Minoan Share Discussion Threads

[fireplace22] 19/2/2020 08:50

If a deal is in sight, If I were Zachary i'd be attempting to maximise my leverage. That means using the loan to abstract a bigger piece of the cake. They won't go away quietly away with their 900K plus interest.

[waterloo01] 19/2/2020 08:36

Too much negativity. Zachary isn't due till April and I don't think it will be an issue, given the potential value here. Still 6 weeks till end of quarter and when the last RNS suggests they will report back on with whom and how they will move forward.

[atlantic57] 19/2/2020 08:32

On the basis of information in the public
Domain Zechary are the favourites.

[fireplace22] 19/2/2020 08:30

To be honest a Zachary/MBO at 3p would do me for an end to this. Although even that seems a tad optimistic at the mo.

[fireplace22] 19/2/2020 08:27

Judging by the rapid share price demise we must be pretty close to a revelation even if it is a further placing to cover the zachary loan whilst the never ending saga continues. This will go down in the annals of myth and legend as yet another Greek odyssey, nay tragedy!

[atlantic57] 19/2/2020 08:26

I hope this is not going to be s rerun
Of the travel sale.

They were left with no option other than agree To terms that Zechary offered which were onerous.

The failure to make any RNs announcement
Does not inspire confidence and by leaving
It till the last minute purchasers know
That Zechary have to be paid off.

An update with some flesh is needed.

[scotty1] 19/2/2020 08:19

It's not looking good is it chaps,CE really ought to have pulled a deal off by now i mean how long is it since the final approval sign off,it's totally ridiculous the way he's stringing shareholders along and as a rider i'm pretty sure if TW wasn't a mate of his he would have given a sell recommendation years ago.Gripe over.

[yorgi] 18/2/2020 16:26

Good question Fireplace but I think it does 🤔

[atlantic57] 18/2/2020 15:47

Yes it does seem very very odd share price plummeting ahead of a superb deal being announced.The share price behaviour suggests a large placing ahead,.

Yet volume of shares traded remains modest.

If the board can’t do a deal in these circumstances then it sounds like never will.

Well i am in till 9 April...

[fireplace22] 18/2/2020 15:40

Are we sure this plot of land exists? i'm beginning to get massive doubts. Either that or word of a seriously discounted placing has been leaked.

[gjsurveyor] 18/2/2020 15:38

All time lows

[yorgi] 18/2/2020 12:11

Weeks is of course preferable Will 😊

[mark of the rushes] 18/2/2020 11:50

Could it be that our board are border line incompetent and there's some Stockholm going on here?

[wi1l] 18/2/2020 08:13

"There is no doubt that this is a trophy asset in the right hands with the right negotiators".

Very good point atlantic.

The next few weeks/months will reveal this IMV.

[atlantic57] 18/2/2020 00:09

Will the rhetorical question You posed is the one that has puzzled all investors for some years.There was a very good article posted here some weeks ago by an independent Author making the same point.

The other negative is the negotiating skills of the bod ,given the way they allowed all the interested parties to drag out the sale of travel and then announce a very poor deal.

Remember the reaction Of the share price on the day of the announcement of the sale of travel.I think the shares dropped by 30+%.

There is no doubt that this is a trophy asset in the right hands with the right negotiators.

It is interesting that despite all the excellent posts making the case of how undervaluedThe asset appears to be we are still not moving.

I suspect this is because of the 6 years we are in talks announcements.

The market will only accept an rns announcement As. Basis for rerating.

[yorgi] 17/2/2020 16:56

More than £7m that’s for sure 😊

[yorgi] 17/2/2020 16:52

Hopefully we will soon learn more about the make up
Will be along with confirmation of the values of the site.

[waterloo01] 17/2/2020 16:50

That can work for us as the right and most profitable mix will be different in 2020s that 10 or 25 years ago. Anyhow one would imagine once development starts the mix will also depend on the partners priorities

[wi1l] 17/2/2020 16:34

Equity Development (in 2016) have used 2,000 euros per sq metre as cost of build but then valued the income side on a valuation per room which could be anything from 300K euros per room to 500K euros per room. Their workings are easier to follow.

However, its very apparent to me that aside from the basic information, 5 hotels, 1,000 rooms (?should that be 650), a golf course etc we have very little other information to go on e.g. how many apartments are in the mix to be sold? And this is after 25years!

[wi1l] 17/2/2020 16:11

(I think)Both the Equity Development research & Align research have upped the permitted build from 108K sq metres to 135K sq metres actual build - interestingly Align ( a couple of years ago now)used a figure of 4,500 euros per sq metre as a benchmark sales figure and cost of build 2,000 euros per square metre. But then I got lost in trying to understand the rest of their workings.

[wi1l] 17/2/2020 16:00

pence, pounds or euros, atlantic??!!

Makes me wonder why a company with a project that has the potential to make up to 700M euros still flounders on a market cap of £7M! But maybe the amounts are higher than any of us are expecting on "the Board is now considering a number of different types of commercial transactions with a view to entering into more formal arrangements".

[waterloo01] 17/2/2020 15:54

wi1l, not my figures but they are the ones quoted from the Sunday Times as to the values per sq m in Crete from prime homes, but the figures do tell a story about what value could be unlocked here.

[atlantic57] 17/2/2020 14:51

Will I would not rule out Ce developing the site himself and staying on after all it would give him a good income for years to come.

An offer of 600 million would be most welcome.

[daicaprice] 17/2/2020 13:27

Oh my lord perish the thought, an outright opening bid of €75m for MINOAN would be rather nice though.

DC

[wi1l] 17/2/2020 12:56

Waterloo the permitted build is 108,000 sq metres, however the actual build subject to architectural designs which allow the actual build to be 30-40% larger than the permitted area which comes in at 135,000 sq metres.

Working your figures out on that sales come to between 405M euros and 945M euros, knock off the build cost 250M leaves a profit of between 155M and 695M, given most are on the coast with sea views leaves it closer to the 695M mark IMV.

Pity the directors aren't a bit younger - they could develop the site themselves!!