Minoan Share Discussion Threads

[wi1l] 09/8/2020 10:25

Strange how its the lease thats the subject of discussion when it hasn't yet even commenced - there's a whole host of detail relating to the project in addition to this that would be my first port of call.

My understanding is that on breaking ground its the lease for the first 40 years that commences (which is different to the contract which commenced at the time the tender was agreed years ago).

[rmc100] 09/8/2020 09:54

Hi Waterloo, so are you saying that apon 'breaking ground' the contract starts and Minoan start paying for the 40yr lease of the land/asset? Struggling to get my head around how the 40 million potential asset is accounted for ? Cheers RMC

[waterloo01] 09/8/2020 09:26

They won the tender and then entered many many years of legal fights to confirm their rights under the tender,(including the recent court case that they won bought by one of the original bidders that lost) and ending up with a Presidential Decree (Unappealable) granting outline planning (see graphic on website with the outline of where they are allowed to build/develop). Getting to this point is what has taken so many years

The land itself will always be 'owned' by the Foundation, but it's the right to build that's important. They have rights across the whole 6000+ acres.

The contract starts once they actually break ground.

[wi1l] 09/8/2020 09:09

Not disputing that microscope - from the Aim admission documents:

3. The Crete Project
The Project is the assembly, design and supervision of the construction of, and ultimately, the management of the Resort, on a 25 square km site in north eastern Crete. The Site is owned by the Foundation, a charitable foundation established by the Holy Monastery of Toplou and the Holy Metropolis of Sitia and Ierapetra. The Site
has been provided to Loyalward under the terms of the Contract entered into following an international tender.

[microscope] 08/8/2020 21:21

Fact is though Wi1l I think they don't own it, and most certainly have not paid for outright ownership, correct?I have been through many years of RNSs and can find nothing to the contrary, but do correct me if you have alternative evidence

[wi1l] 08/8/2020 21:07

Page 38 of the ye 31/10/19 Minoan group accounts.

[wi1l] 08/8/2020 20:43

I don't think that they have reached the lease stage yet Microscope. The annual accounts state that the development site is to be leased.....

[rmc100] 08/8/2020 20:30

So if the monastery own the asset, how is it worth ballpark 45 million to Minoan (or their subsidiary) or are you saying the contract value could be worth that ? How will the lease lifespan effect that? I'm not trying to knock it by the way as I am a holder, just trying to understand the workings !

[microscope] 08/8/2020 19:17

How could they 'pass on' what is not their's? As I understand it Loyalward have a 40 year lease with an option for 40 more. So I guess what you are saying is that they could sell the lease (not the site).That makes valuation much more speculative imho, despite what the accounts say.But that is only my understanding, and as I could be wrong, would appreciate and happily accept corrections.Caveat emptor.

[wi1l] 08/8/2020 18:05

The monastery own the asset Rmc and have a contract with Loyalward a wholly owned subsidiary of Minoan. The company are not looking to develop it themselves but find a partner to develop it under a joint venture where the company provide the land and the JV partner(s)everything else. The company could, of course, pass the parcel on (for a substantial sum). Would suggest you look at the recently updated web-site for further information.

[rmc100] 08/8/2020 15:43

So do Minoan actually own the asset, (the land) and are they planning to develop and sell, or just sell the asset with planning ?

[yorgi] 07/8/2020 15:16

Makes the present market cap quite laughable Waterloo.

[waterloo01] 07/8/2020 15:05

I keep thinking about the cunning wheeze of the Greeks to offer a flat 7% tax rate to retirees. It will create some serious demand for top end properties, with land, access to the sea and maybe a golf club. The site could host 100's of top end retirement villas and still have building space for a golf course, further villas for rent, hotels, restaurants and still only building on 0.5% of the land. All set with 26kms coastline,beaches and coves.

Top end villas in and around Sitia, most with not much land, selling for upwards of $5m. MIN current market cap. £6.25m

[daicaprice] 07/8/2020 11:45

Ha, someone decided to take them up on it. I’ll keep quiet.

DC

[daicaprice] 07/8/2020 11:27

They are bloody annoying, if they are paying 1.52p for 100k why don’t they advertise as 1.5p and not 1.3p, really bugs me.

DC

[waterloo01] 07/8/2020 11:26

Good to see some new investors. Welcome. Ask any questions you want, happy to answer where I and others can. MIN website is a good place to start.

[rmc100] 07/8/2020 11:20

Just got £1000 at 1.6

[wi1l] 07/8/2020 11:07

Keep trying, its the same here -the doors are closed at 1.7p still but any change in bid/offer and they open briefly so you have to jump in quick!

[rmc100] 07/8/2020 10:56

Still can't get a quote, has anyone else had a trade go through with aj bell

[wi1l] 07/8/2020 10:50

Now we are getting going! the 100K at 1.57 was a buy not a sell.

[yorgi] 07/8/2020 10:48

£6m market cap, still way lower than the value of the project.

[wi1l] 07/8/2020 10:41

Price to sell 300k has gone up a bit.

[wi1l] 07/8/2020 10:38

Door closed on 1.7p too!

[wi1l] 07/8/2020 10:35

Now that is stretching the point Scotty! I doubt it very much, but could be possible as they closed the spread up tight in the last few days.

[tickboo] 07/8/2020 10:33

The spread is ridiculous though. Surely the BID needs to move too. They're seemingly discouraging trades.