Directors of expanding Scottish travel and leisure group Minoan have increased their equity stakes in the business.
They have agreed to accept equity and options in lieu of fees and salaries due to them of more than £1.15 million.
As part of the exercise, which also includes the issuing of almost 12 million new shares, will see outstanding salaries of £469,000 being waived.
Outstanding fess of £683,669 will be settled by issuing new shares.
The Glasgow-based parent company of King World Travel, John Semple Travel and Stuart Travel, is planning a major resort development in Crete.
The action by the directors and subsidiary company directors will reduce Minoan’s liabilities and free up working capital for “other purposes,” a statement said.
Chairman Christopher Egleton said: “The directors have stated repeatedly their belief in the group’s eventual success and their commitment to providing value for shareholders.
“I believe the acceptance of equity in the company in exchange for the significant majority of outstanding fees/salaries demonstrates the directors’ confidence in the group’s ability to achieve its stated aims.”
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