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Greek government to speed up tourism developments

Minoan Group PLC

February 21, 2005 -- Minoan Group PLC (formerly Loyalward Group PLC), the leisure resort developer planning a luxury complex on Crete, welcomes the reported initiative taken by the Greek authorities to speed up planning processes, reduce red tape and attract foreign investment in Greece. On its own admission the Government’s existing regulations have hampered a number of projects for nearly ten years.

As part of the new initiative, Prime Minister Costas Karamanlis has now set a three month timetable for the unlocking of nine large investment schemes whose approval has been held up by bureaucratic delays. Five of the projects are tourism investments and include Minoan Group's scheme. Following a Cabinet meeting called to break the logjam, Tourism Minister Dimitris Avramopoulos said Greece was at last in the process of creating a "more hospitable and friendlier investment environment." He added, "Greece is now opening its wings to the world and I believe that tourism will lead to results."

One of the difficulties hampering the planning process has been overlapping responsibilities between various government departments. The result has led to a ‘drought’ of inward investment by foreign developers. Encouragingly, Environment and Public Works Minister Giorgos Souflias pledged that he will tackle zoning impediments, while Interior Minister Prokopis Pavlopoulos said he will deal with obstacles raised by local government authorities.

Minoan Group Chairman Christopher Egleton said: ‘We are absolutely delighted that the Greek authorities recognise that Loyalward [Minoan Group] and other companies are able to bring benefits to Greece. We believe that Cavo Sidero represents a unique opportunity for Crete to enhance its reputation as a tourist destination by attracting discerning visitors who would otherwise be destined for other Mediterranean locations.’

Minoan Group plans to develop a 7,000 bed resort on 10 square miles of land at Cavo Sidero in north east Crete having completed extensive design, landscaping and environmental studies. The north east of Crete is renowned for its natural beauty and topography. The attractions include the Holy Monastery of Toplou, the Minoan ruins at Itanos and the famous Vai beach, the site of Europe’s only indigenous palm forest. With a carefully planned mix of luxury hotels, villas and apartments together with 3 golf courses and other facilities, Cavo Sidero will be a year round holiday destination for high income tourists from across the world.

The company will shortly submit its supplementary Environmental Impact Study which it believes will be positively received following substantial additional research and investigations.

Estimates in 2003 by independent property consultants Lambert Smith Hampton valued the Company’s interest in the approved project at £61 million.

Source: This announcement was issued on behalf of Minoan Group PLC (formerly Loyalward Group PLC) by St Brides Media & Finance Ltd, 46 Bedford Row, London WC1R 4LR, England. The Directors of Minoan Group accept responsibility for this announcement.

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