Minoan close to sale of travel and leisure arm
Minoan is pressing ahead with the sale of its Glasgow-based travel and leisure division, having signed an exclusivity agreement with its preferred buyer.
It said due diligence has begun and is ‘proceeding according to plan’.
Minoan said the sale would leave the Group ‘substantially’ debt free.
In an update to shareholders, it said trading for the first quarter of its financial year is significantly ahead of the same period of last year, with gross sales up 15%.
"The Greek property market is finally showing signs of recovery both in the retail markets for villas and apartments and in terms of interest in tourism assets where a number of deals are now in progress with prices being achieved substantially ahead of previous expectations," it said.
It is now focused on a luxury resort development in Crete, and announced that it had recently received an approach from a third party interested in acquiring a significant stake in the project.
"Discussions are at an early stage and the Company will provide shareholders with an update in due course," it said.
In its update to directors, the company said: "At the current share price, the market capitalisation of the quoted group is approximately £11.4 million, which represents a discount of over 70% to the Group’s last published net asset value of £43 million.
"As a result, it said the Directors take the view that, where debt finance is available, it is preferable to issuing ordinary shares at current levels. Accordingly the Company is in the process of undertaking a small debt fundraising which will enable it to meet its liabilities until the material and positive developments outlined above are closer to crystalisation."
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Airlines suspend Madagascar services following unrest and army revolt
TAP Air Portugal to operate 29 flights due to strike on December 11
Qatar Airways offers flexible payment options for European travellers
Airbnb eyes a loyalty program but details remain under wraps
Air Mauritius reduces frequencies to Europe and Asia for the holiday season