|
Minoan Group PLC - developing tourist resort in Crete - Recommends acceptance of a non-binding offer from DAGG LLP. Under the NBO, DAGG offers to forgo a £1.3 million loan and interest, provide a maximum of £676,170 in cash to Minoan to be used to settle debts owed to creditors and continue to contribute to the critical running costs to Minoan, in exchange for 100% of the shares of Loyalward Ltd. The latter is a subsidiary of Minoan. DAGG initially provided a facility to Minoan in 2013, due to mature in 2021. DAGG granted three waivers/extensions, with the loan’s current maturity date December 2024. The loan is in default and presently accruing default interest. In addition, DAGG would also commit to contribute a maximum of £930,030 to Loyalward to settle its outstanding liabilities and contribute the cash needed to meet running costs and working capital needs at Loyalward. Tim Hill, independent director of Minoan says: ‘Having taken independent legal advice in my capacity as Minoan Group PLC’s independent director, I have carefully considered the benefit to the creditors of accepting the non-binding offer from DAGG LLP against the position the creditors will be in if the Company enters an insolvency process. I also reflected upon the funding requirements and potential detriment to creditors of taking further time to explore the NBO.’ ‘On that basis, I recommend that parties to the liability settlement agreements should accept the NBO. Should a sufficient level of acceptances be forthcoming from parties to the liability settlement agreements, I will recommend that ordinary shareholders approve the NBO at the ensuing shareholders’ meeting.’ Current share price: shares suspended at 0.18 pence Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
