Minoan, the Minoan's board said that "following a review of the group's businesses and acquisition strategies" it had decided to "buy in" the stake for pound(s)160,000 more than it sold it for.
"The board believes that the acquisition (which is expected to be earnings enhancing) is in shareholders' best interests in that it will enable the group to pursue a more flexible approach to the acquisition strategy for its T&L business," Minoan said.
Minoan is paying pound(s)930,000 for the 20% stake after having sold it for pound(s)770,000 on
Minoan, which has never named the investor, said the difference in the price reflected the growth of the business.
The original agreement included a "buy back" arrangement which could have amounted to up to pound(s)1.1 million, Minoan said.
The deal comes after Alternative Investment Market-listed Minoan managed to secure a pound(s)5m loan facility from Jersey-based family office
The company announced yesterday that it had secured a further deal with lenders to revise the terms of their loan agreements.
This has made sure that some pound(s)1.2m of its debts can be repayable at the lenders' discretion, either in cash or in shares at a price of 8.5p per share.
This means that Minoan could issue up to another 14.25m shares before the end of
Its deal with Hillside includes warrants that allow that company to subscribe for up to 50m Minoan shares at 8p a share over the next four years.
Minoan's shares finished the day's trading down 0.375p, or 3.7%, at 9.75p.
This compares to a 52-week high of 11.75p reached on
Minoan told investors yesterday that gross revenues for the year to the end of October are likely to come in at pound(s)50m, some pound(s)5m more than its previous guidance provided last month.
It continued to guide that operating profits would come in at more than pound(s)600,000 for the year.
Minoan also reported that its partnership with
The project has faced delays due to the political uncertainty in
Last month Minoan's directors opted to take some of their pay in shares and share options to bolster its working capital and encourage potential investors.
Minoan's board said that "following a review of the group's businesses and acquisition strategies" it had decided to "buy in" the stake for pound(s)160,000 more than it sold it for.