Audit Update.

20 June 2025

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014, which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Minoan Group Plc
(the "Company" or "Minoan")

Audit Update

Related Party Transaction

The Directors are pleased to announce that a Letter of Engagement between Minoan and Anstey Bond LLP for the audit of the Company's last fiscal year, ending 31 October 2024, has been signed. The terms of the Letter of Engagement should allow Minoan to complete the audit of its annual report and accounts. This will enable it to comply with its obligations under Rule 19 of AIM Rules for Companies in order to facilitate the lifting of the suspension of trading in the Company's shares. It should also allow the Company to satisfy its obligations as set out in the Company's announcement of 2 June 2025 for filing its accounts at Companies House.  

DAGG LLP has agreed to loan Minoan the funds to make the necessary payments to Anstey Bond LLP so the audit can proceed (the "New Loan").   The New Loan will form part of the existing DAGG LLP secured loan (see announcements dated 6 January 2025 and 14 March 2025) (the "Existing Loan"). Interest on the New Loan will accrue on the same terms as the Existing Loan, being a current annual interest rate of 22%. The New Loan and applicable interest is repayable on demand and is secured on the same terms as the Existing Loan. However, DAGG LLP has agreed to waive any interest payments on the New Loan should its final offer be approved by shareholders (see announcement dated 4 April 2025).

Related Party Transaction

Nicholas Day is a member of DAGG LLP, a director of Minoan and has the largest publicly declared shareholder holding of 9.53% of the Company's ordinary share capital. The New Loan is therefore a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. The director independent of the transaction, Tim Hill, considers, having consulted with the Company's nominated adviser, Zeus Capital Limited, that the terms of the New Loan are fair and reasonable insofar as the Company's shareholders are concerned.

For further information visit www.minoangroup.com or contact:

Minoan Group Plc                                                            mail@minoangroup.com

Zeus                                                                                 020 3829 5000
Antonio Bossi / Andrew De Andrade                                                       

Peterhouse Capital Limited                                              020 7469 0930

Duncan Vasey