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MIN Minoan Group Plc

0.75
0.05 (7.14%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Minoan Group Plc LSE:MIN London Ordinary Share GB0008497975 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.05 7.14% 0.75 0.70 0.80 0.75 0.70 0.70 3,581,527 08:34:33
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Hotels And Motels 0 -1.07M -0.0013 -5.77 6.17M
Minoan Group Plc is listed in the Hotels And Motels sector of the London Stock Exchange with ticker MIN. The last closing price for Minoan was 0.70p. Over the last year, Minoan shares have traded in a share price range of 0.475p to 1.275p.

Minoan currently has 822,091,319 shares in issue. The market capitalisation of Minoan is £6.17 million. Minoan has a price to earnings ratio (PE ratio) of -5.77.

Minoan Share Discussion Threads

Showing 14901 to 14925 of 32400 messages
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DateSubjectAuthorDiscuss
13/5/2019
12:46
Speak for yourself Atlantic-I have been warning about this slow burning car crash for a long while.Yet the same team are running the show and I repeat, how have they managed to blow £45m on something they still have to pay for?

The hard fact is the open offer only raised £240k of cash from the retailers-the rest will have to come from those with most to lose.The key is making sure all shareholders are aligned going forwards

pinkfoot2
13/5/2019
08:19
"The payment of £310,000 in connection with the Firm Subscription will follow Admission, and subsequent announcements will be made in due course in relation to the issue of 11,272,727 New Ordinary Shares to be made in connection with such payments."

"Subsequent announcements" - I wonder why they need more than one??

wi1l
13/5/2019
08:06
I think most investors on the bb including the tip sheets made a fundamental error.
Everyone assumed that the project would attract a buyer very quickly.As a result of this we failed to grasp the complexities of the project.

Specifically we did not understand the debt position or the need for further project expenditure.

Yes it is the same management team taking things forwards.However as a result of the hard work of certain posters we now have all the facts to make an enlightened judgement.

atlantic57
12/5/2019
19:17
All in the past, in a sense.

But we still have much the same incompetent management (or worse if you're even more cynical.) And that is the big gamble. There is nothing to fall back on here. I still get awful feeling we are yet to be "scr*wed" more yet.

Said a long time ago that they should have done open placing not long after Crete approval. Would have sorted shadow of debt, and travel. Could have been totally different story than now.

So here we are and from here we hope.... How long....min 3-6 months is my guess before any big news. And we have to hope no bader stuff impacts wider markets....

justjill
12/5/2019
06:04
All now in the past. Little they can do about it apart from be more wary of Zachary and concentrate their efforts on the project.
wi1l
11/5/2019
18:19
It made C £500k in 2017.But the cost of acquiring the business with expensive Hillside debt caused all sorts of problems-and bonding was a problem with a weak balance sheet.The reality is it was running hard to stand still.

Minoan got a reasonable price but it still generated a big overall loss.But you are right-it allowed Minoan to have many cash calls on the shareholders

pinkfoot2
11/5/2019
15:33
Yes travel made £1m in final year. Yet sold for substantial loss!
wi1l
11/5/2019
14:44
Pinkfoot, without travel, which most definitely made a profit, there would no longer be a Minoan.
psbhoy
11/5/2019
13:47
pinkfoot2, hopefully, that is the question. If the 1st JV is for say £10m then it gives an marker as to the value of the whole. Based on that number I'd assume a total minimum value of £50m, minus costs, paying the church (and any other sticky fingers) so maybe £40m. Hopefully that's low end but it's a great deal better than today's, even post dilution market cap.
waterloo01
11/5/2019
13:38
They bought travel to give the group cash flow-it nearly brought the house down Waterloo-then sold it to one of their own at a massive loss,this despite all the rubbish written about how well travel was going.Remember the Post Office gig?

Travel never got going because of their poor balance sheet-another howler.

They are in last chance saloon and Z are in it up to their necks too-that should force a deal through but what value?

pinkfoot2
11/5/2019
13:12
I'd also point out that doing a deal/sale is very much in Zachary's interest as their upside is huge (a cost that still sticks in the craw).

Re the 2 years, I think a great deal of that was taken up with T&L plans. At one point I get the impression that they were hoping to line up the sort of deal that Duncan and Hillside cooked up, but got distracted by this and then by the sale and both got shafted but also didn't put enough into Crete.

I certainly expect them to conclude a deal this year if not more.

waterloo01
11/5/2019
13:02
As I said, what on earth have they spent £45m on and with whom?They still have to pay 4m for the lease and of course there us the royalty package going forwards.

I will truly eat humble pie if they get £50m out of this

pinkfoot2
11/5/2019
12:15
Waterloo you have given a good balanced post this is helpful. Looking at a stock through
Rose coloured spectacles is not helpful nor going to other extremes.

As the bod have never told us what has gone on over the last 2 years we really have no idea why they appear to have fiddled whilst Rome burnt.

Regarding the future there are many positive outcomes.
However time is of the essence.They need to sign a deal this year .

atlantic57
11/5/2019
11:56
I posted this just now on the other BB ref Zachary

pinkfoot2, I completely agree re the amount of time this has taken, some not in their hands, but agree disappointingly unprepared once they got final permissions. I can only assess the investment as of today and unless someone really pulls the wool over them this time (aka sale of T&L) then there is much more value here than 2.5p/3p diluted. What value? I have my ideas and it's around the £50m mark (and hence why early investors won't ever get back to the £2.00 level, not with the dilution)

I also take them on their word that they are all, including CE wanting to conclude deals and move on themselves. They have all gotten old waiting!

Given the liquidity here, the directors and debt holders won't be able to trade out but await a final full valuation. Equally really don't think Zachary will be an issue, assuming at least one deal has closed. They will be owed £1m but even at 2.75p the warrants that will bring on over £2m if exercised, so net £1m+ to the company (along with the extra dilution).

So unless they fail to conclude a deal within 12 months (god forbid it takes that long) Z won't be an issue.

waterloo01
11/5/2019
11:47
pinkfoot2, I completely agree re the amount of time this has taken, some not in their hands, but agree disappointingly unprepared once they got final permissions. I can only assess the investment as of today and unless someone really pulls the wool over them this time (aka sale of T&L) then there is much more value here than 2.5p/3p diluted. What value? I have my ideas and it's around the £50m mark (and hence why early investors won't ever get back to the £2.00 level, not with the dilution)

I also take them on their word that they are all, including CE wanting to conclude deals and move on themselves. They have all gotten old waiting!

Given the liquidity here, the directors and debt holders won't be able to trade out but await a final full valuation. Equally really don't think Zachary will be an issue, assuming at least one deal has closed. They will be owed £1m but even at 2.75p the warrants that will bring on over £2m if exercised, so net £1m+ to the company (along with the extra dilution).

So unless they fail to conclude a deal within 12 months (god forbid it takes that long) Z won't be an issue.

waterloo01
11/5/2019
11:20
All I can say after today’s homage to the absolute failure of a board of directors is good luck-as Atlantic says,Z will probably take this when the time is right.Odd that nobody wants to mention the auditor’s statements, preferring to kneel at the altar of the great CE and his words of wisdom-which appear remarkably similar to those uttered many years ago.

It’s a pity it took 25 years to employ some local professionals which begs the question of where the £45m has been spent in WIP

pinkfoot2
11/5/2019
10:43
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.

atlantic57
11/5/2019
06:57
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
06:55
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
06:53
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."

wi1l
10/5/2019
19:40
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.

waterloo01
10/5/2019
17:40
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.

yorgi
10/5/2019
15:25
Good luck Waterloo-you deserve it for your belief if nothing else.They have cash and no excuses-you may be right!
pinkfoot2
10/5/2019
14:28
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
14:24
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.

waterloo01
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