Minoan Share Discussion Threads

[pj 1] 08/10/2018 19:21

A history of total failure

0/7/2013 The coming year promises to be the most significant and transformational in the Group’s history.” Share price approx. 6.2p

1/4/2014 look forward to reporting to shareholders on further significant progress in all areas of the Group’s business over the next twelve months 10.2p

31/7/14 I look forward to reporting to shareholders on further significant progress in all areas of the Group’s business in the next few months. 11.9p

30/3/15 The coming months promise to be very exciting for the Group, 12.9p

31/7/15 I expect to be able to update shareholders with positive news. 9.8p

30/3/16 The next year is destined to be the most exciting and fruitful for the Group, its shareholders, Directors and staff and I look forward to making further announcements in the future. 8.8p

14/7/16 whilst there are momentous events over which we have no control, we have never been closer to fulfilling our substantial potential. 7.1p

31/3/17 The next year is destined to be the most value enhancing in the Group’s history and I look forward to making further announcements in the future. 11.6p

26/7/17 The forthcoming year looks set to be a transformational period for the Group 8.9p

14/12/17 the Board has carried out a review of the Group's operations and it believes that we are now entering a period that will be key to delivering shareholder value 7.2p

5/4/18 the Company’s share price performance has not fully reflected this achievement....what I believe will be very welcome news over the coming months. 5.9p

31/7/18 approaching a very rewarding period in the Company’s history and that the latter part of 2018 will see major developments.....pending what I believe will be very welcome news over the coming months. 5p

20/9/18 the Company remains hopeful that the next twelve months should see significant progress toward the monetisation of the Project. 4.25p

8/10/18 the resolution proposed at its General Meeting held earlier today was duly passed. 3.35p

[pj 1] 08/10/2018 19:20

If they had (assuming Stewarts completes) £1m in the Bank and no debt, instead of almost zero cash and almost £1m debt, do you think they would be taking their remuneration in shares?

In case you cannot decide then the answer is NO imo

It's currently their last option, they have no choice. Who the Hell do they think they are trying to convince?

[waterloo01] 08/10/2018 19:12

pinkfoot2, agree with most of what you say, but at least any cash needed going forward will be minimal. The taking of paper however does a number of things. It signals the end of any 'perceived' gravy train, as the only way to get upside for directors, is now truly aligned with shareholders.

I'm encouraged by and applaud the move, forced or not, as it leaves the delivery of share price upside a clear and shared objective.

[pinkfoot2] 08/10/2018 18:55

The move in the share price today hardly inspires confidence-in fact,the statement merely confirms that very few people believe it anymore.That leaves apathy-no point in selling at this level so stick in bottom drawer and forget about.

As for directors taking paper in exchange for cash remuneration, this is simply down to the fact they don’t have any cash.A cursory glance at the balance sheet confirms how much money has been splashed on this adventure.A bigger commitment would be to put money back in as it’s going to be needed.

[atlantic57] 08/10/2018 14:46

Only 22 million votes counted for the resolutions.

My experience at Pinsent was entirely down to Pinsent masons not Minoan.

To get past reception you needed to know the name of the Partner leading the job was.

These guys charge £1000 an hour plus
They should have had the egm in a local village hall.

[pj 1] 08/10/2018 14:40

Anyway for reference a few learning points.

1) Brokers for nominee are no longer allowed to send email representation letters even if the emails are confined within their own website and the dealing account. Apparently this is because said email are ''non secure''. It begs the question why they allow cash to be held in them then, if its ''non secure''. I'm at a loss as to why my Brokers didn't advise me of this before.

2) Representation letters are not sent to the person direct or his/ her representative (unless requested), but to the address where the AGM is being held. Seems risky and bizarre to me. Obviously Pinsett had no idea of the EGM as they returned my letters unopened and staff didn't know who Minoan were/ are. Fills you full of confidence especially as the AGM had been held at the same address.

3) General comment not aimed at MIN. But due to point 2 then there is an obvious risk of manipulation from unscrupulous Companies.

[atlantic57] 08/10/2018 14:24

I have been very critical of the Bod as you know.

In terms of where we are now , I don't really believe things much different from where we were the day after the the final appeals process was thrown out.

The Bod never discuss publicly the detail of the Greek Bureacracy with Good reason I suspect.If they turned this into a film I suspect there are many twists and turns that we simply don't know about.

I have no doubt that there are several interested parties but I suspect we are not being told the whole story.


Howvever I can't see the point of getting out at this price.
Holding is not without risk it could all go pear shaped .Minoan have not had any breaks I'm hoping that they get a couple now .
Negotiations I suspect depend on several things coming together.

[pj 1] 08/10/2018 14:08

I am prepared to take reduced fees for my imminent translation service which will be transformational for you. I am sure you will find my services most rewarding.

[justjill] 08/10/2018 14:00

Thanks for the translation PJ. I would like to subscribe to your service. (probably beats Share Prophets in terms of value on this anyway!)

[pj 1] 08/10/2018 13:51

The damning phrase (s) repeated twice, includes the dropping of the word 'negotiation'.

Note- discussions are at an early stage. No mention that negotiations are continuing and/or at an early stage

[microscope] 08/10/2018 13:45

Thanks Atlantic, the cynic in me thinks that 'hostages to fortune' easily translates to something like 'We bought a travel business which ultimately wasn't as successful as we hoped, but you'll understand that's everyone else's fault except our's...'.

That in itself worries me going forward. but now we enter the funding gap discussed previously. Then we have the mentioned difficulties of progress in Greece, and the Decree, while it sounds impressive, is as they say 'outline planning permission' - so still much work to do.

They do appear to have taken measures to alleviate the funding gap as much as possible. Talk of 'several' investors wanting a significant stake or investment in the project is very positive and the next funding will tell as much about where we are headed valuation wise - what price are management prepared to accept in lieu of salaries.

The jewel is still very much there, the prize within reaching distance. There are going to be periods of frustration, this cash strapped phase, planning and building delays probably, plus many other costs, but management, investment and operators still have the chance to pull it off.

If you haven't noticed by now... :)) I'm torn as to the investment case. It won't be worth a fraction of 30 million, 50 million, whatever, until they display tangible evidence they can pull it off.

But, despite all that has gone before, they just might.

[justjill] 08/10/2018 13:10

Thanks Atlantic.

In some ways we are a similar to Jack and the Bean Stalk. We've "swapped" the (little) fat cow to rely on one magic bean (of Crete) to lead us somewhere exciting....and in the hand of a very poor leadership team.

[pj 1] 08/10/2018 13:07

It seems to me that they should just sell what they have. i.e. a plot of land with outline planning permission. The fact that they have not , is evidence to me that unless some partners or backers come in, then the plot is actually worthless, so in reality they currently have nothing to sell.


In effect the balance sheet is intangibles worth zero in any fire sale.

[atlantic57] 08/10/2018 12:27

Very very few people there maybe 17perhaps 3 private investors.

What I heard loud and clear was that the bod have been a hostage to fortune.
They took many questions and spoke with you on a one to one.
However I am afraid you either sell up
Or stay on board and hope they deliver.

[justjill] 08/10/2018 11:43

Atlantic did you make it to the meeting? Basically was it just rubber-stamping? Was there any real contrition from these peeps? Was it all over in minutes? Was there many there?

Thanks

[atlantic57] 08/10/2018 10:54

The Meeting merely confirms what was announced this morning.
If and when someone makes an offer it will
Be put to s vote as with travel.

No one can put a time frame on how long
This process will take.
Ce gets the message that we need to monetarise the project ASAP.

However doing business in Greece remains
A complex matter.

[pj 1] 08/10/2018 10:00

maybe you could mention they returned recorded delivery notice of representations unopened. Its very poor

[atlantic57] 08/10/2018 09:57

Major problems getting past pinsent reception.
They had nothing down for min meeting.
Now in the room

[atlantic57] 08/10/2018 09:40

In the Building struggling to get past reception who have never heard of Minoan
They are asking for the pinsent contact

Not a great start

[optrade] 08/10/2018 09:01

[...]
Minoan says Crete project value expected to be “substantially” higher than market cap
08:58 08 Oct 2018
The luxury resort developer said the project had attracted a number of interested parties and that it had already entered into a number of non-disclosure agreements
Hotel on pound coins
The group added that the sale its travel and leisure division meant overheads would be “reduced dramatically”
Minoan Group plc (LON:MIN) has said the value of its project in Crete was now “substantially higher” than its current market cap of £7.4mln.

In an update ahead of its general meeting today, the luxury resort developer said the project had attracted a number of interested parties and that it had already entered into a number of non-disclosure agreements and expected to enter others as negotiations progressed.

READ: Minoan soars after court dismisses appeals against its proposed Itanos Gaia project
The group added that following the sale of Stewart Travel Limited (STL), its travel and leisure division, to Zachary Asset Holdings Limited for £6.6mln overheads would be “reduced dramatically” with secured debts being less that £1mln.

Minoan also said that in order to manage cash and show confidence in the future, a number of its directors were willing to accept shares in place of a “large part” of their unpaid remuneration.

[atlantic57] 08/10/2018 08:41

We need to reach out to the major shareholders they have the clout

[pj 1] 08/10/2018 08:40

waterloo-they will NOT let anyone in, I spoke to BILL last week who clearly stated in no uncertain terms that if anyone turned up without a letter of representation, or share certificates, and identification then they would not eb b allowed in

atlantic, I know its difficult in the meeting esp if your alone but one point I was going to raise that as far as im concerned I don't want them to hold out for the best deal. I want them to take a reasonable deal and get this whole fiasco finalised. Also, I suspect not all potential partners will be Greek, therefore if greek take so long then stop negotiating with them and only negotiate with partys who will move forward in a reasonable time frame,

FWIW I was also going to vote against the sale, in protest, but that's worth jack sh*t now

p.s. A nice bacon sarnie