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Minoan Group plc ( (GB:MIN) ) has provided an update.
Minoan Group plc has confirmed that shareholders approved Resolution 1 at its recent general meeting, completing the disposal of its subsidiary Loyalward Limited, while the vote on Resolution 2 was adjourned and will be addressed in a later announcement. Following the disposal, the board estimates the company has funds to operate for only two to three months to cover essential expenses and pursue potential legal action against its former chairman, a timeframe it deems inadequate to settle creditors or secure fresh financing, and consequently expects the company’s admission to trading on AIM to be cancelled at 7 a.m. on 5 January, leaving investors facing the loss of a public market for the shares and adding uncertainty over the company’s financial future.
More about Minoan Group plc
Minoan Group plc is a UK-listed company whose shares trade on AIM and which operates in the travel and leisure property sector, historically focused on development projects through subsidiaries such as Loyalward Limited.
Technical Sentiment Signal: Sell
Current Market Cap: £1.63M
Learn more about MIN stock on TipRanks’ Stock Analysis page.