Minoan Share Discussion Threads

[boliviana] 10/12/2020 11:56

Still those that see what a tremendous opportunity Minoan is are buying while they can at this low.

[boliviana] 09/12/2020 16:21

I'm a bit annoyed didn't get the chance to buy while they were down again but more than happy to add to my holding today.

Absolutely right in my opinion Nobbygnome.

Over a million traded today and those to the wise buying up those that have been given back to the mm's. Thank you guys.

[daicaprice] 09/12/2020 11:54

Yes, yesterday’s sells all mopped up and someone managed a good holding at a great price.

DC

[nobbygnome] 09/12/2020 11:42

Looking encouraging again here.... a few buyers coming in to the market.

[daicaprice] 08/12/2020 11:39

Someone decided to cut and run, 500k sold @1.135p looks like a hefty loss but it should give us some liquidity if any updates are forthcoming.

DC

[wi1l] 07/12/2020 07:40

Media report: Investors who left Greece during financial crisis seek to return



Despite the still raging COVID-19 pandemic that has limited travel for businesses, the prospect of making money when it lifts has seen Greece becoming a prime destination for investors, many of whom left the country during a nearly decade-long economic and austerity crisis.

[wi1l] 07/12/2020 07:28

Israeli Investors Showing Strong Interest for Greece



Israeli investors expressed their strong interest for Greece and a number of the country’s developing business sectors, including tourism agriculture and real estate, during a recent online event focused on investments.

Organized by Enterprise Greece, the Israel-Greece Chamber of Commerce & Industry and the Greek Embassy in Tel Aviv, the event was attended by a number of senior executives of companies from Greece and Israel.

[atlantic57] 04/12/2020 21:26

Agreed Hugo Gilbert has secured a win win a very good return in his loan and the potential to do very well but no downside risk that I can see

[hugothesecond] 04/12/2020 21:10

MG has secured the best deal of all......plus his 10% interest on his loan !

[atlantic57] 04/12/2020 09:26

Excellent Summary Will

Which is why investors got on board whatever price they paid.

[wi1l] 04/12/2020 08:56

FWIW - One needs to be reminded sometimes there actually ARE reasons to be positive:

1)From the Chairman's report (May 2020)

"It is again worth reminding investors of the scope and scale of the Project:

It has an un-appealable Presidential Decree granting outline planning consent.

It has been granted “strategic investment” status by the Greek government.

It is the largest private estate in the Eastern Mediterranean.

It is in a UNESCO designated geopark - an area of outstanding natural beauty and spectacular unending sea view."

2) The cost of inventories remains at £46M in the Balance sheet - Still no impairment - auditors must be satisfied that the value of the project exceeds this figure.

Quite a surprise that the market cap is still just a tenth of this at £5M.

Inventories
Inventories represent the actual costs of goods and services directly attributable to the acquisition and development of the Project and are stated at the lower of cost and net realisable value.

"The report of the auditors on the statutory financial statements for the year ended 31 October 2019 and 31 October 2018 was not qualified.

The report of the auditor on the statutory financial statements for each of the years ended 31 October 2019 and 31 October 2018 did not contain statements under section 498(2) or (3) of the Companies Act 2006. "

3)And from the auditors report of Minoan Group:

"Reviewing correspondence and other third party documentation in relation to the project to confirm that the expected value of the project is in excess of the costs to date;"

THerefore INDEPENDENT EVIDENCE collected by the auditor.

Costs of project to date £45.8M therefore expected value of the project is in excess of £45.8M.

Present Market cap £5M share price 1.1p

Expected value of project in excess of £45.8M equates to a share price in excess of 9.75p.

4)One of the DAGG LLP partners (with significant control)

Martin_Gilbert_(businessman)

Martin James Gilbert FRSE (born 13 July 1955) is a British businessman, and the vice chairman of Standard Life Aberdeen and chairman of Aberdeen Standard Investments. He was chief executive (CEO) of Aberdeen Asset Management, an international investment management company, which he co-founded in 1983.

5) An estimate of the price per share that the significant shareholders are invested in:
N Day 4p
G Cook 5p
P Raby 6p
L Adams 7p

I wonder what would be acceptable to them......

More than 7p surely??

[boliviana] 03/12/2020 19:35

That is what I believe to be the case Scotty which is somewhere between 8x and 9x the value today giving a share price in order of 10p.

If CE is successful in negotiating a better deal with the church then could that value be raised.

[scotty1] 03/12/2020 19:07

I believe the project is on the books/inventory at around £45m

[boliviana] 03/12/2020 18:53

Thanks for your reply Hugo.

The historic valuation I quoted was from a detailed report completed some years ago. I know some years ago but surely the site can't have dropped in value during the period.

3x to 4x that you consider to be more like what we might expect is cautious in my opinion but you may well be right and 5p still a decent return from where we are now. I still expect more and fortunately my investment is from the recent low share price

I believe the church will renegotiate it is not in their interest for the site to remain undeveloped so I think CE will be able to renegotiate better terms which will help him in his negotiations with buyer, partner, developer.

You may well be right my expectation of a share price of 10x may be on the high side and yes optimistic but I still think possible and Will and Waterloo but consider it is possible.

[hugothesecond] 03/12/2020 11:27

Historic valuations are just a guide. Don’t believe that the church will renegotiate.
There is value in the project but to expect that we could deliver 10x present level is unrealistic.
My own belief is that a maximum 3 to 4x valuation is the most we could expect - upto 5p per share - unless we find ourselves in a competitive bid situation - and that is highly unlikely.

[boliviana] 03/12/2020 10:04

Hugo your thoughts ?

[boliviana] 03/12/2020 10:03

Thank you Waterloo and Will so my thinking is in the right ball park if CE can pull off a good deal.

I believe he can and will if he was going to settle for some chancers offer he would have done by now there is a reason he has not gone for a silly offer in my opinion.

[atlantic57] 03/12/2020 09:31

Will That is an excellent balanced Summary which is what you need to arrive at a balanced view.

All eventualities are possible but in the absence of an rns it is just like going on betfair and placing a bet.

Yes Dc Your memory is correct.
The Church have fought this project from the beginning their contractual rights would mean as soon as developers look at the project in detail they race for the exit.

There are numerous signs that Greece is a great place to be at the moment.

I have not seen any information in the public domain which tells us that Minoan have made any progress on renogiating terms with the Church or near to signing a contract to sell any part the project.

If any poster has information to contradict that statement then please share it.

[daicaprice] 03/12/2020 09:00

With a clear head the Church have never liked this project and fought it for years and from memory the contract signed between Minoan and the Church entitles the church to a % of income not profit, also there is a minimum capital spend on the project otherwise the whole shebang reverts back to the church.

This is why I’m a bit subdued on my price, really for it to move forward MIN need to renegotiate the church deal downwards or onto a % of net profit.

DC

[wi1l] 03/12/2020 07:08

Pure speculation at this point boliviana as we are still non the wiser on the form that a deal would take or more importantly we still have to find out whether CE and the Bod are even capable of such an achievement. However, my viewpoint FWIW:

Share price 0p-2p no deal/poor deal - unnacceptable

Share price 4p-6p mediocre deal - just about acceptable (with gritted teeth)

Share price 8p-10p good deal - acceptable

Share price 12p-15p excellent deal - very acceptable

It remains to be seen where we will fall but the market right now is showing little confidence although there is just a glimmer that it is reawakening to the potential that this project offers.

[daicaprice] 03/12/2020 00:24

Do the church still not have a large chunk of any offer or is it of development cost?
Is that in your calculations boliviana or are you aware that has been sorted or lifted as if so I have missed it.

DC

[waterloo01] 02/12/2020 23:05

If things fall into place there is no reason those numbers would look out of whack.

[boliviana] 02/12/2020 19:48

Possibly not all I should have done if you are right DC and I'm that far out.

Let me explain my thinking DC and please explain where you consider my thinking is wrong. I think we will both agree there were some historic valuations of something in the order of £80m-£100m. £100m being at the very top end I know.

So if we take the lower valuation and discount it by say between 30-40% that would bring us valuation of nearer £50m. That is approximately 10x the present companies valuation so hence 10x the present share price

I know CE has got to find someone who shares that valuation and I know there will be more shares to be issued but is that thinking that far out DC ? Whatever a lot more than present share price

I will be interested to know what Will, Waterloo and Hugo think.