- Minoan Group notes the recent rise in its share price and certain comments both in the UK and in the Greek press.

The group says that following the signing of the new 'bail out' agreement in Greece and the subsequent election on 20 September, which enhanced the government's position, the turbulence of the last six months has lessened and the country appears to be entering a period of greater stability.

It says that as announced on 18 March, the draft presidential decree (PD) in respect of the company's project in Crete was unanimously approved by the Plenum of the Greek Council of State and all that remains for its final approval is for it to be endorsed by the government prior to being issued by the president of the Greek State.

Since the election there have been numerous statements, interviews and speeches by various ministers and the prime minister proclaiming the need for new investments in Greece.

The process for approving the PD is part of previously announced changes to planning procedures, which were put in place to speed up and simplify the previous extremely complex rules and to give investors greater certainty and security.

The process for the issuance of the PD requires it to be endorsed by the relevant ministers prior to being issued by the president of the Greek Republic. The company understands that this process is now under way.

The company says it looks forward to providing shareholders with further updates in due course.

At 1:26pm: [LON:MIN] Minoan Group PLC share price was +1.38p at 8.75p

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