Minoan Share Discussion Threads

[wi1l] 16/2/2020 10:48

The opening paragraph of the letter of opinion dated 27.06.11 from CBRE shown on joining Aim stated:

"Recession in Greece hit public consumption significantly and investment more intensely. This situation is further intensified by the new taxation laws, the significant decrease of consumption, the dense problems in terms of finance-raising and the uncertain future of the economy and has led to an investment decrease
of more than 18 per cent. in 2010. Taking into consideration the fact that investment has also decreased significantly during 2009, it is evident that the productive capability of the economy, i.e. the potential development rate, has been restricted significantly."

How different things are now! And for the better(should anyone be in any doubt).

Yet even then their estimated development value of the land plot was in the order of €100 million (27.06.11). And they mentioned "The value could naturally reach higher levels in case the land plot is more densely developed".

(Edit:outline planning is for less than 1% of the 10 sq mile land plot)

[scotty1] 16/2/2020 10:41

Been a bloody long night Nobby 🤣

[nobbygnome] 16/2/2020 10:31

So why can't the Board get concrete interest in the asset? Something doesn't add up here...

Although I guess the night is always darkest just before dawn....

[yorgi] 16/2/2020 10:26

Good point Waterloo, puts it in perspective and shows clearly how undervalued MIN is in against a realistic valuation of the CS site.

[waterloo01] 16/2/2020 10:03

Double page spread in Sunday Times about Crete "You can't beat Crete'. Amongst the villas on offer is one at Elouda at £2.8m for a 5 bed house. 'prime holiday homes to the NE of the island command £3000 to £7000 per sq M.

Well for less than the price of two and a half completed villas ....current market cap of MIN with it's 28kms of coastline.

[waterloo01] 16/2/2020 08:50

Investment activity continues to pick up.



Investments ... in real estate by American Hines
Newsroom BUSINESS16 Feb 2020 09:05

Hotels in Crete, conversion of the Odeon of Sygros into a hotel, commercial park in the Mouzaki property, conversion of the Athens Heart to a discount center and plans for the Botanical by American Hines.
The planning and phasing out of an investment project that is estimated to exceed € 200 million in full growth is being undertaken by the US real estate group Hines. Hines was one of the first foreign groups to recognize the opportunities of the Greek real estate market because of the financial crisis.

In 2014, he is rushing to create a special staff in Athens, under Paul Gomopoulos , in order to acquire the necessary know-how and relevant interfaces to identify potential target properties.

Today, this step has been greatly enhanced and Hines is undergoing a series of redevelopment and real estate development projects, as over the past 18 months it has been able to significantly enhance its portfolio, making significant investments . As evidenced by the group's moves to date, the hospitality and tourism sector is at the forefront, as well as the retail sector.

The latest move and the first one outside the basin concerns the acquisition of three hotels in Crete, which belong to the family of Mr Mich. Kefalogiannis . As the BD revealedA few weeks ago, the deal was mooted for months and an agreement was finally reached, instead of € 61m.


The takeover is the Cyan Group of Hotels group , which includes five-star Apollonia Beach Resort & Spa (Heraklion) and Sitia Beach City Resort & Spa (Sitia), as well as the four-star Santa Marina Beach Resort . Hines plans to spend an additional € 30 million on renovating and modernizing the units.

[wi1l] 15/2/2020 09:13

Going back to your previous posting re the seller. Its not necessarily just one individual selling it could be a couple of the loan providers who converted their loans to shares possibly although the motivation might well be the same i.e. to realise some cash.

In the recent subscription & share issue there was a clause '(e) (save for only two Loan Providers) that any New Shares issued to him/it as part of the Proposals be subject to a six month lock-in and a subsequent six month orderly market arrangement.'

Most of the loan providers have therefore been subjected to clause (e) and although the six month lock-in was up in Nov/Dec the majority should they want to sell have agreed to then be subject to a six month orderly market arrangement, which the clock is still running on until May.

Presumably this ad hoc selling isn't that ie orderly, but it might be one or both of the:'(save for only two Loan Providers)'possibly, seems they were also in need of a return quickly too.

In any event whoever it is, the buying so far has matched their efforts to sell and its given those interested a marvellous opportunity to buy at such a low price, given the market cap is standing at £7M with NAV more like £50M.

All IMV.

[waterloo01] 15/2/2020 08:41

Eurobank's deputy chief executive presented the bank's strategy to capitalize on its large real estate portfolio and announced a € 500m investment.


New investments of € 500 million
Mr. John analyzing the group's strategy in the real estate sector focused on two main pillars:

1. Active management of properties that have or can have an investment profile in order to increase rental income during the holding period of such properties. In this way, we can improve our ratios and increase our capital gains from the valuation of our real estate, taking advantage of the increases in real estate prices today. For the first time in Greece, the Bank decides to treat them as potential investment real estate, that is, we invest in them to improve their quality, expecting significant future earnings.

On the verge of implementation there are also new investments of the Group in real estate of over € 500 million by 2022, which makes it one of the largest players in the Greek real estate market. Of these investments, a large proportion existed prior to the merger with Grivalia, with any new additions addressing recently identified opportunities as well as other potential targets.

[waterloo01] 14/2/2020 16:52

Would love to know the motivation of the seller, but assuming it's one person or entity, I guess they need the money now. From experience when one losses 'faith' or are convinced something has become overvalued and start to sell a position, it gets increasingly easy to keep selling. Investor psychology is full of contradictions.

I guess my buying over the years and particularly as the price dropped below 2.75p, where directors exchanged loans for shares, is driven by a similar but opposite conviction in I think it's undervalued.

Given we are 6 weeks from the end of the quarter, and given what we have been told in the Dec RNS, which as far as I'm aware still very much remains the case, a £7m market cap is probably a minimum of 5 x undervalued, and even that is less than has been spent to date to get here in 2020.

[wi1l] 14/2/2020 16:17

That's what it looks like, Scotty - but there's been more buying shown on the list as sales. Trades 160,000 and 366,513 are sales totalling 526,513 but the rest are buys totalling 442,884. So more or less balance each other out.
Misleading to show buys 75,000 and sales 894,397.

[scotty1] 14/2/2020 15:37

Seller/s still at it then.

[wi1l] 14/2/2020 11:42

And the buyers are still interested:

Last month buys totalled 7.7M and sells only 6.49M net to the buys 1.21M shares.

This month its pretty close so far but buys so far 1.9M and sells 2.2M net to the sells 0.3M.

Pretty close but the mm's seem to be pushing the price down and still eager to take the seller's shares.

It won't matter a jot if and when the deal is done, they will just make more profit from it.

[wi1l] 14/2/2020 11:33

Have a feeling you've hit the nail on the proverbial head, Yorgi.

One seller, selling for personal reasons not related to this company's progress - IMV.

Anyone buying now will be enjoying the low price they have paid thanks in the main to the seller.

[yorgi] 14/2/2020 11:24

The question might be Scotty are most of the sells coming from one shareholder possibly, or most of them at least. Is it also possible this shareholder has "fallen out" as it were with MIN more than reflecting any progress that is being made by CE and BOD in bringing CS closer to being a reality.

[atlantic57] 14/2/2020 09:53

Scotty you have a fair point.

However for myself it is readily apparent that :

A There has to be an announcement by 9 April.

B People can speculate but this is based on pure guesswork.

There is no information in the public domain which enables us to factually extrapolate

What the project might sell for

[scotty1] 14/2/2020 07:21

As on most shares atlantic that's what the bbs are for talk,speculation and hope

[atlantic57] 13/2/2020 23:24

The volume is extremely low so I don’t draw any conclusions of significance other than the obvious.

In a way it be helpful if we stop posting for a month.

The board made a clear statement .So we will get the announcement based on the timeframe
They have indicated.

Our comments and speculation are as they always have been based effectively on guesswork.

[scotty1] 13/2/2020 16:00

Yep yorgi the continuing 100k hits aint doing the share price any favours

[yorgi] 13/2/2020 15:51

More selling, not huge volume but clearly someone or someones patience running out. Even Minoan shareholders patience can have their limits understandably.

[yorgi] 12/2/2020 15:51

Unless the December RNS was factually incorrect we are “on the home turn”.

Although of course until a contract is signed nothing is certain.

I’m quite sure “Absolutely nothing is happening...” is completely wrong. Unless of course CE has personally told you that is the case.

[uncle andy] 12/2/2020 15:44

How exactly are we 'on the home turn'?

Absolutely nothing is happening...

[daicaprice] 12/2/2020 15:14

Why would anyone unload 300k when we are on the home turn after all this time? Totally baffling.

DC

[scotty1] 12/2/2020 13:03

Seems the grapevine was upside down.supposed to be buying not selling 🤦‍a94;️

[yorgi] 12/2/2020 09:08

I will take your word for that then Scotty 🤔

[atlantic57] 12/2/2020 09:06

Something has to give before 9 April.