LONDON (ShareCast) - Minoan Group has placed around 5.7m shares at 12p each to raise funds for general working capital to support the development of its projects and part fund acquisitions.

The placing is expected to raise gross proceeds of £687,000.

The group also revealed it is in "advanced discussions" with a number of potential acquisition targets and said it has identified other prospective acquisition candidates compatible with its criteria.

The annual historical revenue of those companies with which it is in discussions ranges from £0.2m to more than £30m.

Chairman Christopher Egleton said: "With the future prospects of the [Crete resort] project, which has seen the achievement of major milestones in the past few months, and the possibility of adding more businesses to the group's already successful travel and leisure division, we look forward to reporting further progress."

Shares declined 8.26% to 12.50p by 09:50 on Wednesday.

NR

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