Minoan Share Discussion Threads

[fireplace22] 28/1/2019 16:06

I suppose it will be something inventive if Zachary were involved in a buy out, just a paper exercise and voila it's a 5p offer?

[p@] 28/1/2019 13:33

If Min is so good,why did they renew the warrant date on the 1p warrants to 2019,why not pay the 1p at Dec 2018 ?

[wi1l] 28/1/2019 12:37

Wouldn't the co just use £900K of the £2M plus raised from them taking up the warrants to pay off the loan or Zachary just pay £1.1M with the loan satisfied??

[fireplace22] 28/1/2019 12:22

CE is often mentioned wrt to the project but little is said about the two Loyalward people anyone any idea what their specific role is and how it fits with CE?

[fireplace22] 28/1/2019 12:20

A d4e would give Zachary an additional 10% of the company if exercised at 3.5p. All potential leverage?

[wi1l] 28/1/2019 12:18

Other directors own 1.99% about 4M shares, however it would be now interesting to find out how many shares there are held by the limited company's they own (that would normally receive their salary pmt)eg CE's fee is paid to Simmons international ltd, I would wager that co has quite a few tucked away, but will we hear by rns?? Doubt it. All IMV.

[wi1l] 28/1/2019 12:11

Can't think of what else it could be, can only think that the bod are clearing the decks with shares for o/s salaries, loading up before the deal is done perhaps?? Incidentally Zachary don't own anything at this point in time, they will only own 18% if they take up all the warrants which they will have to pay £2m plus for.

[fireplace22] 28/1/2019 11:50

We don't know what if any the directors or Raby and Day took in the latest placing but we were told directors put in £100k (1.5%) in the previous one and it was rumored that relatives also invested in that one. But aren't Day and Raby at the forefront in marketing SC via Loyalward.
Wi1l on the other board seemed to think the latest placing may have been made to settle directors fees and he suggested that it was possible they may have taken shares but that is just conjecture.

[pj 1] 28/1/2019 11:37

Zachary 18%
Raby Day 12%

Mrs Adams 5.79% ???????


Other Directors? I cannot see in the AR any notification of Director share holdings, so all we have is the web site >3%?

[fireplace22] 28/1/2019 11:08

My understanding is if a party has 30% they have to make a mandatory offer for the company, which I think can be waived under certain circumstance. At 50% they would get control, at 75% they can delist and at 90% they can make a compulsory purchase for the outstanding equity. If a party holding 5% say, also agrees to the company delisting then that holding can be included in the 75% but they remain holders. IMO
Zachary, Raby and Day must potentially have close to 30% between them - but would they be willing to work in concert is that a plan - I haven't a clue.

[pj 1] 28/1/2019 10:53

fireplace- what % votes would the Board need for approval of a Sale, or MBO of the Company?

[wi1l] 27/1/2019 14:35

The placing could have been spent on directors' fees but some of the directors agreed to receiving shares instead. Typically they haven't said who wants cash and who agreed to having shares. But I think they are trying to make the cash received in the placing go as far as possible.

More recently:

" The net proceeds of the Placing, which has been organised by Cornhill Capital Limited, will be used to provide general working capital to support the development of the Group, in particular its resort project in Crete, and to settle certain existing liabilities".

and in the update in October:

"The Board believes that the Project's value today is substantially higher than the Company's current market capitalisation and that, following the sale of STL, the Group overhead will be reduced dramatically and secured debt will be less than GBP1m. This puts the Company in a good position to move forward. With a view to managing cash within the business and to show confidence in its future, a number of Minoan's directors have indicated that they are willing to accept shares or options in place of a large part of their unpaid remuneration, a gesture which is likely to be accepted by the Board as it seeks to best manage cash in the forthcoming period".

[fireplace22] 27/1/2019 13:40

Wi1l I'm probably being a bit thick but if there are unpaid directors fees, the company can do a placement as it has and the cash received (400k) for those shares pays the directors unpaid fees. The directors therefore have not been paid in shares?

[wi1l] 27/1/2019 12:37

Don't reckon the recent issue relates to the £900K loan. Reckon it relates in the main to the build up of unpaid director's fees over the past year & half, plus there might have been additional costs on CS project. The fees are paid to ltd cos that charge for their services so they seem to get round having to rns the share holdings and payment of fees via shares issued. We shall see if there's an rns beginning of Feb.All IMV but could well be wrong.

And if it is directors fees by way of shares as has been pointed out many times the directors know which side their bread is buttered on and probably have very good reason to receive their remuneration by way of shares at such a low price. Also it may be the reason why there is little selling as they are holding on possibly for future gains. Should be the end of such issues therefore they will now be even more keen to see the share price rise. All IMV though.

[wi1l] 27/1/2019 10:45

From the lse bb.

Good example of what would (hoped to) be the end result here:

[atlantic57] 26/1/2019 17:13

Based on mdv comments on this bb
I doubt that he would be interested
He is probably 70to 80 percent underwater
Based on info in the public domain

[fireplace22] 26/1/2019 16:32

Is the placing just a way of getting shares into the hands of Directors and their cohorts prior to an MBO. Much better to get them at half price now.
Buying any significant amounts of shares in the market would cause a spike.
The directors admitted to putting cash (100K)into the last placing and it was rumoured at that time it was further supported by their relatives and we know that Msrs Raby and May's holdings increased thereafter.

It would be interesting to know if Mr M & Mrs L Dvorkin were offered shares in either placing?

[waterloo01] 26/1/2019 15:43

Why are we left guessing where £750k has been spent and with whom? Leaves them open to all sorts of questions. If they are legitimate services, then in what way could this knowledge harm the company. Do not like the lack of transparency.

[wi1l] 26/1/2019 12:32

Reading between the lines, whoever it is taking up shares instead of payment may well be much closer to the action and therefore confident to a greater extent that they will do better as a result. It appears that whoever it is so far in receipt of shares so far isn't flooding the market with them and is holding on for better things to come which is comforting and suggests an upturn soon for whatever reason.

Their holding must be greater than 3% so there should be another rns end of Jan (wishful thinking)..

It wouldn't be Zachary receiving shares as part repayment of their loan would it?? They would presumably have to say if it was?

[head gardener] 25/1/2019 19:12

As to today's RNS, what comes to mind is predictable. Zachary and its subsidiary Silja are gaining control, hopefully when they do decide to pounce the S/P will react in anticipation.

[head gardener] 25/1/2019 19:07

Beyond words.

[wi1l] 25/1/2019 15:55

I understand that an update on negotiations would be foolhardy. But agree Waterloo, why didn't they include an update on the licences/permits agreed with the authorities such as the one above that specifically relates to the project. It would help to explain where the additional expenditure is going.
Surely it is one way to get the share price moving upwards.

[iman1974] 25/1/2019 15:37

Just taken another small tranche

[yorgi] 25/1/2019 15:12

Thanks for posting Iman 😊

[wi1l] 25/1/2019 15:09

Twitter does have its uses.