Fri Nov 01 13:59:30 UTC 2024: ## Minoan Group Strengthens Finances Through Share Conversion and Potential Investment

**London, UK (February 23, 2024)** – Minoan Group PLC, the London-based developer of hotel resort projects in Crete, announced today a series of financial restructuring moves aimed at strengthening its balance sheet.

The company plans to convert a portion of its existing debt, exceeding GBP 1.3 million, into new ordinary shares. Up to 78 million shares will be issued, with some directors expected to participate in the conversion.

Minoan also revealed that it is in advanced discussions with an unnamed strategic partner regarding a significant capital injection to support its project funding commitments at Cavo Sidero in Crete. While the timeline for this investment remains unclear, the potential infusion of capital would further bolster the company’s financial position.

These announcements have been met with positive market sentiment, with Minoan’s shares rising 13% to 0.73p on Friday afternoon, resulting in a market capitalization of GBP 6.2 million.

The recent developments follow a previous agreement in October to exchange outstanding loans of GBP 1.1 million into new convertible loans. Minoan’s proactive approach to restructuring its debt and securing new investment highlights its commitment to delivering its ambitious hotel resort projects in Crete.

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