Share Name Share Symbol Market Type Share ISIN Share Description
Minoan LSE:MIN London Ordinary Share GB0008497975 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 8.75p 8.50p 9.00p 8.75p 8.75p 8.75p 12,000 07:37:36
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Travel & Leisure 7.3 -2.3 -1.2 - 18.50

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Date Time Title Posts
24/7/201721:35Minoan Group- Travel and Leisure Company8,607
29/6/201723:11Minoan Group16
29/6/201722:56Minoan Group - with charts152
20/5/201708:05Minoan Group-
28/2/201621:52Minoan Group Leisure Resort Developer3,241

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Minoan Daily Update: Minoan is listed in the Travel & Leisure sector of the London Stock Exchange with ticker MIN. The last closing price for Minoan was 8.75p.
Minoan has a 4 week average price of 8.25p and a 12 week average price of 7.63p.
The 1 year high share price is 12.63p while the 1 year low share price is currently 5.88p.
There are currently 211,461,868 shares in issue and the average daily traded volume is 220,813 shares. The market capitalisation of Minoan is £18,502,913.45.
mouse20: Scotty, you reckon there will be some kind of update in the next month that will impact the share price? Just comparing to Opti who always take much longer than expected to make significant announcements.
atlantic57: No Mention from Midas , very puzzling. In 2014 the share price was 13 p when tipped and 15 p afterwards.Yes there are many more shares in issue now but the project is de risked .
gjsurveyor: I'm hoping these appeals are sorted at a local level now as opposed to Supreme Court, so should be dealt with quicker, again the key is that this land has gone from an overgrazed dust bowl to a prime commercial piece of real estate, I'm positive but still need clarity on roll over of hillside and some clear plans on how we monitize this assest, hence downward spiral on share price, all us long term holders are due a something for our saintly patience with this one, but this has turned into another waiting game, drives you crazy 😮
atlantic57: That is really helpful another 3 or 4 months should certainly send the share price Sharply lower.i may rethink my hold stratagy ,what is your view.
rspiros: Thank you Atlantic. I agree with you. We will have a short term spike on the big RNS and a correction. We might still have challenges but I am confident that all the bad days of MIN we and many others witnessed before lie on the past. I base my belief due to the fact that legal challenges were completely out of MIN hands board. The challenges we will face from now on are exciting both for the board and the investors and will trigger beautiful further RNS that will build up the share price to where it belongs. All the best and for the tired MIN investors that we posted together all this time I will only say that if you exit will be a pity of unique proportions as others will yield the profits that you have waited for so long. People like glenkaz 😜 . Ignorance of glenkaz make him being enthusiastic but let's be honest here. We were the same as the fundamentals we all invested on dark hours STILL STAND and shine like NEVER BEFORE.
joesoap3: There is still a certain hesitancy in the upward movement of the share price and will remain so until the Company announce officially that the appeal has been rejected. The rise of Friday and this morning has already reflected some of the rise in the share price but I am sure there will be some more buying on release of that news The results are also due towards the end of the week and given that at the interim stage, there was some caution expressed going forwards re Brexit and exchange rates, there have been bullish comments come out about the level of bookings in Greece so hopefully that will add a bit more excitement. Having said all that, I think talk of the share price doubling, trebling and even more in the short term are way off target. Med to long term maybe not - hopefully
atlantic57: I would guess this will be looked at in March the share price action is clearly Stating that it is not regarded as a rubber stamping job. Share prophets are dead quiet! They were just guessing with their, this will be sorted by 31 march, no one has any clue when this will be looked at by the court never mind , the court coming to a decision.
rspiros: The anticipation of a potential positive decition should build a share price higher prior of the decition. I think we could have a new year high on positive new and if the board announces partners we will have completely new level highs and more stable share price The share price will slowly start to reflect new realities on positive news. I was too optimistic I guess for November end month news but I simply used my logic😀
atlantic57: Costa thanks for the updates! There will no doubt be a period of uncertainty as the new government seeks to negotiate a new start with EUrope no doubt this will impact the min share price. However as previously stated the central question remains how long will it take to get final approval this remains unclear. If you can shed any light on this that Would be most welcome.
scotty1: 3rd October 2011 Analyst: Steven Moore Email: Tel: 0207 562 3370 Minoan Group* - Proposed Acquisition & Fundraising. Re-commencement of trading on AIM. Reiterate Speculative Buy. Target Price 19p Key Data EPIC MIN Share Price 12.125p Spread 11.625p - 12.625p Total no of Shares 93.688 million Market Cap £11.4 million 12 Month Range 8.375p - 18.125p Market AIM Website Sector Travel & Leisure Contact Christopher Egleton (Chairman) - 020 8253 4305 Shares in Minoan Group are today restored to trading on AIM, with the company having published an admission document giving details of the proposed acquisition of John Semple Travel Ltd and a fundraising, as well as notifying of a General Meeting on 17th October for shareholder approval of these transactions. We see the moves as further positives in the company's execution of its travel and leisure strategy and have a current target price of 19p - which we would not be surprised to be increasing in future months. Our stance is speculative buy. Minoan announced on 12th September that it had reached an agreement to acquire Semple, an online and retail travel agent based in Scotland. The company sees the acquisition as substantially completing a first regional (Scotland) 'cluster' of distribution-led travel and leisure businesses in the UK - the move coming after the acquisition of King World Travel (in March), agreements to become exclusive franchisee of Cruise118 within the Scottish travel market (April) and UK General Sales Agent for Sunwing Travel's UK-Canada flying programme (May), the acquisition of a 19.9% interest in Stewart Travel Centre and the signing a management agreement for its operation (in May). Travel & Leisure Activity and Strategy Minoan has agreed to pay £1.4 million in cash and £600,000 in shares for Semple. The shares are to be issued at the average mid-market closing price over the five dealing days prior to the date of completion, subject to a minimum price of 11p per share and a maximum price of 16p per share. The business has one retail outlet, a cruise call centre, a golf and ski call centre and an online operation. Its net tangible assets as at 31st March 2011 were £64,000 and for the year ended 31st March 2011 it reported a pre-tax profit of £237,000 on a total transaction value of £17.5 million and sales of £1.3 million. However, adjusted for exceptional costs, the normalised profit is believed to be £324,000 and Minoan is confident of adding to this through economies of scale and synergies such as the linking of brands operated by Semple with Cruise118 and Sunwing. Prior to Semple, in March, King World - a retail travel agent with 6 outlets in west and central Scotland - was acquired for £410,000 in cash and shares and would have contributed an underlying net profit in excess of £100,000 for the year ended 31st October 2010. A couple of months later the acquisition of a 19.9% interest in, and management agreement entitling Minoan to up to 90% of the net profits generated under the agreement by, Stewart Travel Centre was agreed for £278,100 in Minoan shares. Stewart - comprising 3 retail outlets, a cruise call centre, an affinity travel call centre and a business travel operation - had a net trading profit (before non-recurring items) of £200,000 in the year to 30th April 2011. Alone, the combined historic performance of Semple, King World and Stewart would, we estimate, more than cover Minoan's current annualised central costs and this is before taking into account. Partnership Agreements The 'buy and build' strategy has been supplemented with partnership agreements with Cruise118 and Sunwing Travel. These initial three year agreements respectively are seen to facilitate the company taking a strong position in the attractive Scottish cruise market and UK - Canada flight market. They are synergistic with Minoan's acquisitions - as well as the noted with Semple, the company stated in announcing the Stewart deal, for instance, "the management agreement will allow us to assist Stewart, initially via our Cruise118 agreement" . We anticipate the Sunwing agreement yielding a £400,000 pre-tax profit to Minoan in its first full-year, with Cruise118 delivering £170,000. Further partnership agreements are targeted to follow - with the company looking in excellent stead in this regard as a result of the sector experience and resultant credibility of, and contacts within, its management team. Managing Director, Duncan Wilson, for example, has more than 25 years of sector experience, including as a previous main board director of My Travel plc, formerly known as Airtours, a £3 billion turnover company. Efficiencies & Other Synergies The experience of Minoan's management, their 'clustering' buying approach creating critical mass and small, independent businesses tending to be run in a habitual, unquestioning way (Minoan noting, for example, such businesses tend not to exploit their customer databases via intelligent marketing), mean we believe significant benefits will be extracted compared to how the businesses operated individually. Further Acquisitions Minoan is now targeting a second cluster in the North West of England, and a third anticipated to be in the Midlands. Again, as businesses in these areas are brought under one control, a critical mass of regional customers can be developed, the cost base required to service these customers streamlined and synergies attained. While currently prevailing economic conditions represent a threat to customer demand within the industry, the smaller, regional independent travel agents Minoan is looking to combine tend to have a loyal customer base built up over many years - while this is unlikely to provide complete shelter from chill economic winds, it should offer a degree of insulation. Additionally, it is such economic conditions which are creating opportunity to acquire at attractive valuations - for an underlying c.£600,000 of historic pre-tax profit (from King World, Stewart and Semple), Minoan will have paid £2.69 million - a lowly multiple in itself and less still as efficiencies and synergies are delivered. The company is confident in its ability to buy on similar parameters going forward and there will be the additional benefit of the material cash flows then being generated enabling it to choose the most efficient from a greater range of financing options. Forecasts With execution of the travel & leisure strategy only really taking off in recent months, the P&L for the 13 months (due to a change of accounting reference date) to 31st October 2011 will not be particularly pertinent. The real excitement starts in the company's financial year which commences in a month's time. We have a pre- and post tax (there are significant historic losses the company can utilise for tax purposes) profit of £1.2 million from the travel businesses pencilled in - which less central costs suggests an overall profit of around £700,000. However, with a multitude of efficiencies and synergies looking extractable and Minoan's clear intention to agree further acquisitions and partnership agreements we consider our numbers conservative. In conjunction with its proposed latest acquisition, Minoan is to raise £290,000 via a placing at 10p per share and £1.375 million via loans repayable in shares. The funds will be deployed largely to satisfy the cash element of the Semple acquisition. At its last (31st March 2011) balance sheet date Minoan had cash of £1.09 million, though (current) liabilities of £4.33 million. Since then more than £900,000 of shares (at 15p each) have been issued to satisfy commitments and a placing and exercise of warrants has brought in £475,000. Also, as of 31st March 2011 Semple had cash of £1.42 million, though net current liabilities of £259,000. Given its current position, Minoan believes it will have sufficient working capital to be going on with and this position should then be being bolstered by the material cash flows its operating businesses should be throwing off going forward. Evaluation & Conclusion For the company's year commencing next month our numbers suggest the business as it is now (including the Semple acquisition) should be able to produce positive earnings per share in excess of 0.60p - this taking into account the maximum potential number of consideration shares issuable to Semple and the shares to be issued as per Minoan's announced loan arrangements. A multiple of 12 times this would thus represent 7.2p per Minoan share. There is then Minoan's prospective luxury resort project in Crete. This has been long bogged down in Greek bureaucracy but the country's dire economic position is seeing various new policies implemented to facilitate investment projects. The approvals process for Minoan looks to have been considerably simplified by the introduction of the 'Fast Track' law. This enables government agencies to expedite investment permissions and the company is currently in discussions with the government agency ('Invest in Greece') which handles fast track investment applications. Independent surveyor, CB Richard Ellis - Axies, has stated in a letter of opinion that, with full consent, the value of Minoan's project interest (deduction of anticipated total construction cost from anticipated revenues) is likely to be in the order of €100 million. As per our previous note on Minoan, we discount this heavily to £13 million to reflect the Greek government's history of procrastination and that approval still needs to be gained - but even this represents 11.2p per share (including the maximum potential number of consideration shares issuable to Semple and the shares to be issued as per Minoan's announced loan arrangements). There are clearly evident risks with an investment in Minoan at this juncture. As well as those in relation to the Crete project, the company's emerging travel & leisure business faces a currently challenging economic climate and clear competition from other tour operators and travel agents, including those such as TUI and Thomas Cook which are large and well-established, as well as from internet-based distributors and low fare airlines. However, the companies in the sector with a heavy high street presence are operating in what seems an increasingly outmoded fashion involving high infrastructure costs and heavy asset investment, whilst others tend to require high cost per customer marketing investment to acquire demand. In contrast, the smaller, regional independent travel agents Minoan is looking to combine tend to be asset-light and benefit from loyal customer bases built up over many years. Indeed, with a multitude of efficiencies and synergies looking extractable and Minoan's clear intention to agree further acquisitions and partnership agreements having already demonstrated its ability to buy profitable target businesses at attractive valuations in relation to historic profitability, we consider the upside risks here the greater. We are thus happy with a current 19p target price and would not be surprised to be increasing our forecasts and, resultantly, target price in future months as the company continues to execute its strategy. Any positive news on the approval process in Greece would likely prove a particular share price catalyst, though even continued delay there should not prove too detrimental given the company's clear momentum elsewhere. Our stance remains speculative buy.
Minoan share price data is direct from the London Stock Exchange
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