Minoan Group Plc ? Acquisition of Ski Travel Centre and Greece ...

? Acquisition of Ski Travel Centre and Greece Update

Thursday, May 31st, 2012 - Author: Minoan Group

Travel and Leisure

In line with its strategy of building the Group?s travel and leisure (?T&L?) business,
Minoan is pleased to announce the acquisition of the trade and business assets of Ski
Travel Centre. Ski Travel Centre was started in 1985 and is a leading Glasgow-based
travel agency, arranging winter sports holidays in Europe and North America for clients
in the UK, Ireland and beyond, ranging from families of first-time beginners to large
groups and clubs.

The completion of the acquisition of the assets and business of Stewart Travel Centre
(?Stewart?), as announced on 16 March 2012, was conditional on Minoan receiving
regulatory approval from the relevant authorities by 31 May 2012, or such later date as
the parties may agree. Although almost complete, the details for regulatory approval are
not yet formalised and, as a consequence, a new long stop date of 31 July 2012 has been
agreed. In the meantime, the integration of Stewart into the Group?s T&L business
continues.

The Project

Greece is currently awaiting the outcome of a second election, to be held in June,
inevitably slowing almost all bureaucratic processes. However, the Board remains
confident that the Project?s full potential will be realised in due course. The country has a
long-standing tradition in the leisure industry combined with superb natural resources.
The quality of leisure services remains intact despite changing prices and the Board is
confident that tourism will remain a prominent sector of the Greek economy going
forward. The Board is optimistic that the future government, irrespective of the party in
power, will proactively seek to attract investment in quality tourism and the value of such
tourist assets will be underpinned by their ability to generate foreign earnings.

Christopher Egleton, Chairman of Minoan commented:

?The T&L business continues to trade well and commissions and operating profits
are on budget. Despite difficulties suffered by the T&L sector in recent months, we
believe our skilled and experienced management team is well placed to take
advantage and we have identified several businesses and other opportunities, the
acquisition of which would generate value for Minoan?s shareholders. We expect to
make further announcements in due course.?

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