Minoan Share Discussion Threads

[atlantic57] 23/7/2018 08:12

Pj there has to be a significant announcement by 31 July to allow enough time to deal with 31 August 2018.

[waterloo01] 23/7/2018 08:06

I'll need a pint if they don't!

[pj 1] 23/7/2018 08:02

I'll wager a Pint that we get no significant news on T&L or Crete this week.

[wi1l] 22/7/2018 09:59

Once the sale completes, the loan paid off, the board changes happen, the investment received from the very interested party, the way will be clear to concentrate on the CS development which should also pave the way in attracting investment from fund managers - there were quite a few early on and that was before planning permission was granted, there should be more surely now that it has been granted. Next week should be the start of all of this, momentum building very slowly at the moment but the pace should increase in coming weeks.

[wi1l] 21/7/2018 17:37

And can the current BoD manage it ??

[wi1l] 21/7/2018 17:31

A market cap of £80M works out at 35p per share. The market will still be cautious if and when the sale reaches exchange. Reckon once & if that happens the market will take more notice on the first investment/backer the BoD manage to sign up for the CS development and FWIW also feel it will be a large investment taking a substantial percentage not a minor player dabbling. But its all pie in the sky awaiting the sale, how much longer who knows...…̷0;……...

[scotty1] 21/7/2018 15:36

Verisonal we don't need TW to tell us anything all you need to do is the math/s as to what the the M/C could be once sale as gone through and a asset worth up to a possible £80m at the top end

[verisonal] 21/7/2018 15:30

How about something lighter for the weekend? A game of 'Winny Bingo' when the sale news drops... All contributions welcome. :)

"Transformational"; "Strong Buy"; "Target 15p 20p 25p"; (Take tour pick)! "The news everyone was waiting for"; Strengthened management team" "Unique opportunity"; Project worth up to 100 million".

[waterloo01] 21/7/2018 15:24

Scotty, didn't mean to suggest it was insider info, just some rumours seem better 'informed' than others. CE does seem to like to drop 'hints' to the favoured few.

As to more than one partner, yes most likely and I think suggested in the research note, but unless they all take stakes, then doing so with the 1st partner will be an issue with any partners that follow.

If THE big news is a partner buying in post T&L, I hope it's not anywhere near 6p as that would just be hugely dilutive.

[scotty1] 21/7/2018 15:14

Waterloo if I had insider info I don't think I be posting it on a BB,my thoughts are that a partner will take a significant stake,although I'm pretty sure from one RNS that they will have more than one partner,we won't have long to wait now to find out.

[waterloo01] 21/7/2018 14:52

I think I prefer the narrative that some at least had the inside track rather than all are reading between the lines lol.

My 'reading between the lines' is that DW, who's background is the travel business, is either part of the buyers party or at least will go with the business, hence a change in BOD structure. (It was also not questioned when I made the suggestion directly). I assumed our new, and as yet unnamed 'consultant' would take his place as they, one hopes, have direct experience of being involved in building a resort/multi plot development or maybe he's just another mate of CE?

Not sure why a partner would have a seat on MIN BOD unless they were also taking a significant stake? Now there's a thought/inside track/reading between the lines.

[scotty1] 21/7/2018 13:06

Waterloo amongst other things ie partners will want their own guys on the board I was also going on this

Outlook

It is clear from my earlier comments that, following the sale of T&L, the Group's sole focus will be on optimising the value of the Project for shareholders. This is likely to result in a number of changes to the management structure of the Group about which I will be writing after the sale

[wi1l] 21/7/2018 13:03

Have a feeling it was our BoD who were being held back for some reason - the wording of the RNS 'The Board expects that the Company will be in a position to exchange contracts in respect of the sale of STL in the next few weeks'. that was on 2nd July ie Min not ready yet but will be in a couple of weeks. Maybe the board changes/personnel have been difficult for some to take. I would have thought too that the purchaser has the funds and has already proved it in some way as the BoD of Min wouldn't make an announcement that they were looking to exchange contracts if they were not convinced the other party had the funds to buy the business. In that way its similar to selling a house, you check the other side has the finances at an early stage of the process

[atlantic57] 21/7/2018 12:25

Waterloo I agree all of your comments.

We don't need any inside knowledge to work out the buyers are struggling to raise the money.It does not take this length of time to raise funds for a transaction of this size.

However we are where are, now we must be positive and hope the management can get this deal over the line.

Given the value of the land it is worth holding on.

[waterloo01] 21/7/2018 11:27

Atlantic, not sure it's ever been publicly stated that a partner will take a board seat, but then again, it's never 'publicly' stated that DW is part of the deal nor that the buyer needs to raise funds, but we all seem to know it!

I too have done a number of business sales over the years, usually using a broker to create a competitive market to achieve the best price. Once the preferred bidder is in place, it's been announced, full due diligence (legal/commercial/market) has never taken more than a couple of months, three at worst (and that involved 100's of clarifications). The process CE has taken is highly unusual and one might suggest somewhat naive.

I've built a relatively large holding here, but at times I'm left wondering if CE's middle name is Walter.

[atlantic57] 21/7/2018 10:17

Waterloo Scotty is well informed and has a long record of reliable posts.
However all of the information is in the public domain and has been released by the Directors.

We are waiting for the first Dominino to fall (The agreed sale of the travel division)
This will lead to the fall of the next dominos as outlined by Scotty.

From my practical experience of advising on business sales and purchases I have never
Previously come across a situation where you give some one an exclusive right to purchase without any time limit to complete.

Howvever this is now in the past and the 31 08 18 deadline loooms..

[waterloo01] 21/7/2018 09:44

Maybe but we all know the source. Anyhow, I look forward to the transformational news within a few days and details of the new partner. Actually any details would be welcome!

[fireplace22] 21/7/2018 09:41

I suppose if you take the trouble to chase information you may not get anything new but you will get more of a feel for how things are progressing and any concerns you have may be laid to rest. Just the sort of thing you can only judge from one to one communication.

[waterloo01] 21/7/2018 09:24

Why is it that one is left with the impression that some here are 'better' informed than others?.

[scotty1] 21/7/2018 08:36

All very true Atlantic, although it as been very hard at times to stay positive over the years the time is now nigh and no matter how you look at it once the travel side is sold and the loan paid they are left with a asset with a value of in-between £50 m to £80m so even at the lower end it makes the M/C look ridiculously cheap and could quite easily 4 bag from here,another good thing is once a partner is signed there will be a board reshuffle with certain current directors stepping down to make way for new faces from the partner who I'm sure will get things moving at a lot faster pace and at last Minoan will become a different animal.I personally will now give it until year end (unless we have a really good spike on news)as I would hope to see the share price well into the mid teens by then.

[atlantic57] 21/7/2018 03:40

Colin all the evidence as you correctly state points to a long record by the board
Of very poor management.The Eight month sale of the travel division has been in line
With many previous blunders.

However we don't need to speculate anymore as within days there will be an announcement which will certainly be transformational.

[colinzeal] 20/7/2018 22:29

I for one would pleasantly surprised with some good news for a change! Indeed, if I heard some tangible evidence of progress I'd be happy to wait until they get the best deal available to them, on their own terms. All the evidence points to the contrary, however; the 'last-minute' updates; the bodged fundraising efforts; the ongoing saga of the T&L sale; the endless options and dilution....the list goes on. It's just poor all round.

[scotty1] 20/7/2018 17:37

Hugo you don't know that the 4m sale was a investor loosing faith it could be for a number of reasons,and I don't recall a 1600 hr RNS not for a few yrs anyway,have a good weekend all will be revealed shortly.

[hugothesecond] 20/7/2018 17:16

Well the end of another frustrating week - the £200k share sale very surprising but shows how some investor has lost the will to keep the faith. I am sure feel that there is increasingly no light at the end of the tunnel. But at least we know there is work going on behind the scenes as we have deadlines to meet, loans to be repaid, contacts to be exchanged,agreements to be signed, general meeting to confirm, management changes to action, shareholder votes to count, T/L sale and who knows but we could end up with all of the above next month an investor looking to come on board to develop and finance CS - now that would be what I call progress ready for when the Greeks return from their Summer holiday in September. Lets hope for all our sakes that there is an announcement on Monday at 0700 (not 0800 or 1600 as is normally the case with MIN)to finally show all patient and supportive shareholders that the last decade has been worth the wait ! Have a good weekend everyone - think and stay positive.