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Minoan raises £500,000 in share offer

MINOAN, the Aim-listed resort developer, has raised £500,000 through a share placing.

Two thirds of the cash will be put to work in Minoan’s stalled Cavo Sidero holiday park project in northeast Crete, which has been on hold since a legal challenge in early 2009.

The remainder will go towards the company’s effort to diversify into green power.
Chairman Christopher Egleton said: “This gives us extra firepower. We want to make sure we’ve got a cushion so we’re ready for anything that comes along.”

The news comes a week after Minoan acquired two solar energy licences for up to 2.1 megawatts of capacity as it looks for a fresh revenue stream unconnected to Cavo Sidero.

The board is also planning to consolidate up to three competitors this year, although deals will not be funded with the money announced today.