MINOAN Group has seen its shares soar after saying the presidential decree for its long awaited luxury resort development in Greece is moving closer.
The process for approving the decree, which is similar to outline planning permission, is now said to be in its final stages.
The AIM-listed travel company also said its joint venture partners on the Crete project will have the right to increase their stake in the venture by 25 per cent at a cost of £12.5 million when the decree is issued.
Minoan said this brings forward the date by which its partners have to decide to up their holding.
The firm said: “This will provide greater visibility during discussions with other potential partners, which can now take place at a substantially earlier date.”
Shares were up more than 10 per cent in early trading.
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