The Minoan's Board announced it has entered into a conditional sale and purchase agreement with Zachary Asset Holdings for the disposal of the entire issued share capital of Stewart Travel Limited. The consideration for the sale of the Stewart Shares is £6,5m. The decision to dispose of the Group's Travel and Leisure division has been taken in order to substantially reduce the company's debt. Following Completion the Company will still owe c. £900,000 to ZAH.