LONDON (ShareCast) - (ShareCast News) - Shares in Minoan Group were up by a large margin on Wednesday afternoon, after rumours circulated in Greek media that the requisite signatories required Presidential Decree for its Crete Project had been delivered.
The AIM-traded company said that, while it had not received a formal confirmation of the news, it had received verbal confirmation from sources within the Greek government.

"The importance of the Presidential Decree cannot be overstated. If the rumours and the verbal confirmation are indeed correct, then I am delighted that after such an extended time we now have the signatures of every required member of the government," said Minoan chairman Christopher Egleton.

"We are grateful for the hard work of various government ministers and our advisers, particularly at this time when Greece is grappling with many major issues," he added.

Greece's government had relaxed planning procedures to speed up and simplify the country's notorious planning rules, giving investors greater certainty and security at a time its economy was desperate for investment.

Minoan's Crete project included the development of a number of small-to-medium size hotels on the north eastern Cavo Sidero peninsula, with "extremely high" standards of service and environmental credentials.

The total size of the development was 108,000 square metres (1.17 million square feet / 26 acres).

At 1610 GMT, shares in Minoan Group were up 35.29% to 8.62p.

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