MINOAN GROUP PLC — Remuneration Information 2013

Dec 18, 2013

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RNS Number : 8098V

Minoan Group PLC

18 December 2013

18 December 2013

Minoan Group Plc

("Minoan", the "Group", or the "Company")

Directors' Share Acquisitions and Grant of Options

The directors of Minoan Group Plc, and certain directors of subsidiary companies within the Group, are reinforcing their confidence in the Company and its eventual success by acquiring equity and receiving share options in exchange for fees and salaries due to them totaling £699,000.

In particular, the Directors have decided to acquire equity and options in exchange for their fees and salaries for the following reasons:

·    to demonstrate their ongoing commitment to, and belief in, the future of both the Group's project

in Crete and its expanding travel and leisure business; and

·    notwithstanding the new loan facility announced on 17 October 2013, to free up additional

working capital for other purposes.

In addition, for the same reasons, certain third parties have come to agreement with the Company to receive payments for services rendered by way of shares in the Company or share options as set out below.

Shares issued in lieu of services provided

Outstanding fees of £236,000 will be settled by the issuance of 2,360,000 ordinary shares of 1p each in the Company ("Ordinary Shares") at 10p per share, subject to admission to AIM.

Included in the above are 1,935,000 Ordinary Shares being issued to Simmons International Limited, a company which provides Mr C W Egleton's services to Minoan and in which he is a minority shareholder, and 425,000 to Mr J C Watts, a subsidiary company director.

The Board has also decided to satisfy certain existing liabilities by the issue of Ordinary Shares to other third party service providers and consultants. As a consequence, a total of a further 1,449,000 Ordinary Shares will be issued at 10p per share, subject to admission to AIM.

Accordingly, application has been made for the 3,809,000 new Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will be effective from 24 December 2013. Following Admission, there will be a total of 165,274,704 Ordinary Shares in issue. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Minoan under the FCA's Disclosure and Transparency Rules.

Options granted to Minoan and subsidiary company directors

Outstanding salaries due to Minoan Directors and subsidiary company directors of £463,000, will be waived by those directors in exchange for the granting of options to subscribe for a maximum of 5,144,444 Ordinary Shares ("Options"). The number of Options has been calculated based on a share price of 10p per share.  The option exercise price will be 1p per share, and the Options are to be granted as set out below:

Name	Number of Options	Exercisable between
Minoan directors:
B D Bartman	850,000	18 Dec 2013 and 31 Dec 2016
G D Cook	377,778	18 Dec 2013 and 31 Dec 2016
T R C Hill	1,233,333	18 Dec 2013 and 31 Dec 2016
D C Wilson	850,000	18 Dec 2013 and 31 Dec 2016
Subsidiary company directors:
W C Cole	1,711,111	18 Dec 2013 and 31 Dec 2016
B Cassidy	122,222	18 Dec 2013 and 31 Dec 2016

Other Options

In order to satisfy certain existing commitments, the Company has also granted the following Options to third party consultants to subscribe for a maximum of 2,750,000 Ordinary Shares as set out below:

Number of Options	Exercise Price	Exercisable between
2,500,000	8p	18 Dec 2013 and 31 Dec 2016
250,000	10p	18 Dec 2013 and 31 Dec 2016

Christopher Egleton, Chairman of Minoan commented:

"The Directors have stated repeatedly their belief in the Group's eventual success and their commitment to providing value for shareholders and have once again demonstrated this belief and confidence in the Group by taking equity in the Company in exchange for the majority of outstanding fees/salaries currently due to them".

For further information visit www.minoangroup.com or contact:

Minoan Group Plc
Christopher Egleton	christopher.egleton@minoangroup.com
Duncan Wilson	0141 226 2930
Bill Cole	020 8253 4305
WH Ireland Limited	020 7220 1666
Adrian Hadden/Nick Field
Throgmorton Street Capital	020 7071 0808
Forbes Cutler
Morgan Rossiter	020 3195 3240
Richard Morgan Evans/James Rossiter

This information is provided by RNS

The company news service from the London Stock Exchange

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