Directors of the Minoan Group Plc have waived their salaries in exchange for shares in the company.
The Scottish travel firm, which owns agencies King World Travel, John Semple Travel, Stewart Travel and Classic4 Travel, says this will free up working capital for the company.
It also claims it demonstrates their ‘ongoing commitment to and belief in the future’ of the company.
Outstanding salaries due to Minoan Directors and subsidiary company directors of £463,000,will be waived by those directors in exchange for the granting of options to subscribe for a maximum of 5,144,444 Ordinary Shares.
Also certain third parties have agreed to receive payments for services rendered by way of shares in the Company.
Outstanding fees of £236,000 will be settled by the issuance of 2,360,000 ordinary shares of 1p each in the Company at 10p per share.
Christopher Egleton, chairman of Minoan said: "The Directors have stated repeatedly their belief in the Group’s eventual success and their commitment to providing value for shareholders and have once again demonstrated this belief and confidence in the Group by taking equity in the Company in exchange for the majority of outstanding fees/salaries currently due to them."
