Minoan Share Discussion Threads

[atlantic57] 15/3/2020 11:41

Will Your Solution is blindingly obvious so why has it not happened.
I think the answer is also blindingly obvious.

The board per the their own admissions for the last 6 years have been in talks and for three of them there have been no obstacles to them signing a contract.

The obvious answer is that once third parties see the detail of what they are being offered ,they walk away.

[wi1l] 15/3/2020 10:41

AND WHEN it adjusts accordingly, it will mean the market cap of the company adjusts up too and will then not be so much of a problem to those being asked to invest far higher amounts in the project. The two should marry out ie the market cap will equate to the true worth that such a project commands.

Every ones STILL a winner!!

[wi1l] 15/3/2020 10:14

Well, looking on the bright side the obvious solution is for Zachary to exercise their warrants for circa £2M+, Minoan then repay Zachary the loan £942K and then have £1M+ working capital to give them (yet more)breathing space.

In return Zachary own 17% of Minoan and have a member on the BoD and the ability to influence the progress of the project thereby shifting their risk in the venture of Brooklyn travel onto the reward to be gained from the less risky & soon to be up & running Cavo Sidero project!

Every ones a winner!!

What am I missing?? Oh the share price is currently a little bit on the low side but we all know THAT!! It will just have to adjust accordingly.

[atlantic57] 15/3/2020 07:23

As has been the case for many years the complete failure of the Bod to provide shareholders with any transparent reliable updates means we are left with blind speculation.

Will has at least provided some logic and reasoned arguments to sustain his speculation.

I think you can safely say that Zechary will drive a very hard bargain if the board are unable to satisfy their debt.

There is much I could speculate on but it is a waste of time.

We await the announcement ....

[fireplace22] 15/3/2020 06:44

I think we should give the management a vote of thanks in ridding us of the travel business, which if still held would now be at the mercy of CV. What tremendous foresight and business acumen they have displayed on our behalf. :-)
If there are viable conclusions to this affair wouldn't Zachary demand a d4e settlement of the loan if a further placing isn't possible?

[wi1l] 14/3/2020 20:14

Yes interesting times, in addition to that, it also occurred to me that if they did go through the courts to get their money back all they would achieve is the £942K they are owed, wouldn't the balance of the proceeds be returned to the company?
Therefore Zachary would also forego their share being 17% of this as they wouldn't have been able to exercise their warrants which may well see them losing an amount coming to far more than just the repayment of the loan.
If that was the case it wouldn't be in their interest to take that course of action?
Edit - it wouldn't also be in the interests of the company to let this happen, its a lose, lose all round, therefore it would be in both of their interests to negotiate a sensible way forward. Hopefully CE and the BoD have plan B waiting in the wings to resolve the repayment of the loan on 9th April.

[atlantic57] 14/3/2020 20:02

Yes Will your comments make perfect
Sense Let us see what happens.
9 April

[wi1l] 14/3/2020 18:48

I have a feeling that Zachary are not now in such a strong position, atlantic. Their investment in Brooklyn travel and the effect that recent events have had on the travel industry may well weaken their bargaining power with regards to their loan arrangement with this company. Have a feeling they will just want their £942K back in as fast and easy way as possible - any other way would not be that much of an advantage to them ie it might not be that easy to extract repayment by going through the Greek courts to get hold of the main asset and then selling it on wont necessarily be easy (!)especially so because it could take years with no certainty of success. Zachary will know that and therefore be more interested in negotiating repayment of the loan to help cash-flows elsewhere.

All IMV.

[fireplace22] 14/3/2020 16:40

Can't see an agreement with an outside agency (JV) coming to save the day; with 3 weeks to go before the loan expires that chance has gone. If deals are possible within a reasonable timescale I dont think we'll be part of it; personally (and now as a best case) I'm hoping for a Zac backed MBO at a modest premium to the current share price

[atlantic57] 14/3/2020 16:29

Will you have an excellent eye for detail.

I wish I had met you 7 years ago when I got involved with the group when I failed to grasp the detail and complexity of the transaction.

However these “approaches “ are yet to progress to even heads of terms after close to 12 months of what ?

[wi1l] 14/3/2020 14:14

There has been one "approach" (not offer) Atlantic. On 9th April last year we were told:

"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."

Sounded ideal and kept everyone happy for a few months.

However, the company will not say if that "approach" was still being negotiated. But they have said in general terms that "unless it were the case we would not be able to say that a number of discussions are ongoing". Presumably then, as they HAVEN'T mentioned it again one has to assume this one isn't ongoing.

[atlantic57] 14/3/2020 13:31

As we wait to hear let us remind ourselves of some basic facts.

Conditions in Greece could not be more favourable and positive as Will has pointed out.
Many posters have posted positive information.


It is now almost 3 years since the Company dismissed appeals against the project.

Yet not a single has been received for either the project as a whole or parts of it.

Finally The zechary loan has to be repaid on the 9 April or some arrangements which are
Acceptable to the lender in order that the loan is not repaid.

A reasonable person would draw conclusions from those facts.We await the rns update which presumably will tell us :

A )what Demonstrable progress has been made (if any)
B) What has been agreed with Zechary

One assumes that by 9 April we will be informed.

[wi1l] 14/3/2020 10:35

FWIW - last month buys were 5.4M and sells 5.8M - a month where the sellers efforts were mopped up by buying. Very low volume and the share price tanked by 35%.

This month started off very different.

In anticipation of news the first four days trading produced buys 4.3m and sells only 1.4M nearly 3M net difference and we were back to where we were a month or so ago.

Even now two weeks of March has produced buys 5.1M and sells 3.1M a 2M net difference.

The company had a window of opportunity from July last year until January this year where conditions could not have been better to move this project into its final stage.

And still we wait to hear ………;…..

[microscope] 12/3/2020 14:59

And now MIN is a winner.........Ok it was at Cheltenham, but but it's the closest we've been.... :)

[fireplace22] 12/3/2020 14:32

MIN stoically rebuffing the stock market collapse and all that CV can hurl at it! Bravo!

[pinkfoot2] 10/3/2020 22:10

The silence is deafening-even Yorgi has gone to ground.

At this level,the directors can exercise their share options without tax penalty.So how’s about it CE and your merry men.Exercise them and put some money back in the tin.

[daicaprice] 10/3/2020 09:51

Big dump there this morning, must of lost a packet at that price.

DC

[fireplace22] 10/3/2020 07:39

For a company with a significant outstanding loan due for repayment and currently having no cash you would expect some comment referring to rescheduling or means of raising the cash necessary well before now?

[arthur_lame_stocks] 09/3/2020 19:11

CE has 3 weeks to deliver on his promise if his credibility is not to be utterly shot.

[mdvorkin] 09/3/2020 14:47

waterloo01 - your post.

Major projects for tourism and primary sector in Sitia, may be pursued if the studies go
In perspective implementing supporting projects for the primary and the field of tourism, but also generally important projects for the region of Sitia Sitia stated the Mayor. George Zervakis.

The occasion was the recent announcements 30 projects studies throughout Crete and the signing of the Region of Crete Mr. Arnaoutakis Stavros.

As stated in the report Mariza Psarrakis the East, "a large part of the economy of the island and the region of Sitia is based on the primary sector, hence the importance of corresponding projects is great. And of course this applies to the tourism sector. I consider it important to have a hierarchy and a schedule for their feasibility, when there are appropriate financial tools, "he said. Pilalimata with St George

Study focused on Southern Highway from Pilalimata to Saint George, amounting 3.600.000 €. "This piece," said Mr. Zervakis, "has already approved environmental terms. The truth is that the initial estimates were for less study financing is likely that data has changed for this increased rate. We think it is a part that improves greatly the access of our municipality to the south axis, with the neighboring municipality of Ierapetra.
It is a work that is necessary, as we all know. Connects the airport of Sitia a purely tourist area like that of Ascension and Makrigialos. And as we have pointed out, projects connecting the Sitia airport and the roads are necessary because connecting two developmental structures which must operate flawlessly to exist and matching citizens'.

The reservoir in Zakros
To reservoir study Zakros amounting 1.100.000 € Mayor made it known that there is a preliminary study, done in the past by the PPC. In this there were three areas proposed for creating reservoirs. The capacity is about 500000-600000 cubic.
"He has chosen," he explained, "one of the three areas. It is an essential task because the region particularly Zakros there are very large water reserves during the winter and in no way should they get lost and do not go to an area that can be exploited in the best way during the summer months. Provided to an irrigated area of about 200,000 trees. We believe that the preliminary study, which has made PPC is in an advanced stage, that the designer will find some items that will help to enable him to proceed. "


Pantelis
For koitopoiisis study river Panteli, 1.500.000 € Mr. Zervakis noted:
"This is a project that already discussed a long time and of course very important.
Among other things, the implementation of the project will create another aesthetic throughout the area of Panteli, but especially those conditions so as not to create more problems that have to do with floods, with crossings through the river while flanking roads will be improved in river. Will be created and an environment attractive for walks and use in other ways.
It is a project under discussion for many years and if it can be realized by using the Regional and subsequent funding programs, will greatly enhance the area, combined with the implementation of some point in the reservoir Zhou. Will upgrade the area and will create the necessary conditions for better use of water resources in the region, "he concluded

[waterloo01] 09/3/2020 13:03

Can't cut and paste the English, but region in Sitia investing in important projects to promote tourism, including improvements in road infrastructure to Sitia Airport.

[wi1l] 07/3/2020 08:31

I take it you mean No delayed trades Iman?! Looks as though the seller had every opportunity but didn't show yesterday.

So far this month buys 4.5M and sells 1.4M net buying 3.1M - mm's must now be blowing the dust off a few shares tucked away for a rainy day.