Minoan Share Discussion Threads

[rspiros] 06/6/2018 23:29

“This year, the country is expected to welcome 32 million foreign travellers – an almost 100 per cent increase from the 15 million visitors in 2010 and over five times the amount of visitors from 10 years ago.”

[rspiros] 06/6/2018 23:28

100% tourists increase arriving in Greece since 2010....

Just a reminder for the potential of the market our project is located.

[scotty1] 06/6/2018 15:40

I am in the same mind as NS re the last paragraph as I posted earlier.

[scotty1] 06/6/2018 15:05

Minoan: more delays, more confetti, adviser options. What’s not to like?
By Nigel Somerville, the Deputy Sheriff of AIM | Wednesday 6 June 2018


AIM-listed Minoan has updated the market this morning on some important matters, some trivial matters, and hasn’t mentioned another (why not?). I’m not overly-impressed, but does it change my “buy” stance?

First up we are told:

The proposed disposal of the Group's travel business is proceeding, albeit more slowly than previously envisaged.

Well blow me down with a feather – as if I hadn’t guessed that already. Given that the proposed buyer had signed an exclusivity agreement and commenced due diligence back on 13 March (ie almost three months ago) I am left wondering whether Minoan would like to tell us the Pope is Catholic.

Indeed, on 13 March we were told:

The Group's results for the year ended 31st October 2017 are expected to be published at the end of this month together with any further news on the various matters covered in this announcement.

...and the results followed not “at the end of this month” but on 6 April, when we were told:

Following the expected sale of the Travel and Leisure Division, which I hope to be announcing the completion of in the near future….

Well, that was two months ago. So I think we all knew that the sale of the travel business was proceeding more slowly that previously envisaged. Would the company like to tell us more than that, such as what the delay is? Has due diligence been completed? Do they have any indication of the timescale to completion?

Does Minoan ever deliver anything on time?

We are told, with reference to the travel business, that:

Sales for the 6 months to 30 April 2018 were comfortably ahead of the previous year.

How about some numbers? Surely the company knows the figures! I suppose that is there to tell us that the sale deal has not collapsed over trading but “comfortably ahead” is far too woolly: I want hard numbers, not a statement which could indicate that the growth indicated in Minoan’s full year results might have slowed.

All in all, then, not very satisfactory, is it!

We then move on to the trivial matters: discussions over Cavo Sidero in Crete are ongoing (yawn....), a handful of shares (1.22 million at 6p = £73,000) to pay bills and 2.5 million options at 8p to a new advisor. Out of about 230 million shares it is fairly insignificant, although one might note that still the company is not paying its bills in cash.

What is significant, however, is the Hillside loan which expires at the end of this month. Minoan was planning to pay off substantially all company debt from the proceeds of the sale of the travel business. Are we to expect yet another roll-over of that, with more interest and/or further dilution?

On the plus side, the options awarded to the new advisor is an adviser for Greece. Perhaps this new firm or person will be better able to move things along.

As you might have worked out by now, I’m not very happy – and the market isn’t either, with the shares marked down by 6% as I write, to 6p in the middle. But I certainly would not sell: I sense the sale of the travel business will complete in the end, and that then we will see moves in Greece which will show just how cheap Minoan actually is. I have a suspicion that there may well be offers on the table, but Minoan needs to clean up its balance sheet first.

I’ve waited many years for Minoan to deliver and this latest set-back looks pretty temporary. It is frustrating – and I hope the boardroom takes note of the missed deadlines and is a bit more realistic going forward. Frankly, to promise results in a couple of weeks and miss by a week looks incredibly careless - a self-inflicted gun-shot wound to the foot.

But let’s not lose sight of the value on offer here at Cavo Sidero.

So I would at the very least HOLD TIGHT. Indeed, braver souls may consider 6p a good buying opportunity. After all, it could be that we’ve heard nothing about the Hillside loan due at the end of this month because the sale of the travel division may happen by then

[pj 1] 06/6/2018 13:46

philjeans

Hot Stock Rockets has produced positive returns since 2015, assuming equal weightings on tip to sell basis with no averaging down etc

[atlantic57] 06/6/2018 13:30

Scotty I would love to depart but it would
Be a huge loss.i was not expecting to make
Any money.

I will probably sink with the ship !
The next Rns will read
Hillside have agreed to leave their loan in place at 15% interest per annum.
Plus a million shares at 6p.

Well at least we have kept the directors
In the lifestyle they used to.

[head gardener] 06/6/2018 09:35

atlantic, apt phrase. The bod are well-rewarded clowns, disappointed yet again.

[a2584728] 06/6/2018 09:11

Added this will bounce. That's RNS will be used to get the price down for the next tranche of options for BOD

[colinzeal] 06/6/2018 09:05

I have no idea what the directors have been doing; you'd think, after the years they've had to source investment/investors/deals both before and after the final sign-off, that some semblance of progress would have happened by now. It's really quite unbelievable - if I showed such a lack of basic progress over this time in my day to day role I'd have been canned a long time ago.

[scotty1] 06/6/2018 09:03

Why put your grandchildren through the same experience as you don't you love them 😘
Better to sell up and move on.😁

[atlantic57] 06/6/2018 08:55

If the bod terminate the current talks,
Then we start again which means more delays say 6 months for the travel sale.

If you can’t sell the travel division in
The time they have currently spent then
The cs negotiations will take years.

Best leave the shares to your grandchildren.

The bod continue to not even meet low expectations.

[tsmith2] 06/6/2018 08:55

confetti ahoy!

[scotty1] 06/6/2018 08:53

Minoan: avrio, avrio - but still a BUY
PUBLISHED: 06 Jun 2018 @ 08:43

[pj 1] 06/6/2018 08:48

A ''number of'' offers would hint at a possible bidding war, and could therefore affect the valuation of the Company. IMO any reputable Nomad/ Broker would insist that information is RNS'd.

[waterloo01] 06/6/2018 08:44

Not sure they would have to RNS unless and until the current 'negotiations' come to a conclusion, regardless they only give out the minimum information. Good at least to see the share options to the new person (who are they?) are at 8p.

[pj 1] 06/6/2018 08:40

waterloo- interesting. Indeed I would agree they need to pull the plug on the negotiations to date and seek a new deal....however, if they had other offers then they would have had to RNS that they have had a number of offers or entered other DD etc, but they haven't

[waterloo01] 06/6/2018 08:32

The longer it goes on the less likely to complete. I understood they had more than one offer so if true they really ought to revert to the other buyer.

[pj 1] 06/6/2018 08:26

I could see no reason why the email exchange with scotty yesterday could not have reaffirmed the ''negotiations proceeding slower'' etc. and therefore home in on the fact it mentioned they could not mention certain things, so there must be other movement as a guess, so I'd take that as a hidden positive.

However, the lack of any detail in the RNS is a very poor show and begs questions again of the seeming loathing the BoD has for shareholders. All IMO.

[scotty1] 06/6/2018 08:00

I don't think this RNS would have been issued had it not been for the fact they had to because of the share issue.They have imo just added the general update as a after thought as there is nothing new there other than everything is still progressing.I still think the travel side will complete soon as the Hillside loañ is due by end of this month and that being the case that would have to be being dealt with by now and RNSd,which it hasn't so i reckon the so called BoD still think they can complete before it becomes due.All in all a nothing RNS.

[wi1l] 06/6/2018 07:29

Some you win (eventually) some you lose especially on bad calls on aim. The sale of the T&L business is still on and if it does fall through the business is doing better than last year. Talking to prospective partners now instead of just one for the CS project. Not much to go on but still all to play for (Minoan-style).

[waterloo01] 06/6/2018 07:21

Talk about minimal information!

[colinzeal] 06/6/2018 07:07

Laughable isn't it? This must be the "news" Bill referred to in his message Scotty. AIM incompetence at its very highest. This is why the stock trades at a heavy discount to net asset value - no-one believes a single word they say, with good reason.

[toolsmoker] 06/6/2018 07:07

No not a placing they have taken fees in stock that's all