Minoan Share Discussion Threads

[costapacket1] 31/8/2018 10:26

Guess I am late today, wasn't following.

[costapacket1] 31/8/2018 10:24

Not sure if already posted.

Update - Debt Finance and Sale of Travel & Leisure ("T&L") Business


Minoan is pleased to report that, following a period of negotiation, it expects to conclude imminently Heads of Terms, including exclusivity, for the sale of its T&L business, Stewart Travel Limited. The sale will be subject to shareholder approval.

Following the consideration of approaches from other prospective buyers, negotiations have been taking place in good faith with the Group's primary lender, Zachary Asset Holdings Limited to buy T&L, notwithstanding that the debt facility has been extended only to 31 August 2018. In the circumstances, the Board does not believe that the loan will be called pending the completion of negotiations and the culmination of the transaction, which should see it repaid in full.

Subject to agreement, the Board expects to make an announcement immediately the final terms are agreed.



In the meantime, and in accordance with the Chairman's Statement included in the Interim Results Announcement on 31 July, the Group has commenced the cost restructuring exercise referred to therein. The first action being that the fees in respect of the Chairman's services will be reduced by 50%, effective immediately. This will continue until such time as there is a significant monetisation event in relation to the Project.



As stated, following a sale on the expected terms, the Group expects that it will have completely repaid its secured loan facility and removed a major source of future dilution, albeit at the expense of an immediate increase in the issued capital, which will not affect the fully diluted figure.

[costapacket1] 31/8/2018 10:21

Not sure how asking for suspension would help you?

[costapacket1] 31/8/2018 10:08

Cannot see silence for too much longer.

[pj 1] 31/8/2018 09:59

hmmm

Partner eh?

that is eh?

[kmann] 31/8/2018 09:57

I want this suspended asap, lockout the whingers, leave the the co with a nice single focus asset, and BIG fat open on T&L sale and partner deal for crete, and I have a pretty good idea who that is!!!

[scotty1] 31/8/2018 09:07

Yep seen ty

[pj 1] 31/8/2018 09:01

yes apols it was HSR

Mail

[scotty1] 31/8/2018 09:00

philby thats not share price though,NS will be updating on share price later i would imagine.

[philby1] 31/8/2018 08:59

.... on Hot Stock Rockets

[philby1] 31/8/2018 08:57

SP updated around 7:45 am, says buy.

[scotty1] 31/8/2018 08:46

pj can only see a link to the RNS on share price not a update yet.

Minoan (#MIN) announced progress (sort of) re sale of travel division, management costs reduced

[justjill] 31/8/2018 08:45

Can you spill PJ1...or not willing to? (I am not a subscriber!)

[scotty1] 31/8/2018 08:44

Cannot see that pj

[justjill] 31/8/2018 08:44

Meant to ask...back up the list someone mentioned a "leak" yesterday?? (Am guessing they were referring to some kind of wild, unattributed, speculation? lol)

[pj 1] 31/8/2018 08:37

SP have updated already

[justjill] 31/8/2018 08:34

It'll take a while longer for this to filter down, particularly as August.

But we should get some further impact from TW and crew at Shareprophets later. Hopefully they'll speak to company and get some clarity on RNS.

[pj 1] 31/8/2018 08:33

Its possible Zachary are acting as an ''Agent'' for any Sale as inferred yesterday? Which could also explain the Chairmans salary reduction (to just £120k per annum!!!.)

[waterloo01] 31/8/2018 08:25

Surprised they didn't say 'an educated man might say the deal is done'. You know what I mean!

[justjill] 31/8/2018 08:20

Also for those who think the lender is buying T+L.....this sentence would not make sense:
In the circumstances, the Board does not believe that the loan will be called pending the completion of negotiations and the culmination of the transaction.

Why would there be slightest chance of loan being called in if they had already reached an agreement to buy the T+L.

Just poorly written RNS. Maybe the delay in finalising sale was just deciding to who and on what kind of deal. (one might have involved mix of cash and shares, which was no good to us, though might have been better offer)

[4sta] 31/8/2018 08:12

Still getting paid over 10k a month after a 50% reduction in salary! What is he doing for that apart from destructing shareholder value? Seems to me he is stringing us along for as long as he can?

[rakepat37] 31/8/2018 08:12

Well it's a great risk to take as the writing is on the wall and a great opportunity to get in or top up before this comes to a close very soon. My target .... 20p

[justjill] 31/8/2018 08:12

It's a done deal. T+L is basically sold. Debt will be cleared. Ink will be dried soon.

CE is taking a pay-cut - WELL DONE sir. That adds to sense that you get were some of your shareholders are at and NOT too unfair. Other directors should follow.

We're starting to finally move forward.

Pity, and not for the first time, the RNS isn't very well written or clear.

Next RNS very soon I imagine. (Please write it with more clarity BoD!!!)

[kmann] 31/8/2018 08:08

Ok, I added my last tranch here. THAT is the final word on T&L, they can suspend it now as far as I'm concerned and open up at 20p in a few weeks time.

This is PROPPER mail on sunday stuff!