Minoan continues to search for potential partners
By Iain Gilbert
Date: Friday 03 Apr 2020
(Sharecast News) - Hotel owner Minoan Group said on Friday that its efforts to secure potential partners for a project in Crete had not been "unduly affected" by the effects of the Covid-19 pandemic.
However, Minoan said with the outbreak leading to "a dramatic reduction in travel", meetings with potential partners had been delayed or were taking place virtually.
At this stage, Minoan said it did not anticipate the remote nature of the meeting having a material effect on the eventual outcome but said it was "worth reminding shareholders" that project timelines looked liked to stretch beyond the current situation.
"We will update the market further in our preliminary results announcement which, taking into account the current situation, we now expect to make later in April," said Minoan.
Elsewhere, Minoan said a "long-running lawsuit" against it had been "dismissed irrevocably".
The AIM-listed group also plans on admitting a further 2.75m ordinary shares of 2.75p each to trading in order to settle certain existing liabilities.
As of 1130 BST, Minoan shares were up 3.23% at 0.80p.
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