Minoan Share Discussion Threads

[mortimer7] 24/4/2019 09:01

Says it all really 2.44% is all they have!!!
"Directors unanimously recommend that Shareholders vote in favour of the Resolutions, as they intend to do in respect of their own beneficial holdings of Existing Ordinary Shares, in aggregate representing approximately 2.44 per cent"

Ain't getting my vote.

[yorgi] 24/4/2019 08:59

Topping the leader board this morning as well, which makes a change for Minoan.

[pinkfoot2] 24/4/2019 08:46

Debt repaid of c£800k is very similar to the number trailed when they exited Travel.The accounts are die for sign off at the AGM and the loan expiry of less than 12 months would cause some alarm.

Of course,Z need to keep this running too-otherwise they face large losses on their exposure.

[justjill] 24/4/2019 08:44

This latest shares on the cheap to a selected few must make it easier for us to be taken out on the cheap too.

Suspect the target prices of the past are now just that, things of the past.

[yorgi] 24/4/2019 08:38

It goes without saying that we need an update on what progress is being made with negotiations to monetise the project for shareholders but the market seems to be waking up today to what a crazy price we have been sat at for weeks......months.

[atlantic57] 24/4/2019 08:37

I did not pick up that the zechary loan was being sorted.
If the issuing shares at 2.75 pthat suggests a target price of 5p

[pinkfoot2] 24/4/2019 08:28

I agree-and that Z debt would be in the headlights in signing off the accounts in next few days as expiry is less than 12 months.So let’s sort the debt out with Z as nothing to lose, dress it up like good news then tap the shareholders with an Open Offer.

Smoke and mirrors

[justjill] 24/4/2019 08:12

So the unusually large trades yesterday were as usual a few peeps in the know.

You have to imagine that they are not still very close to signing off a deal, otherwise those getting the shares would be in receipt of very price-sensitive news, which the rest of us don't have. So I imagine that after some froth on the SP, this will settle back again....as we continue to wait....and the lovely BoD continue to burn the cash.

[yorgi] 24/4/2019 08:03

17% it seems and we have buyers.

[atlantic57] 24/4/2019 08:02

They should alter the articles of association objects clause.

The company objectives are to provide the directors with a high quality lifestyle.

Why not ask shareholders+to simply make donations to the bank accounts of each directors

[pj 1] 24/4/2019 07:59

What about the previous intent to implement cost savings?. Why do we need so many Directors? Why are they being paid for non performance and now constant repetitive dilution?


Why do they need an office and support staff?


Who pays the travelling expenses (and other expenses)?


Why are they raising when they do not appear to have actioned their previous costs saving plans?

[atlantic57] 24/4/2019 07:52

There remains zero information in the public domain as to where we are with this project.

A fundamental basic error I made when a jumped aboard Minoan was that I focussed on
The 100 million euro valuation which is a multiple of the market cap.

However with hindsight it is now self evident that management did not have a plan on how to monetarise the asset .As a result of this the very substantial liabilities of the company have to be dealt with via endless placings.

The value of the project cannot be looked at in isolation.

Still it has given the directors a good living for many years and no doubt will for some time tocome.

[pinkfoot2] 24/4/2019 07:47

I suspect but stand to be corrected but this will allow them to sign off accounts as a going concern as the OS debt will be due within the next 12 months?

[yorgi] 24/4/2019 07:33

A lot for MM’s to mull over before setting the opening price no doubt.

[atlantic57] 24/4/2019 07:21

Will how many shares will be in issue now.
I am guessing that we are up to 330 million plus with options and warrants fully diluted say 400 million.

The markets reaction will be interesting .
With a placing at a premium you would expect say 3 to 3.5 p

[wi1l] 24/4/2019 07:18

RNS out can be picked up on LSE board.

[yorgi] 24/4/2019 07:07

The Company today announces that it had conditionally raised £1,195,500 million (whether in cash or as the release of debt and before expenses) by way of a Firm Subscription for 43,472,727 Subscription Shares at the Issue Price of 2.75 pence per share with certain of the Loan Providers. The Issue Price represents a premium of 41.03 per cent. to the Closing Price of 1.95 pence on the Latest Practicable Date. Under the terms of the Subscription Letters the relevant Loan Providers have agreed to subscribe in the Firm Subscription for 14,836,364 Firm Subscription Shares in cash and 28,636,364 Firm Subscription Shares by way of reduction of debt which will result in the Company receiving gross cash proceeds of £408,000 and debt being reduced by £787,500. Of the cash proceeds £98,000 will be received by First Admission and the balance will be received subsequently.
In addition, the Company is proposing to raise up to approximately £1.76 million (in cash or the reduction of debt and before expenses) through the Conditional Subscription and Open Offer of up to 63,887,957 New Shares at the Issue Price. The Subscription Shares will represent, in aggregate (a) 11.01 per cent. of the Enlarged Share Capital (but excluding any shares issued in connection with the Directors' Debt for Equity Swap) assuming that the Open Offer is fully subscribed and (b) 10.45 per cent. of the Enlarged Share Capital assuming that the Open Offer is fully subscribed and that the Directors' Debt for Equity Swap is approved. In circumstances where no applications are received under the Open Offer, the Subscription Shares will represent, in aggregate (a) 27.19 per cent. of the Enlarged Share Capital (but excluding any shares issued in connection with the Directors' Debt for Equity Swap) and (b) 25.8 per cent. of the Enlarged Share Capital assuming that the Directors' Debt for Equity Swap is approved. Subscriptions by the Loan Providers under the Conditional Subscription will be satisfied by the release of debt. Subscriptions under the Open Offer will be in cash. Subscriptions under the Conditional Subscription are subject to clawback to satisfy valid applications made by Qualifying Shareholders under the Open Offer

[yorgi] 24/4/2019 07:06

Maybe not the news we wanted but at a significant premium to the present share price

[scotty1] 23/4/2019 15:14

Looks like a rollover to me with the time difference and slight price difference

[wi1l] 23/4/2019 15:05

Possibly just a rollover PJ

[pj 1] 23/4/2019 14:44

and another 1m, although that opens up it could be share transfers of some kind.

[pj 1] 23/4/2019 14:37

I wondered why the £10k buy earlier didn't move anything. 1m dumped at 1.8p

[scotty1] 17/4/2019 13:24

Exactly Eric it a translation,never reads like it should when translated.

[eric smith travel] 17/4/2019 12:31

might make more sense in Greek