- Minoan Group has announced the acquisition by Stewart Travel Ltd of the business of Morningside Travel Ltd for £135,000.

Morningside is an independent travel agent based in Edinburgh.

Of the consideration, £110,000 was to be settled via the issue of 1.2m new shares at 9.14p each in Minoan.

Minoan added that it had placed about 5.0m new shares at a discounted 9p each with institutional and other investors raising £450,000 before expenses.

"It is intended that the net proceeds will be used to provide general working capital to support the development of the group, including its resort project in Crete and, together with other resources, further acquisitions."

As a consequence of the acquisition and the placing, Minoan was issuing a total of 6.2m shares.

Turning to Minoan's balance sheet, the company said talks were ongoing regarding a further extension of its existing loan facility, which currently expired on 30 June 2017.

"Minoan will provide an update to the market on the outcome of these discussions in due course," it said.

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