Minoan Share Discussion Threads

[wi1l] 23/4/2020 08:25

Interesting?

[atlantic57] 22/4/2020 11:56

The share price action strongly suggests the the next Rns will say...


A We are in talks which may or may not lead to anything ....

B zechary have agreed to roll over the debt at an interest rate of x % and the further issue off x million warrants

30 April looks to be the day of the “update”

[wi1l] 22/4/2020 11:31

Pity there isn't a Lars Ernest Bader in our midst.

[bayetya] 22/4/2020 09:37

Nail on head there ALS - 100% my feelings too.

[arthur_lame_stocks] 21/4/2020 12:31

CE missed the window of opportunity to realise value for shareholders, now we have an uncertain future with no cash, no deal in sight and an overdue loan. I wish i'd never bought these but for what i've got left it's not worth selling now.

[wi1l] 21/4/2020 08:37

So much for:

"The Board attaches great importance to providing shareholders with clear and transparent information on Minoan’s activities, strategy and financial position."

[wi1l] 21/4/2020 08:22

Far too early atlantic, probably 9.59 a.m. on the 30th!

[atlantic57] 21/4/2020 08:17

We will update the market further in our preliminary results announcement which, taking into account the current situation, we now expect to make later in April.

Currently the Group's cash resources are constrained and it is managing its working capital position carefully. The Group is in constructive dialogue with its loan provider and others regarding the extension or settlement and restatement of the loan due to be repaid on 9 April and will provide an update in the near future.

Minoan Group Plc announces that its Annual General Meeting will be held at 10.00 a.m. on 30 April 2020.

So one assumes it is reasonable to expect an announcement before the 30 april regarding the points shown maybe wednesday 29 april...

[atlantic57] 19/4/2020 16:28

The Bod have failed to make any transparent communications to shareholders.

I don’t know what the directors have achieved in other Companies they were involved with before they were involved with Minoan.

As for delivering shareholder value I believe they came to the market at 76p

[wi1l] 19/4/2020 16:21

Goodness and have you read this one:

2. Seek to understand and meet shareholder needs and expectations.

A healthy dialogue should exist between the Board and shareholders to enable shareholders to come to informed decisions about the Group.

The Board attaches great importance to providing shareholders with clear and transparent information on Minoan’s activities, strategy and financial position.

Again - Fully compliant

I give up!!!

[wi1l] 19/4/2020 16:13

From their Corporate Governance

The Board should express a shared view of Minoan’s vision:

Minoan’s "vision" is that by realising the value of the Project it will deliver long term, sustainable growth in shareholder value whilst ensuring against unnecessary risk.

Apparently they are fully compliant.

[wi1l] 19/4/2020 16:01

More: Directors of Minoan Group - all business savvy and experienced - very impressive too. But what do they do for the shareholders?

Christopher Egleton, Executive Chairman, aged 74
After qualifying as a chartered accountant and a subsequent career in the City of London in merchant banking, Mr Egleton spent a period of 6 years with The British Land Company PLC. He then became Chief Executive and founder shareholder of Beckenham Group Plc, a small industrial group which was floated on the Third Market in 1987 and subsequently moved to the Unlisted Securities market in 1989. He relinquished his major executive role in relation to that group in 1991 and retired from the group in 1993. From the late 1980’s he was the major shareholder in Pentex Group plc, a UK oil exploration and production company. He realised the bulk of his investment in Pentex Group plc between 1994 and 1995, immediately prior to its flotation, and since that date has concentrated on a number of private business interests but principally that of the Group, which he joined in 1995.

Grahame Cook, Non-Executive Director, Chairman of the Audit Committee and Chairman of the Remuneration Committee, aged 62
Mr Cook was an investment banker for 20 years with particular experience in global equity capital markets, mergers and acquisitions and corporate advisory. He has worked in London, New York, Zurich and in Germany. He was a director at Barclays de Zoete Wedd and then a Managing Director at UBS where he was appointed to the Global Investment Banking Management Committee. He then moved to WestLB Panmure where he was appointed joint Chief Executive Officer. He had experience during his investment banking career of a number of property and leisure transactions. He is now a professional non-executive director, with his main other appointments being Chairman of Sinclair Pharma plc and non-executive director of Horizon Discovery plc, Draper Esprit plc, and Morphogenesis Inc. He has a Double First from Oxford University and is a member of the Institute of Chartered Accountants. He joined the Board in 2006

Barry Bartman, Non-Executive Director, a member of the Audit Committee and a member of the Remuneration Committee, aged 78
Mr Bartman is a specialist in corporate finance and business strategy. After qualifying as a Chartered Accountant in 1965, he worked primarily in corporate finance at Coopers & Lybrand, N M Rothschild & Sons and The British Land Company PLC. He has worked as a consultant for many years with a number of major banks and institutions as well as many private and listed industrial companies. He has held various executive and non-executive directorships/chairmanships, including finance director and non-executive director of Signature Restaurants PLC, where he was involved in the refinancing and growth of the business via acquisition. As senior non-executive director, he negotiated the management buy-out of Signature Restaurants led by its chairman, Luke Johnson. He acted as a consultant to the Minoan Group from May 2005 until he joined the Board in 2006 as finance director. He became a Non-Executive Director with effect from 1 March 2014.

Timothy Hill, Non-Executive Director, a member of the Audit Committee and a member of the Remuneration Committee, aged 71
Mr Hill is a former director of the Project Management Division of WT Partnership (which provides services to Minoan), one of the largest consultancies in construction in the world. He has more than 30 years international construction experience in Europe, Africa and Asia and has worked either as a designer and/or project manager on a variety of commercial, industrial and governmental projects, specialising in hotel and leisure developments. Relevant projects include the Pine Cliffs golf resort in Portugal, the Pemberton resort in St Thomas in the British Virgin Islands, St James beach hotels in Barbados and the Sandyport Marina Development in Nassau, Bahamas. He joined the Group in 1993.

[fireplace22] 19/4/2020 09:53

With a team like this should we be in the position were in currently?



Minoan Group of Companies Senior Management

William Cole, Group Company Secretary and Director of Loyalward Limited, aged 74
A former Chartered Accountant, Mr Cole was a member of the London Stock Exchange and a director of a number of private companies. He has been with the Group since 1993 and was a member of the team who negotiated the Contract with the Foundation.

Jeremy Watts, Director of Loyalward Limited and Managing Director of Loyalward Hellas S.A., aged 74
Mr Watts has a BSc in Mechanical Engineering and an MBA from Cranfield University. He has held senior management positions in companies operating in the UK, Europe, the Middle East Africa and the United States, including Rolls Royce plc, Smiths Group PLC and Blue Circle Industries. On behalf of Blue Circle he moved to Greece in 1999 as managing director of Heracles cement, the largest cement producer in Europe, until it was acquired by Lafarge in 2002, at which time he resigned to pursue private interests. Mr Watts is resident in Greece.

Nicholas Day, Director of Loyalward Limited, aged 63
Mr Day is a barrister of over thirty years standing and has been a Director of WT Partnership Limited since 1988. WT Partnership is a leading International Practice of construction cost consultants and project managers with over 1,000 staff in 26 countries. His long experience in property and construction encompasses major projects in the UK and Europe as well as the Caribbean, South East Asia and the Middle East. Mr Day is jointly responsible for Business Development within the WT Partnership UK and Europe Practice and thus has considerable experience in the negotiation and financing of business opportunities.

Constantin Valassakis, Non-Executive Director of Loyalward Limited, aged 58
Mr Valassakis has a Masters Degree in Economics from the University of Bordeaux, France. He is a shareholder and managing director of a Greek company, promoting high technology under international partnerships. He is President of the Glyfada Golf Club of Athens, the oldest and largest golf club in Greece, and for many years has been a member of the Hellenic Golf Federation, with a particular interest in promoting and developing the game of golf in Greece.

[wi1l] 19/4/2020 09:52

Yes I have always wondered what involvement Day & Raby have currently, Day especially. In the past I believe they have given the company financial support in the form of loans when they needed it, which has probably kept the company afloat in turbulent times. But the loans were recently converted into shares. What do the other board members do for Minoan?

[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