Simplified capital structure, reduced dilution
Minoan Group will publish its interim results for the six months ended 30 April 2020 by the end of August, and at that point provide an update on the status of its development project in Eastern Crete. In the meantime, it has reorganised its secured debt, simultaneously cancelled a net 52m warrants (plus rights to future warrants) and raised £205,000 via a placing at 1.1p/share.The proposed restructuring, which is subject to shareholder approval at a General Meeting on 6 August will simplify the group’s capital structure and materially reduce potential future dilution. This puts Minoan in a better position to manage its ongoing working capital requirements as it progresses its project. Lockdown has delayed more detailed interactions with potential JVs and partners, preventing face to face meetings and site visits.
The £0.2m raised in the placing will provide some working capital. The statement confirms that the Board has taken significant action to reduce ongoing running costs, to include a decision by Directors to defer and/or forego fees until the group has moved forward with the project.
Finally, the project will coincide with Greek plans to entice foreign pensioners via the offer of a flat rate of income tax at 7% for retired foreigners who transfer their tax residence.
Hilton Worldwide Holdings is a holding company. Through its subsidiaries, the company is engaged in hospitality with operations organized in two operating segments: management and franchise, which includes all of the hotels the company manages for third-party owners, as well as all franchised hotels operated or managed by someone other than the company; and Ownership, which includes hotels that the company owned or leased or that are owned or leased by entities in which the company owns a noncontrolling financial interest. Hilton Honors is the company's guest loyalty program that rewards guests with points for each stay at nearly all of its properties, which are then redeemable for free nights and other goods and services.
Minoan Group is a holding and management company of a group involved in the design, creation, development and management of hotels and resorts and in the operation of independent travel businesses, through which the group acts as agent in providing a range of services including, inter alia, transportation, hotel and other accommodation and leisure services. Co. is organized into three divisions both by business segment and geographical location: the luxury resorts division, being the development of a resort in Crete; the Travel and Leisure division (U.K.), being the operation and management of the travel businesses; and the corporate development division (U.K.).
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