SHARES in travel group Minoan leapt more than 30 per cent in early trading yesterday as the legislative path towards its luxury development in Crete was finally cleared.
The group has faced a number of challenges in its plan to develop a five-star resort on the Greek Island. Now, an appeal against a Presidential Decree granted in March 2016 has been dismissed by the country’s Supreme Court, allowing the Glasgow-based group to accelerate its plans.
The judgement, in effect, gives outline planning consent for the project, a step that Minoan said would “allow [it] to take the steps necessary to crystallise value for all stakeholders”.
Christopher Egleton, Minoan chairman, commented: “As a result of the Greek Supreme Court’s decision, the company can now accelerate the development of the project, which will include, inter alia; the continuation of negotiations for joint venture arrangements with hoteliers, investors, partners and other parties.”
Minoan plans to create a resort that will incorporate hotels, golf courses and a marina.
The project, across a 6,000 acre site on the Cavo Sidero peninsula on the north eastern coast of Crete, was signed off by eight Government departments before being granted a Presidential Decree.
Shares closed at 10p, up 17.65 per cent.
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