Minoan Share Discussion Threads

[fireplace22] 19/4/2020 09:34

The £20M valuation would lend some credulity to the current share price
MIN is a company of paradoxes, we have an ageing board with it seems, little ambition but to draw a salary month on month and have, superficially at least, very little 'skin in the game'. Then we have two major s'holders, Day and Raby (the latter still MIN manager?) Their position in this is nebulous to say the least, they can't be content with CE's performance to date, so why do they seem to appear relatively inactive? How are they connected (if at all)to the sales negotiations and what part are Loyalward (if it exists in reality at all) playing if any? Then there is Zachary of course are they merely taking advantage of MIN's financial predicament using it's loan as leverage?

[arthur_lame_stocks] 19/4/2020 09:28

Well CE does at least have an incentive to do a deal now that he is being paid in warrants instead of cash. But I don't hold out much hope for the short term.

[atlantic57] 19/4/2020 08:57

Fireplace post 14298 sums it up.

I think we have been deluding ourselves .
Something does not feel right about this world class asset ,almost certainly the details
Surrounding how the project can be developed.

If the asset is really that good why has no one even made a law ball offer.?
The directors state in the accounts that the asset is worth in excess of the carrying value (note 10) The Professional valuation was 100 million euros some years ago.

It makes no sense.

I attended the 2018 egm and an ex director stood up and stated that the whole site was worth a maximum of 20 million pounds.

The only way this assertion can be debunked is a signed deal with a third party showing value for the project.

Will we get that ?

[fireplace22] 19/4/2020 08:24

With all the but one of the MIN directors in their 70's how can it be in their best interests to enter into a JV with presumably, a prolonged pay back time. Wouldn't it be better for them to seek an offer for the whole company. Not sure where Raby and Day fit into the MIN hierarchy or decision making process but presumably they are younger?

[atlantic57] 18/4/2020 15:00

Will I Cannot equate the description of the the asset with the performance of the bod.

To date it has been a lifestyle company for sure.

It is quite staggering that the board have been unable to get the project moving.

Whether the economic conditions in Greece have been the best in a decade or the whole
country was suffering with the black death it makes no difference to the bod.

They just carry on with the time honoured formula

We are in talks and we need a placing..

[wi1l] 18/4/2020 14:04

My expectations are certainly not very very low, atlantic.

Bear in mind what is up for grabs:

"The site for the Project is the Cavo Sidero peninsula, a spectacular location extending into the Mediterranean from the North Eastern coast of Crete in the prefecture of Lasithi.

The site, in the locality of Itanos, will be held on a long lease granted by the Ecclesiastical Foundation, Panagia Akrotiriani and comprises 25,000 stremmata (over 6,000 acres).

It has 28 kilometres of coastline, numerous secluded bays and inlets as well as an interior with rolling hills where herbs such as thyme and marjoram are part of the natural vegetation."

"Spectacular"

"over 6,000 acres"

"numerous secluded bays and inlets"

Under normal circumstances ones expectations should actually be very very HIGH!!!

This company is letting its shareholders down big-time, the Bod should be utterly ashamed of themselves in their inability to achieve even a modicum of success.

[atlantic57] 18/4/2020 12:20

That is a good summary !

I can tell with certainty that the Bod will :

Continue to make placings

Continue to draw Directors Remuneration

Continue to make noises about being in talks

Sadly Will your summary aptly summarises the reality of the ability of the board to deliver .

If you look at the way they handled the sale of travel and the gifting of warrants
To zechary I would keep expectations very very low...

[wi1l] 18/4/2020 11:42

Just very disappointing that there was a window of opportunity large enough from July last year where conditions could not have been better, where the new Greek Govt were doing somersaults to attract inward investment, where additional tax incentives were on offer, where interested parties were in abundance with substantial funds, where the sites proposed are on the coast with spectacular views and WHERE the company in what can be considered a reasonable time-span has failed miserably to convert a JV for even part of this project.

And now here we are with the company's back against the wall, no money, with the loan already overdue, with the accounts for this last year soon to be overdue, with the web-site update overdue by over a year, in the midst of a pandemic that could go on for months, WITHOUT any chance of getting the project or any part of it under way.

[arthur_lame_stocks] 18/4/2020 11:10

I wouldn't expect too much with the results if history is anything to go by.

[daicaprice] 18/4/2020 10:00

None of that is really too much to ask of any normal Co. with efficient leadership after all these years and the incentives being offered for investment into Greece, however, we know better but we must be close to some parts in a positive update.

DC

[atlantic57] 18/4/2020 09:44

That is a good wish Will

I will certainly discuss the detail of any announcements with you.

[wi1l] 18/4/2020 09:13

I think I would prefer the very good news please, atlantic! Have a feeling though it will as always be somewhere in the middle although to even achieve that the pieces of the puzzle need to slot in one after the other pretty sooon.

Ideally:

1)£5M Business interruption loan to pay off Zachary's loan and provide enough working capital even CE would find in difficult to use up prior to getting a JV deal. Lending over six years with the first year a holiday from payments and the govt picking up the interest tab.

2) An investor coming on board providing additional working capital (just in case 1) wasn't enough and to make the repayments of capital after year 1).

After that:

1) submission of the annual accounts - year ended 31st October 2019 complete with clean audit report and no provision for impairment on the value of the inventory (valued at cost £45M).

2) A detailed update on progress - details of heads of agreement signed with JV partners or negotiations surrounding EVERY site of the project.

3) the website updated with detailed plans of the sites proposed development in the project.

Leading to:

1) A signed agreement with at least one party to COMMENCE work on the project.

ALL VERY ACHIEVABLE

EDIT with the voice of reason:

With this lot sadly that's just PIE IN THE SKY!!

BUT what will we get...……………;…?? (I dread to think!)

And after that: (Misery)

It needs an inner strength of unrivalled power to remain positive!

[atlantic57] 17/4/2020 16:52

Will it looks like everything will be announced on 30 April 2020 whatever everything
is.

If the market makers are genuinely in the dark then i can understand why they don't really want to make a market .

Very Good news would mean Min would rocket from these levels

The other extreme is more warrants issued and we are in talks ....

[wi1l] 17/4/2020 08:16

MM's FWIW are still after stock 600K plus in one go but can change in a moment. So far this month buys 2.1M and sells 2.4M so reasonably level, whereas last month buys 11.4M and sells 7.6M. Relatively quiet this month awaiting that(Or those) rns.

[atlantic57] 17/4/2020 07:15

Some Good news on Minoan

The warrants given to zechary will expire in October 2023 .

So that source of potential dilution will fall away, unless of course the price of extending the loan is....

[atlantic57] 16/4/2020 08:48

Having looked at these links i cant see how Minoan would be eligible for these loans.

However that does not mean to say with the correct presentation they would not get it.

[yorgi] 16/4/2020 08:21

I hadn’t checked this morning Will but as you have you’re right it does not look like it at the moment.

[wi1l] 16/4/2020 08:11

little chance at the moment Yorgi. the spread's oppressive - to sell is 1p yet to buy its 1.39p! Doesn't seem they want anything to happen certainly in the short term.

[wi1l] 15/4/2020 15:50

It would be a good price if you do IMV, Yorgi.

We are waiting for news on a number of fronts though and reliant on CE and Bod to look after shareholders interests, take us through the next month and if they can manage that and the pieces of the jigsaw puzzle start to fall into place there should still be all to play for and a decent return to be had from 1p.

The price should drift back to 1p as there will most probably be a shortish delay before we hear anything of substance.

[yorgi] 15/4/2020 14:09

Might be lucky to get some more around 1p Will.....can but hope 😊

[atlantic57] 15/4/2020 11:47

Yes there may well have been interest ( This is just speculation)

My views may be brutal but there are no prizes for nearly/almost

Sometimes in social groups people comment along the lines of

So and so could have done better referring to their marital partner ..

Well they did not do better

We can only judge Minoan on what they eventually deliver.

Only the bod know the full story..

[wi1l] 15/4/2020 11:21

Understood atlantic, an "arms-length" deal (if they can manage that) would draw a line under everything, especially the share price. Whilst you make valid points with a)& b)I do slightly disagree with a) as I have a feeling a deal has on a couple of occasions come tantalisingly close and even now think the discussions/negotiations may well lead to a joint venture at the very least. It appears they take the stance that only when contracts are signed will the market be told hence the silence but it only takes one interested party to convert and then it becomes a different ball-game. Progress therefore is being made IMV.

[atlantic57] 15/4/2020 10:12

Will you consistently provide good balanced posts. I agree with your thesis that this should provide an ideal parking lot for wealth.

Where we may disagree is.

a) The Company have consistently failed to make any tangible progress with this project.Which suggests that monetising the asset is not straightforwards.

b) The directors are perpetually placing shares and i believe they will continue to have ongoing commitments .

Therefore the number of shares in issue will eventually mean the value to shareholders will continue to fall.

An rns announcing A DEAL Is the only way we have any opportunity to establish this is a rock bottom price.

[wi1l] 15/4/2020 08:48

Yes atlantic I should think that resolving the financing on the loan is the priority. But it strikes me There's plenty of room for the up-side on these companies and Minoan is not alone on this and a relatively safe haven for funds during the market turbulence now at a rock-bottom price IMV! Once they sort the loan out that is.