Minoan Share Discussion Threads

[justjill] 03/7/2018 14:51

Even if there was a placing - and I'd be very dubious if there'll be another before some Crete announcement - then I wouldn't expect it to be lower than 6p as per the previous two. Particularly now as the "smoke" finally appears to be clearing.

[optrade] 03/7/2018 14:47

Scotty you sold last week and have bashed ever since placing - tide them over idiot what for 2 weeks they have cash and plenty more coming predators also CIRCLING

[pj 1] 03/7/2018 14:45

That break of the 6.1p area was very telling, its easy with hindsight though. Well and truly in a down trend. Market clearly doubting anything positive is going to happen.

[wi1l] 03/7/2018 14:34

Mostly pi's buying today a lot of the earlier trades were buys marked as sells just to confuse everyone, most were pi's buying.

[scotty1] 03/7/2018 14:24

As I have said Colin a placing coming to "see em through" imo

[colinzeal] 03/7/2018 14:20

Market unimpressed today...

[wi1l] 03/7/2018 11:41

PJ I understand the bit about related party, that may well be correct - but any link to the CS project doesn't make sense to me, its a separate business.

[atlantic57] 03/7/2018 11:20

Pj I have no inside knowledge.
Many posters feel that Dw is part of the purchasing party.

That would explain why they are being
So lenient.

Bankers are not interested in warm words.
They want tangible evidence of a cs deal.

If your glass is half full by all means pile in.
The last two RNs suggest there are problems
To be overcome.

[pj 1] 03/7/2018 11:07

I also posted my post 10766 on the Shareprophets web site under the above article.

It has been 'pulled'

Make of that what you will

[waterloo01] 03/7/2018 11:00

I've also been left with the impression that DW is either part of the buying party or at the very least will be going with it. I actually made an aside to him at the UKIS and he just smiled.

I suspect this to be accurate and explains why they have been so lenient in terms of timetable. I've also been given the impression that there was another offer but they are/were keeping with the current buyer?

How and why this would be tied to Crete is beyond me and a concern if they are tied, as surely any Crete progress would ease the wheels, but if the T&L deal is tied, then it might just not happen. (I think that scenario has been suggested on here).

[pj 1] 03/7/2018 10:46

jj yes fair points, like I said I cannot vouch for any accuracy of the 'report'. I did wonder if to post it or not, but it is a reasonable BB where others have shared ''info'' and thoughts

[hugothesecond] 03/7/2018 10:44

I have said before but I think the purchaser of the T/L will be DW - this would explain the delay and link to CS development.We could of course see an announcement of progress on CS at the same time as the T/L sale which would be interesting.

[justjill] 03/7/2018 10:41

PJ if the T+L was being sold to a related party then the company would have had to declare the details of such to the market from the start.

Something that crossed my mind yesterday was the use of the phrase the “The Board expects that the Company will be in a position to exchange contracts… “ – from yesterdays RNS and something that crossed my mind several times yesterday. Is the Co/BoD part of the delaying in “completing – for whatever reason, which we may never fully be privy to.

Also some yesterday were referring to negatively to “exchanging221; contracts rather than completing. But technically, “completion221; can only happen when we – shareholders – vote to allow it at the general meeting. If we don’t allow, then there is no sale.

[pj 1] 03/7/2018 10:38

I'm totally unsure here, but wouldn't it be classed as if they were working as what is called a ''concert party''? At least they would be guilty of 'looking after their own'

As if!!!


Again I repeat this could be way off the mark.....

[scotty1] 03/7/2018 10:36

So not all cut and dried yet if that be the case,

[pj 1] 03/7/2018 10:35

atlantic- would it be allowed though? Would you know? Any one any more knowledge ?


Off course that then begs the question if it is Hillside offering the funding for the proposed T&L purchaser, but that would be even more uncomfortable?

[atlantic57] 03/7/2018 10:31

Pj. I strongly suspect that is an
Accurate update that you have there.

In 45 years in accountancy I have never
Seen anything like this.

The Post you have shared makes perfect
Sense.

[pj 1] 03/7/2018 10:17

I'm not sure I agree fully with the communications from another Investor I received yesterday but it at least makes you wonder.....my interpretation

'The T&L sale is a related Party. Funding is an issue for the Purchaser as the 'guarantee' (debenture?)for that is dependant on the sale or confirmed progress of developments in Crete.'

Make of it what you will, surely MIN would open up more opportunities than this?

dyor

[scotty1] 03/7/2018 10:15

Been posted elsewhere so here the full piece


Minoan – sale of Travel & Leisure expected “in the next few weeks,” funding Hillside settlement. Buy.
By Nigel Somerville, the Deputy Sheriff of AIM | Tuesday 3 July 2018

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Disclosure: I own shares in one or more of the stocks mentioned. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

AIM-listed Minoan (MIN) announced yesterday morning that the sale of its travel and leisure division looks set (at last) to progress to an exchange of contracts, and a General Meeting will be called to approve the transaction. We are also told that the Hillside loan facility is expected to be settled and that the sale will provide the funds so to do. This is all very good news, although it has taken heading for seven months to get this far with the sale. Those with a glass half full might complain of evaporation….

The company tell us that with regard to the prospective sale it understands that no issues have arisen during financial and commercial due diligence. After six months one would hope not, but nonetheless it is reassuring to be told that.

I do wonder what the apparent delay was caused by, and in today’s announcement I note that we are told:

The Board expects that the Company will be in a position to exchange contracts in respect of the sale…

Reading between the lines, given that a GM will be required to approve the sale and comments in the FY17 results statement that the sale “is likely to result in a number of changes to the management structure of the Group”, I wonder whether part of the hold-up has been at Minoan’s end. But the good news is that the sale looks set to go through and that will leave Minoan with a clean balance sheet with no distractions and the Cavo Sidero project to capitalise on.

And on Cavo Sidero, the last we heard was that the company had received an approach from a credible party with a view to acquiring a significant stake in the project. We have heard little since then, but we do know that the proposed travel and leisure sale would leave the company with no income and that the board hopes and intends to keep the period during which the company is wholly dependent on shareholder support and other stakeholders to a minimum. So I wonder whether, when the sale is finally announced, we might see a surprise here. Ln the other hand, given that the Hillside loan expired at the weekend, it is perfectly possible that yesterday’s RNS was simply to announce that the company is in “constructive discussions” over that with a view to extending it through the the eventual sale of the Travel and Leisure division.

There is plenty to concern shareholders about the length of time being taken to do anything – and the cost of the boardroom. But if they deliver the sale and value from Cavo Sidero as promised then I shall not complain too loudly. And my (glass half full – but I am a shareholder) reading is that the value is on the way.

At 6p offer it seems very cheap – the company is valued at £13 million and looks set to be (“substantially”) debt free with an asset valued in its last accounts at £48 million. That would suggest substantial upside (heading for 4 times, and maybe much more) – if the board delivers.

This has been a stunningly long haul, but on a risk/reward basis I continue to rate the shares a buy. If the sale of travel and leisure goes through I take the view that the shares are a strong buy (at 6p). But the patience of a saint may still be needed for a while yet.

[wi1l] 03/7/2018 09:53

A couple of reasonable size buys gone through 170K and 250K. Interest is building with eyes firmly on the T & L exchange of contracts, bod please don't let us down!

[scotty1] 03/7/2018 09:50

Premium content so don't know what the rest says


Minoan – sale of Travel & Leisure expected “in the next few weeks,” funding Hillside settlement. Buy.
By Nigel Somerville, the Deputy Sheriff of AIM | Tuesday 3 July 2018


Disclosure: I own shares in one or more of the stocks mentioned. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

AIM-listed Minoan (MIN) announced yesterday morning that the sale of its travel and leisure division looks set (at last) to progress to an exchange of contracts, and a General Meeting will be called to approve the transaction. We are also told that the Hillside loan facility is expected to be settled and that the sale will provide the funds so to do. This is all very good news, although it has taken heading for seven months to get this far with the sale. Those with a glass half full might complain of evaporation….

[scotty1] 02/7/2018 14:09

Just keep rolling a little more.

[wi1l] 02/7/2018 14:02

On a roll now!