Minoan Share Discussion Threads

[pj 1] 24/9/2018 08:11

tsmith2. You need to do some research and feed back to us what you find. There is a red herring that could prevent your copied scenario of assets being picked up in Administration for a ''pittance'' playing out. Have you the brains to work out what that is?

[wi1l] 24/9/2018 08:10

The £900K loan isn't repayable for 18 months, gives them the time even in Minoan terms to find the investor/partner for the CS development. Plenty of time to organise this.

[tsmith2] 24/9/2018 08:00

Even if a sales happens they'll still owe £900k and that's before "greedy pigs at trough" means directors will have trousered large salaries etc in the meantime...how much cash have they got in the kitty? zilch income otherwise Someone can just wait for admin and take assets for pittance..

[wi1l] 24/9/2018 07:57

There's not necessarily going to be a placing and if there is one their overheads will be far lower where they will only need working capital of £500k to £750K pa. Wouldn't it be better for them to borrow that amount until the investor/partner is found for the CS development, that can't be too far off.

[atlantic57] 24/9/2018 07:54

T Smith no placing has been announced yet !
Clearly if a sale does not happen in the near term then placings are guaranteed.

Nothing really to add now by way of comment .

If you have had enough sell or trade.
Otherwise we watch paint dry.

[tsmith2] 24/9/2018 07:46

When's the placing?

[atlantic57] 23/9/2018 10:00

I am neither a buyer or seller.
We should rename the thread one day Rodders .

One day there may be some hope to get our
Money back.

However this is not a risk free investment.

We live in a very uncertain world given
The time it takes min to do things literally anything could happen.
One Day Christopher will sell the asset to someone at a price to be agreed.

The current market capitalisation even fully diluted is implying a price of say 14 million pounds, hopefully we can beat that.
Time to hibernate no w unless you are a trader

[wi1l] 23/9/2018 08:37

Shame to hear that Scotty and thank you for your contribution to this bb which is valued by many here.
And after all these years at a point where the company may well be on the threshold of realising shareholder value!! Just kidding - have been doing the same numbers every week on the pools for over 40 years without winning so much as a pound. But dare not stop now because you can guarantee what will happen the week after I do stop!! This company's a bit like that but that's aim for you! GL Scotty.

[head gardener] 22/9/2018 19:53

Scotty, just wait.

[nick2412] 22/9/2018 17:32

It appears that the climate is ripe for a sale of CS at a decent price. The article is dated 19th Sept. I've just quoted a small part.




On her part, Angela Michalakopoulou, general director of Enterprise Greece, said that investors are seeking to make use of urban office buildings in Athens, Heraklion and Thessaloniki.

She also noted that lately foreign investors were in fact showing an interest not only for existing hotels but also to purchase land to build hotels from ground up (green field investment).

“They are requesting for properties in Crete, Dodecanese, Peloponnese, Halkidiki and there is also a trend of growth in Western Greece,” she said, referring to the opening of the first Moxy hotel in Patras next year.

[scotty1] 22/9/2018 14:20

Sure did atlantic re "We got this completely wrong"just glad as you know i turned from investment to trading MIN many years ago so made my money and a bit more back,although have given a bit back over the last few months for once again believing in the BoD,really hope you get ALL of your capital back and more,gl

[atlantic57] 22/9/2018 14:07

Thanks for your help over the years on this.
We got this completely wrong !

I will hang on hoping to get back most of my capital😡

[costapacket1] 22/9/2018 12:59

The key to all this is trust or lack thereof.

[costapacket1] 22/9/2018 12:56

Herald article, not sure if posted.

[wi1l] 22/9/2018 12:44

Goodness me, go away for a week and return to complete upheaval! Mostly negative opinions/sentiment apart from Nick2412's comments which are all valid and give a far more balanced/positive outlook for the future.
It would appear to me that the jigsaw puzzle relating to the sale of the T&L business was far more complicated especially because it has included their own staff as part of the deal.
Very little to add but agree that they have more or less done what they have said they would and that is sell the T&L business, pay off the loan and leave those remaining with a company free from debt (more or less) and able to concentrate on the CS development. Just got to get the finances sorted but costs have been reduced significantly.
Had Zachary exercised its 52M warrants they would have been able to pay off the £900K remaining loan and have enough working capital to do the CS development justice which would have been ideal, so its a shame that part didn't come about.
Still maybe after the sale completes there will be less risk for them to do this and then get on the board and positively influence the CS project to a natural conclusion, which can only be resolved IMHO by a sale of the lease/sale of Loyalward.
Still all to play for IMHO and the share price didn't ought to have dropped so much on such low volume but market sentiment very low if this bb can be anything to go by. Let the dust settle and move on to the CS project, hopefully the news on that will be more detailed in future RNS.

[head gardener] 22/9/2018 10:15

Thanks for taking the time to post as I am out of 1st class stamps. In your debt.

[nick2412] 22/9/2018 10:09

HG thanks, I do have log-ins for both LSE and shareprophets and can post later this evening but feel free to copy and paste also if you like.

[head gardener] 22/9/2018 10:00

Nick, please post you excellent piece to LSE and Shareprophets as is worthy of attention.

[nick2412] 22/9/2018 09:58

Atlantic, too kind! Agreed on demonstrating tangible progress. I feel there needs to be a commitment to put any offers in excess of double figures to shareholders. If it is too low then someone will 'gazump'. In short I'd like to see CE show via his communication to the market that he is keen to put MIN / CS in play for an outright sale.

[waterloo01] 22/9/2018 09:56

Your thinking is much the same as mine, but more comprehensively expressed. Cheers and hope those 3.5p buys end up rather profitable.

[head gardener] 22/9/2018 09:49

Nick, I cannot fault you view, excellent, well thought and written, great insight.

[atlantic57] 22/9/2018 09:46

Okay Nick that is a good answer!
Maybe you should join the bod.

I do believe that ce will have demonstrate
Tangible progress on cs not as post 462
Has shown endless hot air statements.

[nick2412] 22/9/2018 09:22

Atlantic, good questions and my thoughts are:-

1) As with most warrant holders, they will not exercise until something concrete (no pun intended!) is in place. If they exercised now then it could be argued they were doing so in order to sell at a small profit. Not exercising means they are awaiting a significant monetising event – sale / partnership. Why exercise now and tie up their cash when they don't need to yet? That's standard for warrant holders.


I don't think the argument holds up that just because the warrants are discounted that means Zachery don't want to maximise the return. I suspect they will want an early return though. Rough figures: 40m asset sale / partnership = 3.75m profit for Zachery or a nice 7.5m at 22p. We don't know if they will sit passively or be active in ensuring an early return.

2) I think the main mistake was buying small travel companies in the first place when it's such a competitive sector with major online players dominating. Without knowing the finer detail of what went on then it's hard to assess or make critical judgements in terms of off-loading it. Unfortunately, whether it be a 2 bed terrace or a large business, buyers do mess sellers around unless there is competing interest. Thankfully, it's now sold and MIN will just be a simple massively discounted asset play with a low cost base with a an improving Greek property climate that should allow for early monetisation.

3)As for Crete, remember that Greece is only just emerging (as highlighted by the links) into a growth market for property and, specifically, leisure developments. Also, my reading is that interested parties would prefer to buy Minoan / Loyalward outright. Property developers would want the asset without having to mess around with a travel business. The Company have alluded to 'focus' and things being more straightforward without travel. I am not sure why there should be increased negativity at a time when Minoan have removed an obvious complication in terms of monetising CS.

I don't see management being an issue as long as CE doesn't hold out for an unrealistic price and is willing to put offers from outright buyers to shareholders as opposed to favouring partnerships. He is based in Athens and will have the necessary links and contacts. CS is an asset that could attract competing buyers. It appears (based on the interims statement) there is already developing interest that is awaiting a Minoan unencumbered by travel.

If someone wants an asset and there is competing interest then it's not a hard management task to deliver. I think CE and Minoan have good relations with the monastery and that's a plus factor that can be easily forgotten. The monastery will also be keen to see early development as they take 10% net profit from the sale of villas.

I hope CE is is as keen to retire and exit profitably from MIN as most shareholders will be with an outright sale of CS at a decent price. I'd hope he would favour that rather than partnerships. The latter would still see a healthy share price but the larger returns would take longer. From my perspective I think shareholders want and deserve an outright sale and it should be possible at a decent price in the current Greek property climate now the Company is solely the CS asset.

Presumably Zachery and the large shareholders will also be active in ensuring that CE doesn't dismiss any decent outright pruchase offers and allows shareholders to make that decision whether the offer be just about reasonable or compellingly attractive.