Minoan Share Discussion Threads

[tim000] 10/12/2019 16:56

Personally, I tend to be more on the Directors' side when PIs claim they're dishonest/incompetent (although of course there are many exceptions to the rule). I'm sure I've said before that micro-cap businesses are hard to manage, and I think Directors are sometimes blamed for events they have no control over. Anyway, we'll see how MIN plays out, hopefully in the coming weeks. We all agree that they have an attractive project and that it is in everyone's interests (including the Greek government) to see it flourish.

[wi1l] 10/12/2019 16:37

Hope you dont consider the current directors in the same breath as institutional shareholders as it would most probably do the current directors quite a disservice. It would appear to me that Day & Raby especially have over the years kept the company afloat with loans when funds were tight. Their actions at the recent share subscription & open offer suggest to me that it will be very unlikely for them to be involved in any MBO but who knows!

[tim000] 10/12/2019 16:20

I certainly agree that institutional investors have very little morality, and distort markets to their own interests. Note though that MIN had a major funding exercise in May and should have raised sufficient funds to pay off the loan entirely.

[fireplace22] 10/12/2019 16:13

The repayment of the loan could always be argued in a case for an MBO rescue on the grounds that it wasn't feasible to approach the market for more funds given the ongoing level of uncertainty?

[tim000] 10/12/2019 16:09

OK, thanks, but the April deadline for the loan isn't a factor in this is it? Presumably that risk is ever present.

[fireplace22] 10/12/2019 16:01

tim000, the danger here is that with two directors of Loyalward holding over 20% of the shares, Zachary in a position to hold a further 18% on conversion of their warrants plus whatever holdings the board of Minoan have a take over of the company with the Zachary loan being used as leverage prior to the announcement of any JV is becoming more of a possibility. They did it with the travel side to the detriment of shareholders, they will do it again.

[atlantic57] 10/12/2019 15:51

Tim it is good to have an alternative
Point of view.

My view remains that if Christopher is telling the market that getting on for
Three years after the appeals were dismissed he has not received a single
Offer for any of the sites he will have
Zero credibility in the market.
There will be significant dilution to pay
Off the loan in these circumstances.

Yes Zechary could extend but again credibility in the project would be dented.

Finally yes my time lines are based on the
Time it takes to organise These deals

[tim000] 10/12/2019 15:28

Atlantic, you often mention the Zachary loan, which is due to expire on 9 April 2020, and the fact that without a deal by then shareholders may be significantly diluted, negating much upside. However, my understanding is that the outstanding loan has been reduced to £942k; hardly a major issue. Moreover, its expiry date has already been extended once, and could be so again. Alternatively, the company can surely just pay it off, if necessary by a small further equity raise. But I don't see this as a major constraint on the future share price. Nor is an arbitrary deadline of three weeks' time much significance: the asset has a long life and as such its value is not going to depreciate if a deal isn't done imminently.

[pj 1] 10/12/2019 14:29

I hope it continues for you all. Good luck.

[atlantic57] 10/12/2019 13:52

ok guys like yorgi ( shock horror ) I am confident of a higher share price than shown today.

However if ce is unable to announce tangible progress before 31/12/19 then the upside potential from here is limited..

I am amazed that ce has been unwilling or unable to make any announcements since 31 july quite staggering.

[daicaprice] 10/12/2019 08:55

That was my last nibble just to help it along.

DC

[yorgi] 10/12/2019 08:30

It will be Will I’m quite confident of that 😊

[wi1l] 10/12/2019 08:27

FWIW Another 1M shares bought above sold this month (1/12 to 9/12)

My calcs over the last year to 30th November Minoan Group shares bought by individuals/companies amounted to 45.3M and sold by individuals/companies amounted to 37.5M (with a ? over 1.2m). On the assumption that the unknown transactions were actually shares being bought that means net shares bought above sold for the year was 9 Million. Add the 1M so far this month (if my maths is right) makes 10M

Continues to Make me wonder should there ever be a surge in buying the market maker coffers will need to be urgently replenished as I don't reckon they are holding that many now and certainly not been overwhelmed with shares sold.

It remains to be seen what will happen on a positive update on progress via rns but because there has been blanket silence for months the immediate effect on the market should be considerable IMV.

[pinkfoot2] 10/12/2019 07:28

I was quoted 2.15 and put them in the market at 2.20 to see if anyone would pay an extra £75 for the 150000 offered.Its hardly an indicator of anything other than the spread is too wide.

If they dip today I will buy again

[tim000] 10/12/2019 07:22

Has anyone considered whether the sale of Minoan's rights to the development will be via a direct sale of the rights, or through a sale of the whole company (since the two are effectively the same thing)? It's just that if the whole company is sold, then obviously the share price will fully reflect the value of the transaction. But if Minoan receives cash, then the share price is unlikely to fully reflect the value of the balance sheet, unless the net proceeds are fully distributed to shareholders as a special dividend (the company having first paid all outstanding debts). Would the company then be wound up? For example, I believe management has 8 mn options @9p. Without a sale of the company at a price over 9p, management might not find it profitable to exercise the options.

[atlantic57] 10/12/2019 07:04

No rns today so it could well be Thursday....

[atlantic57] 10/12/2019 07:02

Your comments make sense Tim

I have posted the link my data is out of date

[tim000] 10/12/2019 06:31

Atlantic, there are just over 419 million shares in issue at the moment.

[atlantic57] 09/12/2019 22:28

Minoan’s balance sheet shows a value of 45 million pounds attributed to Cs.
This values each share at around 16 p.The auditors have not qualified the accounts.
Many years ago the site was valued at 100 million euros.


So the question remains unanswered will the Bod receive an offer for the development!

[the skipper] 09/12/2019 17:12

Yes I was quoted the same price for a dummy sell of 190k not long before the close, so I think that bodes well for tomorrow.

[wi1l] 09/12/2019 16:59

Yes, seems hopeful too as they paid above what was being quoted at 2.15p, maybe wanting more shares because they know that they will be able to sell them on for much more in a few days time or even tomorrow.

[daicaprice] 09/12/2019 16:30

Confirmed as a 150k sell on the other thread.

DC

[pinkfoot2] 09/12/2019 16:28

That’s me selling the 150k-no particular reason other than liquidity in stock

[daicaprice] 09/12/2019 16:17

Well they managed to claw 150k back in unless it was a worked buy from earlier.

DC