LONDON (ShareCast) - (ShareCast News) - Travel and leisure company Minoan Group revealed some positive progress with its controversial large Crete development on Wednesday, with news that appeals to its planning consent will take place in July.
The AIM-traded company said the Greek Council of State - its supreme administrative court - has set an early hearing of the appeals against the Presidential Decree granting the consent.

It confirmed the hearing has been set down for 4 July, at an extra session within the summer recess period of the court.

"Given the circumstances, the early hearing outside of the normal flow of cases is an indication of the importance being attached to encouraging foreign investments in Greece," commented Minoan chairman Christopher Egleton.

"The company is looking forward to the hearing with confidence in the Greek justice system, which has already twice confirmed that the Presidential Decree had been lawfully proposed."

Egleton said the company will update the market with further news as soon as it is available.

Investors appeared to be pleased with the development, with shares in Minoan Group up 1.82% at 1040 BST.

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