The Presidential Decree for the 268 mil. euros investment of Minoan Group Plc in Toplou, Lassithi, is ready to be issued
Following its announcement on 20 October 2015, the Company has been advised that the process for approving the presidential decree (“PD”), which resembles an outline planning consent, is now reaching its final stages.
The terms of the Joint Venture (“JV”) announced on 20 June 2012 have been amended to take account of changed planning procedures. The right of the JV partners to increase their stake in the Project by 25% at a cost of £12.5 million will now be triggered by the issuance of the PD.
Recognising the changes in planning procedures in this manner has the effect of bringing forward the date on which the JV partners have to decide whether to purchase the additional stake. This will provide greater visibility during discussions with other potential partners, which can now take place at a substantially earlier date.