Minoan Share Discussion Threads

[pj 1] 20/9/2018 09:20

How can CE keep his position?

No developments in Crete (having been promised for years with repeated use of ''most rewarding period'' etc etc)

2018 to date poor trading in T&L

2018 fails to raise needed finance

2018 Requires funding/ equity to survive i.e. we're insolvent.


How on earth can the NED's support this lack of performance?

Sorry it's my business and I would not employ someone with this performance. I don't believe for a minute Zach will support him.

[atlantic57] 20/9/2018 09:06

Nick with respect I think your target price is way to optimistic.

You have to factor in the gross incompetence of the Board.

It is sensible not to sell today but in the next 12 months the share price could drop .
Upside target for me following today's announcement is probably 10 p

[justjill] 20/9/2018 09:04

....you were right Nick about first part. Lets hope the second part - which I believe too will come to fruition.

But I reckon a lot could happen in next few weeks....one of the rebuffed bidders - who maybe could pay off the loan in a flash...makes a move.

Or stake builders for Crete alone, at a juicy low SP, seeing T+L to be sold, with small amount of debt left on MIN books. All they need to do is keep CE on if they wanted all of Crete (to placate the monastery)

Today is a very disappointing day for us in terms of T+L sale, and MMs are doing their best to push as many over the edge as they can. Tomorrow onwards will be very different. Just a pity we can't be shot of the full BoD immediately. They don't deserve to be there.

Obviously some of the staff lower down the ranks in T+L do a fantastic job on their own, as it is certainly not on the basis of great leadership from on-high.

[colinzeal] 20/9/2018 09:04

Here we are, RNS July:" I remain confident that we are approaching a very rewarding period in the Company's history and that the latter part of 2018 will see major developments" today "...the Company remains hopeful that the next twelve months should see significant progress toward the monetisation of the Project"...why the delay? They're uselss. You can bet your bottom dollar that it will be well over 12 months before we hear anything on Crete now.

[scotty1] 20/9/2018 08:59

Unfortunately imo this drop will now draw traders In rather than investors so any rises will be short lived even more so with his last comment 're the next 12 months garbage once more as for TW and his short term trades HSR which is laughable 're MIN he should issue a sell as he as done with a lot Better stocks than this

[nick2412] 20/9/2018 08:59

Pressure should be on CE to do an early deal on CS. In the context of his interim statement the climate should be ripe for that. Warrants would then be exercised bringing in 1.75m clearing the debt and adding to the asset value. Patience should still reward here but no denying it’s frustrating with the absence of a more detailed CS update.

[nick2412] 20/9/2018 08:48

I anticipated the warrants would be reduced and exercisable at 1p or even zero so the 3.5p level was a plus for me. The 900k outstanding debt is disappointing as is the absence of a more detailed CS update.

Ultimately though MIN will still have about 300m shares issue fully diluted even allowing for a funding, warrants and options so the likely 12p to 25p asset value range for CS is being discounted drastically.

[justjill] 20/9/2018 08:47

The "worst" of what should have been best news is out. We just need for more traders and weak holders to clear....probably later today.

We've been sold down so much recently, think we must be at the bottom. as long termers know where and what sort of value lays in Crete.

Waterloo, as for comment about knowing DW was always involved - that is not the case - some suspected. We SHOULD HAVE KNOWN about him and others, but were never told. And that was wrong - illegal?!

[tsmith2] 20/9/2018 08:46

Wasn't this deal meant to clear the debt? Still almost £1mn o/s..where's the revenue going to come from to cover, if nothing else, directors salaries?

[waterloo01] 20/9/2018 08:46

Might have trouble running a bath but they are in control of the taps (if not the plug).

Certainly not selling here as the reason I invested (not T&L) remains in play

[pj 1] 20/9/2018 08:44

since 2012 The chairman has seen fit to remove £1.782m as remuneration, with share based payments of £459k.

He should really now be working for nothing. Off course on top of that is the risk he has also taken some expenses and travelling allowances

£1.782m in 6 years with NIL shareholder returns, for a Company with a Market Cap of £12.6m. truly ASTOUNDING

In that time the BoD have extracted £4.04m with share payments of £812k.


Now then. Why do we need to raise more funds? Why can he/ they not lend the Co at interest free?

[justjill] 20/9/2018 08:40

Agree Waterloo in many senses, and MMs will take full advantage of clearing out traders and the twitter/social mob and then the price will rise I think.

But one thing is clearer, but we have often commented on, is the the Sen management are a bunch of incompetent, W*nkers of suspect levels of honesty.

Lets see if the "Sheriff of AIM" as he likes to pose, is going to call for BoD to be held to account....Re related party transaction. (Some Sen management also sorted in new set-up....as suspected also)

But Crete is the cherry....and where we know the huge value always has been...they just need to get on with. But given levels of competence shown so far, the whole or major sale of, is the only viable option. You couldn't trust CE or chums to run a bath.

[waterloo01] 20/9/2018 08:38

atlantic, no denying the destruction in value nor that they will need some funds going forward. This might be shares (but unlikely given the share price) and might as likely be one of the touted 'partners' putting some money down upfront. That would sort the short term money.

Re the T&L deal, it's been known for ages that DW was part of it, so not sure this isn't the original buyer, but quite likely that DW involvement has been part of the problem as he's looking after himself.

[tsmith2] 20/9/2018 08:36

MIN has a long long history of issuing confetti and there's the management greed..

[dave4545] 20/9/2018 08:35

twitter is a dangerous game, you see all these accounts posting disposal to come of 20-30 mil none stop brainwashing

And all those accounts belong to one person, a serial conman that has been around 20 years now on advfn, has caused numerous companies to issue no reason for rise rns's due to the false info he has posted.

Note all of those accounts posted "boom" today even though the disposal news was poor

[atlantic57] 20/9/2018 08:33

Waterloo the rns clearly hints that there will be more share issues in the future.
It also looks at the next 12 months before 2018 was the year of transformation.

It has been we are now 60 % down from when the permits were issued.
We have been deluding ourselves.

Christopher shows no indication that he has the ability to negotiate a successful outcome based on today's rns.

[pj 1] 20/9/2018 08:31

I wouldn't urge any investors to sell now though. The traders obviously gambled on Crete news coming through which hasn't materialised and hence this -17% is a totally false figure imo. Off course what we don't know is how many aggregate shares the Traders held

[waterloo01] 20/9/2018 08:30

Not a huge fan of the BOD (understatement) but nothing today has actually changed the prospects re Crete. Hillside/Zachary had them over a barrel. The game at play remains monitising Crete project which should be clearer once this dust settles.

[tsmith2] 20/9/2018 08:26

looks like PIs sh*fted, there's a surprise

[waterloo01] 20/9/2018 08:18

Calling for CE to go would seem rather short sighted. The main thing he brings is his contacts in Crete and now is the time to show his value in doing a good deal.

It was never expected that the sale of T&L would do more than clear 'most' of the debt. Options reduced to 3.5p is lower than hoped but had a fear they might have ended up at nil value.

All in all it leaves us in a similar place. Waiting to deliver on the value which, as we all know, is in the Crete project.

[justjill] 20/9/2018 08:17

Could see a decent offer for whole company before the meeting.

[justjill] 20/9/2018 08:15

Well our widely expressed opinions about the BoD were much more accurate than the those plugged by TW and co, and we didn't even charge for them! lol

[pj 1] 20/9/2018 08:15

To be fair the chart has been telling us what the situation was for 18 months at least.

The lack of any update on Crete is damning. Therefore it is best to accept there have been no significant developments.

[sportbilly1976] 20/9/2018 08:12

3.5p would seem a reasonable target,...50 million warrants at this price is one heck of a reval

[colinzeal] 20/9/2018 08:12

Once the T&L is sold we need a new management team in here, and fast. This lot are completely incapable of building value.