SHARES in Minoan Group have surged by 45 per cent after local media reports signalled that appeals against the Presidential Decree handing it approval for its proposed luxury resort in Crete have been rejected by the Greek Supreme Court. The travel company noted that it has not seen an announcement from the court and will update the market when one has been issued. Minoan chairman Christopher Egleton said the rejection of the appeals would be “transformational news for the company” if the reports are confirmed.

Shares in Minoan Group closed up 3p at 9.62p.