
Says outstanding amount on loan at April 30 was £1.3 million.
Chair Christopher Egleton says: ‘We are pleased to have been able to agree this extension to the loan to cover a period during which we expect the company's project in Crete to reach a definitive stage in its development.’
Current stock price: 1.04 pence, up 9.0% on Monday
12-month change: up sharply from 0.013p
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