Minoan Share Discussion Threads

[atlantic57] 11/5/2019 11:43

Looking forwards

As Waterloo correctly states investors can average down

In my opinion the following options are possible.

A Someone steps in and offers to buy 99% of the project .Today perhaps 10 to 13 p is
Possible.

B Over the next few years they sell off bits of the site ,which may well require
More placings.

Perhaps a multiple of 2 or 3 is possible from today’s price.

Downside Risk
They run out of time and zechary either step in or huge dilution is needed to pay them off.

[wi1l] 11/5/2019 07:57

OUTLOOK:

"I and my colleagues believe that 2019 will finally witness the beginning of monetisation of the Group’s interest in the Project and hope that the market value of the Group begins to reflect that of its assets as further news of JVs and other transactions materialises."

[wi1l] 11/5/2019 07:55

AND:

NEGOTIATIONS:

"The Directors and management of the Group continue to progress Joint Venture and Partnership discussions in respect of the Project. A number of principals, or prequalified intermediaries, have executed non-disclosure agreements and, as a result, numerous meetings have taken place in Crete, Athens, and London.

In that respect the Group can disclose that it has recently received an early stage written approach that, if it were to progress, would result in the formation of a joint venture (“JV”) with the objective of developing one of the five hotel and villa areas within the Project. The proposal would see the Group contributing land with an ascribed value to the JV and its JV partner providing equity, project finance, development expertise, and established links with an international hotel group that is a proven operator at the luxury end of the resort and villa rental market. Any transaction would include the right for the Group to monetise a large part of its JV interest. The discussions around value indicate that, if completed in line with those discussions, a figure would be realised at an indicative value which the Board believe that shareholders would find attractive."

[wi1l] 11/5/2019 07:53

Appropriate paragraphs in Chairman's report:

THE PROJECT

"It is as well to remind shareholders that sites of this size in this kind of location are rare and, as such, have major pluses, but they also require more care than normal in their master planning in order to maximise value whilst maintaining integrity and quality. To this end, and at the same time to attract the most valued partners, it is extremely important to have a design team to whom the right kind of partners can relate. As a result of this requirement, I am pleased to inform shareholders that we have been able to recruit a team who will not only produce the best possible designs but also attract the kind of partners who will help us to maximise value for the Company, the Foundation Panagia Akrotiriani, and the local community."

NEW DESIGN TEAM

"For Itanos Gaia the task has been to create an updated master plan plus contemporary and high-end plans for the villas and hotels within the Project. These designs, under the new title the ‘Cloisters of Toplou’ (a name derived from the beautiful cloisters within the Holy Monastery of Toplou whose donation of land made the Project possible), have been released to selected international clients of the Team who have expressed an interest in partnering with Minoan for hotel and or villa development. The reaction has been very positive and discussions continue."

"Shareholders should also be aware that we are already beginning to see the benefits of the appointment of such a Team and the substantial increase in credibility which it brings to the Project."

[waterloo01] 10/5/2019 20:40

I don't need any more downside risk, as I'm sure you agree, just need them to deliver a deal and a valuation.

It won't please some who are in at much higher levels, but they can average down, or accept that they will get a return based on today's market cap, but from where we are today, it should deliver a very healthy upside. We all want a happy Xmas this year.

[yorgi] 10/5/2019 18:40

Thanks for posting Waterloo interesting.

I agree 100% with your final comment.

In my opinion the downside risk is very small from here with potential for far greater upside reward.

[pinkfoot2] 10/5/2019 16:25

Good luck Waterloo-you deserve it for your belief if nothing else.They have cash and no excuses-you may be right!

[waterloo01] 10/5/2019 15:28

Only a couple of PI's at the EGM but they are happy with the extra £240k cash. Things are definitely brewing, and you have to read the chairman's letter with the AGM to get some clues, but otherwise very tight lipped.

The cleaning up of the balance sheet, directors taking shares, plus more cash than planned, alongside what's been said about both the potential JV and design group, are strong indicators that they are in the closing laps of finally crystallising a decent return. Certainly once they get the 1st deal signed it will put a marker down as the the value of the whole.

You certainly get the sense from all the directors that that is the sole focus and very much the desire of all, to see it cross the finishing line.

(Further) patience should pay off well over the next 6 months.

[waterloo01] 10/5/2019 15:24

Only a couple of PI's at the EGM but they are happy with the extra £240k cash. Things are definitely brewing, and you have to read the chairman's letter with the AGM to get some clues, but otherwise very tight lipped.

The cleaning up of the balance sheet, directors taking shares, plus more cash than planned, alongside what's been said about both the potential JV and design group, are strong indicators that they are in the closing laps of finally crystallising a decent return. Certainly once they get the 1st deal signed it will put a marker down as the the value of the whole.

You certainly get the sense from all the directors that that is the sole focus and very much the desire of all, to see it cross the finishing line.

(Further) patience should pay off well over the next 6 months.

[pinkfoot2] 10/5/2019 15:20

Looks like they only raised £240k from outsiders-rest from those underwriting unless I’m wrong.I made this point a while ago.The positive is of course they have cash.

On the accounts,I repeat that I rely on the auditors report-not the directors.

Now they have some cash and a tidied up debt position, there can be no more excuses

[yorgi] 10/5/2019 15:09

Funding sorted and books tidied up so now it just remains for CE to deliver the long overdue deal that should after such a long time see shareholders rewarded for their patience.

Still looks very good value in my mind for such a large prime sight all ready for development.

[pj 1] 10/5/2019 14:28

The Subscription as good as good as done and dusted then.

"I am delighted at the over 99 per cent support received from our shareholders for the resolutions at the General Meeting today in support of the subscription and open offer announced on 24 April 2019 which allows us to strengthen our balance sheet and move forward with confidence with our plans for the development and crystallisation of value to our shareholders of our Crete project."

Can we now expect a flow of positive RNS's in relation to the Crete Project?

[wi1l] 09/5/2019 07:30

No write down of inventories they remain in the Balance Sheet at £45.381M.

"Going concern
The Board is confident that the value of the Group’s asset in Crete, combined with its capital raising ability and the future prospects for development in other areas of activity, justifies the conclusion that it is appropriate to prepare the financial statements on the going concern basis (as described in more detail in note 1).

The directors envisage that any joint venture or partnership arrangements will preserve the nature of the Group’s long term commitment to the Project."

Where's your conspiracy theory now???

[wi1l] 09/5/2019 07:27

Post Balance Sheet events:

Events after the reporting date

It was announced on 7 December 2018 that the Group had raised £525,000 by the issue of 21 million New Ordinary Shares.

It was announced on 31 December 2018 that the expiry dates of Options to subscribe for a total of 11,252,136 Ordinary Shares in the Company at 1p per share that the directors and others have been granted in lieu of their remuneration, will be extended to 31 December 2019.

[wi1l] 09/5/2019 07:26

You can see the filed accounts at Companies House now pinkfoot2.

Clean audit report:

"Independent Auditor’s Report to the members of Minoan Group Plc

Our opinion We have audited the financial statements of Minoan Group PLC ("the Group") for the year ended 31 October 2018 which comprise; the consolidated statement of profit or loss and other comprehensive income, the consolidated and parent company’s statement of financial position, the consolidated and parent company’s statement of changes in equity, the consolidated and company’s statement of cash flows and notes to the consolidated financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union.

In our opinion, the financial statements:
give a true and fair view of the state of the group’s and the parent company’s affairs as at 31 October 2018 and of the group’s loss for the year then ended;
have been properly prepared in accordance with IFRS as adopted by the European Union;
have been properly prepared in accordance with IFRS as adopted by the European Union and as applied in accordance with the provisions of the Companies Act 2006;
been prepared in accordance with the requirements of the Companies Act 2006.

[pinkfoot2] 08/5/2019 15:06

Thanks-will have a look and give you an honest opinion.Im only interested in the post balance sheet stuff and auditors opinion to be himest

[wi1l] 08/5/2019 13:58

Accounts are now showing up as received by Companies House, can't read them yet but will be able to do so in a few days.
Bill Cole assured me yesterday that they are the same in every way as those issued and signed by the auditors and CE on 8th April. You can find a set on the Minoan website.

[pinkfoot2] 08/5/2019 12:11

Still no accounts filed and the General meeting is on Friday-

[pinkfoot2] 07/5/2019 21:01

You are preaching to the converted on the balance sheet-it needed tidying up for audit compliance.

My point re underwriting is that the company needs the cash so those standing most to lose would underwrite in the hope that the retailers support.Worst case they have to put cash up themselves to keep the train running-because they have to.

I’m very cynical about a management team cornered by their own incompetence.

[waterloo01] 07/5/2019 16:57

pinkfoot, well they did have a choice. The company raised enough cash in the subscription to see them through, hopefully beyond a deal. The rest was about clearing the balance sheet and I guess a degree of setting things right with the loan holders. The amount of loans converted however will be reduced by the amount that shareholders subscribe to (which is further cash into the company).

Further the loan holders are highly unlikely to sell, not now anyhow.

If one takes them at face value, the key element is in clearing up the balance sheet (which we now see was rather a mess). Clearing the balance sheet makes any deals much cleaner.

[pinkfoot2] 07/5/2019 16:45

It’s underwritten because the underwriters have no choice-cash or oblivion and total write off of their original stake

[waterloo01] 07/5/2019 15:18

I understand that accounts were filled at the end April. It's companies house who are slow.

Unless what we have been told of late is untrue, then we should finally start to see the value establish. Having met with CE recently I have no doubt deal/s are being progressed and at least one JV seems well advanced.

Looking forward to seeing the fruits of that work and a revaluing of the market cap of MIN. Directors taking shares at 3p and a clearing of the balance sheet sets the scene.

[justjill] 07/5/2019 14:36

The 500,000 seller doesn't seem wildly confident. Mind given the share price is shot to pieces, that is only about 12.5k in money terms.

[pinkfoot2] 07/5/2019 13:44

Accounts not yet filed-only signed off last week but let’s see them on Cos House