Minoan Share Discussion Threads

[colinzeal] 24/9/2018 16:05

18.6p when it's 3.45p in the middle atm.

[pj 1] 24/9/2018 14:40

Minoan has a 95% interest in the Crete Project and based on our conservative valuation of £59.2 million this equates to £56.2 million at current exchange rates. It is assumed that following the disposal of the Travel and Leisure division, the company will be debt free. This takes the valuation total to £56.7 million which based on the current issued shares (218,516,775) works out at a price per share of 25.9p. On the current fully diluted basis (327,693,911), the valuation per share is 18.6p, which has been chosen as our target price.

[atlantic57] 24/9/2018 14:29

Ps there is clearly a mismatch between Christophers view of the universe and Mr Markets view.

From memory I am sure that Align who are the Minoan paid for advisers stated that when
travel deal was announced the shares would be re rated to 10p

They were instantly rerated

[atlantic57] 24/9/2018 14:25

pj1 I would be in the same position as you to be able to attend.

However there is not much point in going.

I have no doubt that Christopher has been in talks with various third parties.

However as we have seen with Travel sale it counts for nothing as until you actually sign a contract, with the other party they can make many optimistic noises but can still walk away.

I can see from Nicks posts that there are plenty of grounds for optimism.
However until some one signs on the dotted line we are at the mercy of the buyer.

[pj 1] 24/9/2018 13:33

Is anyone planning on attending the EGM? I am considering it but I fear the agenda will be kept to the business in question so in effect a waste of time attending. Also, I hold via nominee which may not allow my vote to be counted, and the Broker requires a ridiculous 3 weeks to arrange the correct admittance forms.

[nick2412] 24/9/2018 13:28

After the EGM I anticipate a full update on CS. Until travel is gone and rubber stamped at the EGM they are in a closed period. If there is competing and increasing interest as the interims comment and sector sentiment suggests then I’d expect a deal before year end.

Waterloo, agreed and a potential acquisition of CS via share purchase of MIN has made it essential to offload travel. That’s also the most tax efficient way.

[wi1l] 24/9/2018 12:54

I should think the monastery just want the project started asap, guarantees additional funds coming in in perpuity. So will accept whoever is in the best position to get the development under way.

[wi1l] 24/9/2018 12:51

The spread is closer than it looks. MM's still want to buy at up to 175K at 3.55 and sell at 3.60. They are still looking for sellers which isn't surprising at this low level. The volume of selling which has been pretty thin on the ground since Thursday doesn't justify such a drop IMHO. Trouble is the same applies to buying which hasn't taken off at these levels.FWIW anyway.

[colinzeal] 24/9/2018 12:30

Still it continues to be sold...

[waterloo01] 24/9/2018 12:06

While the church has that right, they don't when it comes to who owns the shares of the company, which is the more likely route IMO Anyhow, IF a buy out deal is done they would keep CE on to smooth the interactions.

[microscope] 24/9/2018 11:59

I didn't say they couldn't sell it nick, but as you also acknowledge any buyer must be 'acceptable to the monastery', and that is where the complications may come in. I don't think they will sell, but as they have themselves indicated new management are expected to take the project forward.

No bad thing in my opinion!

[waterloo01] 24/9/2018 11:55

I agree they shouldn't need to raise more than £500k to see them through to deals being signed. Even at today's share price that's under 10% dilution to get them to realise some or all the value.

[nick2412] 24/9/2018 10:05

Microscope, they can sell in entirety as long as the buying group is acceptable to the monastery. The monastery will want to see prompt development as they have a 10% financial interest in the net profits from sales of villas. So, as long as any buyers aren't in anyway 'dubious' then selling is just as likely as partnership. Probably more so, if an outright purchase accelerates project completion.

In football there is the fit and proper person test and I guess for potential buyers of CS the same sort of standards apply. MIN referred to strength and depth of interest increasing in the CS project in the interims and, just my opinion, but I suspect most will want to buy outright rather than partner. All depends on price offered though.

[microscope] 24/9/2018 09:28

The problem of course with selling is that it would create all sorts of complications with the church, rendering the whole discussion of valuations somewhat to the academic level imho. They need to develop it while maintaining at least a majority stake.

Infact i was reading something recently that there is still an eyewatering 300 billion of debt 'within the system' and therefore foreign investors still need to be wary of 'Greeks bearing gifts'.

On the plus side if partnerships can be signed, then there is still the chance of an eventual positive outcome.

[nick2412] 24/9/2018 08:50

Wi1l, that is right and it's gathering pace as well. Here's an older link from late last year but highlights the developing trend. A lot of the change has been driven by the EIB incentives (largely for tourism projects) and Greek Investment Incentives Law that has been pushed by the EU:-




The article mentions the increase in tourism, the specific significant incentives for large scale leisure developments from the European Investment Bank. Specifically for CS it highlights the attraction of high net worth tourism facility development. Also "Greece has updated its investment Incentives Law with state aid schemes for private investments in the tourism sector."

The article also highlights the specific interest in luxury hotel projects and projects with special features such as golf.

[wi1l] 24/9/2018 08:31

Tourism numbers to Crete go from strength to strength. Tourism assets such as hotels are reaching ever increasing prices. This company has planning to build four luxury hotels plus a golf complex in NE Crete. Its a good time to market the CS development, the price should be high.

[fireplace22] 24/9/2018 08:26

I think the removal of Greece and probably Italy from the Euro is entirely predictable its just when.

[atlantic57] 24/9/2018 08:24

Fireplace we live in A very uncertain world !
No one can predict with any certainty what is going to unfold on the world scene.

If you are nervous best to call it a day

[nick2412] 24/9/2018 08:24

Costs will be minimal (see the accounts for non travel related costs) and the six monthly charge for the 900k will be just 45k. I anticipate an early deal on CS as the climate is right for it.

Aside from the link I put up about increasing interest in greenfield sites for hotel development in Greece, here's another one that gives the same outlook.

hxxps://www.hotelmanagement.net/own/why-demand-for-greek-hotels-set-to-rise


Bottom line is that the value of CS will be strengthening, the interims highlighted increasing interest and the Company has an asset that is worth anything from 43m to 100m in a recovering / prospering market.

I think, in such a recovering / favourable market where there is likely to be competing interest that the upper end of values are possible / probable. Weakness in sterling is also increasing the value.

[fireplace22] 24/9/2018 08:20

Possibly something to watch here is the coming to an end of QE by the ECB in December, who is going to pick up Greece's debt offerings after that? are we going to see another Greek moment, the Italian situation is already hotting up? Will this effect the sale of our bit of real estate?

[atlantic57] 24/9/2018 08:19

T Smith you need to do some basic research.

Minoan have got an asset which has taken years to achieve planning consent.This is not something which anyone else in Greece can achieve quickly.
If travel sale is approved the threat of the loan called in is removed.

[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..