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Agent acquired

Minoan snaps up Morningside Travel

Morningside TravelMinoan has acquired Morningside Travel, an independent travel agent based in Edinburgh, via its Stewart Travel retail business.

The £135,000 deal will be settled partly by the issue of 1,203,502 shares in Aim-quoted Minoan at 9.14p per share.

Minoan has placed 5,000,898 shares at 9p each with institutional and other investors raising  £450,000 before expenses. 

The placing price represents a discount of 6.45% on the closing middle market price on 19 May.  It is intended that the net proceeds will be used to provide general working capital to support the development of the group, including its resort project in Crete and further acquisitions.

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