StockMarketWire.com - Minoan Group said it was closing in on a sale of its travel and leisure business Stewart Travel to its primary lender Zachary Asset Holdings.

A sale agreement was expected to be concluded 'imminently' following a period of negotiation, the company said.

Negotiations with Zachary were taking place 'in good faith' following consideration of approaches from other prospective buyers, notwithstanding the fact that Minoan's loan facility had been extended until the end of August.

'In the circumstances, the Board does not believe that the loan will be called pending the completion of negotiations and the culmination of the transaction, which should see it repaid in full,' Minoan said.

'Subject to agreement, the Board expects to make an announcement immediately the final terms are agreed.'

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