Minoan Group PLC (formerly Loyalward Group PLC)

Company profile

Minoan Group PLC's principal activity is the design, creation, development and management of tourist and leisure resorts.

The company (OFEX: LOY) has to date concentrated its efforts on a 7,000-bed resort development on a peninsular site of approximately 26 square kilometres at Cavo Sidero in North East Crete for which it signed a long leasehold contract in July 1998. Zoning approval and first level environmental approval for the development was granted in May 2002, and archaeological approval in July 2002. This will be followed by the application for a number of regulatory permits including those under environmental, tourist and building laws. Phase One design, allied to discussions with potential operators, is currently in progress.

The Cavo Sidero project will be a high-quality resort for Greece and the Mediterranean basin with its location in the well-established destination of Crete approximately 30 minutes from the new airport at Sitia.

Minoan Group maintains representative offices in Athens (Loyalward Hellas SA) and Palekastro, Crete, the village adjoining the Cavo Sidero site.

Related links:

• Tim Hill, Operations Director, Loyalward Group PLC and Loyalward Limited, Greece / United Kingdom, presents case study of the Cavo Sidero project on Crete at the INVgolf 2003 European GOLF Investment and Real Estate Conference & Exhibition

• IAF Group PLC and Loyalward Group PLC resolve outstanding commercial issues [November 19, 2002]

• Golf courses, golf resorts and residential tourism development in Greece

Source: Minoan Group PLC; INVgolf.

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