Shares in Minoan group (LON:MIN) soared on Monday morning, after it announced it had won a legal dispute regarding its Crete project.
The court dismissed appeals against the presidential decree that gave land approval at its Intanos Project in Crete.
The company had previously received approval for the development back in 2007, however this permission was revoked in 2010 and later regranted by the Greek government in March 2016, some 25 years after its initial application back in 1991.
As a result of the most recent dismissal of the appeal, the company now has been granted full permission to go-ahead with its planned resort development in the region.
Christopher Egleton, Minoan Chairman, commented:
“As a result of the Greek Supreme Court’s decision, the Company can now accelerate the development of the Project, which will include the continuation of negotiations for joint venture arrangements with hoteliers, investors, partners and other parties.
In addition, Mr Egleton acknowledged that the court decision would mean: “Our long cooperation with the Foundation Panagia Akrotiriani, the Municipality of Sitia and the local community can begin to bring more prosperity to the area.”
He added: “This decision represents the successful culmination of many years of hard work by everyone in the Company with the patience and support of the Company’s shareholders.”
The project is set to comprise of 650 rooms alongside individual suites, and is set to be self-sufficient in both energy and water resources.
Mianon group is a luxury resort developer with headquarters in Glasgow, Scotland. It also operates through the subsidiary of Stewart Travel, a travel company specialising in luxury cruises and holidays.
In March, the company reported annual pre-tax losses of £2.27 million in the year to October, an increase from previous years losses of £1.62 million. This was attributed to a rise in operating costs, which hit £7.26 million, up from £6.52 million in 2015.
Earlier on Monday, shares rallied following the announcement, soaring as much as 25 percent during mid-morning trading.
Shares in the company are currently up 0.76 percent as of 11.52AM (GMT).