Minoan Share Discussion Threads

[arthur_lame_stocks] 30/4/2021 09:47

I wonder when the next fundraising will be?

[nick2412] 30/4/2021 08:56

Well spotted skipper, on the commitment for more regular updates. The phrase "I will be able to" suggests that he hasn't been able to be too forthcoming whilst sensitive negotiations with the Church have been ongoing . It also indicates to me that the agreement with the Church is fairly imminent and the main basis for an agreement has been reached.

It's the first time that I have seen that he has alluded to the discussions with the Church so specifically, and that suggests the main points have been agreed and the final minor bits are being tied up. Without progress he would have just remained silent or had an obscure and fairly meaningless reference to this factor.

I think MIN will have a number of valuation scenarios to put to interested parties based on the final agreement with the Church. I can see things more very quickly from here.

That's all relative of course in terms of MIN speed. But with Gilbert's influence I suspect things will be tied up by Autumn or year end and holders with saintly patience should be highly rewarded. The commitment for regular communications suggests CE knows what is lined up and the Church deal should free up his quill and ink.

[daicaprice] 30/4/2021 08:55

A bit of press coverage would be nice over the weekend, the Mail on Sunday could give an update, it is after all a slightly positive covid story.

DC

[fireplace22] 30/4/2021 08:55

Dealing with the Church will no doubt be quite different than B2B negotiations, money will perhaps not be of paramount concern.

[daicaprice] 30/4/2021 08:47

As expected, addressing all my concerns and I’m happy to hold for the end game.

DC

[the skipper] 30/4/2021 08:39

Nothing to cause any immediate excitement in there so we’re off to Devon for a short break.

This statement does however indicate that communication is about to become more frequent:”I am pleased to be able to say that I believe that I will be able to update shareholders on progress on all the major issues more frequently over the coming weeks and months.”

[fozdad] 30/4/2021 08:32

I just hope that if this issue (which apparently, we all knew about!) is concluded to a satisfactory conclusion, we don't have to wait for further approvals on the back of it.

[fireplace22] 30/4/2021 08:29

It's amazing how many years we've been told he's been discussing with potential partners, JV's etc. and all the time the reason for the inertia has been this 'problem' with the church which I don't think they have ever bothered to mention or at least emphasise till today? Only Atlantic picked up on that there may be something 'lurking in the woodpile' but as usual it was dismissed out of hand.

[dave4545] 30/4/2021 08:22

Jittery market makers

Cannot buy 250k cannot sell 250k...

[wi1l] 30/4/2021 08:19

But you can't buy any more than 5k online.

[microscope] 30/4/2021 08:11

They've been negotiating with the Foundation since the Decree in 2016. And it's clear I think they won't have any partners unless or until that gets concluded.I anticipate an open offer to shareholders in the coming months, probably before calendar year end, to subscribe for shares and assist financing, given that it's an AGM motion to permit it.

[hugothesecond] 30/4/2021 08:08

Share price will rise steadily from here - we are at a new low.

[waterloo01] 30/4/2021 08:07

spot on Nick IMO. Key to unlock deals and value.

[nick2412] 30/4/2021 08:00

I think, as has been discussed before, the value has not only been maintained through the pandemic but probably enhanced by that horrible phrase "the new normal". High net worths will want more space, a desirable place to use as a work base regardless of lockdowns and luxurious leisure amenities.

I think once the lease and other desirable adjustments are made we may well see a reasonably quick conclusion with Gilbert helping to drive things forward.

[hugothesecond] 30/4/2021 07:57

CE to finalise amendments to contract and lease given his historical links with Church and then steps aside for new leader to commercialise project - approach makes sense. MG will ensure it’s part of the new refinancing agreement.

[atlantic57] 30/4/2021 07:55

Further, as shareholders are aware from the updates already provided, discussions with The Public Welfare Ecclesiastical Foundation Panagia Akrotiriani regarding desirable adjustments to its contract and long lease are in progress.

Once these have been agreed we will accelerate commercial discussions with new and existing parties and bring them to conclusion.


I was not aware that shareholders had been made aware as he puts it but we all knew that
No one would touch project the project in its current form.

If Christopher really cared about shareholders he would retire. If Martin Gilbert was Chairman the shares would double immediately on the appointment.

[wi1l] 30/4/2021 07:46

Easily pleased, me - just relieved to SEE the results!

* Profit made in 6 mths to 31/10 £25K.

* NO impairment of inventory infact:

"All of these factors have an impact on overall value, and shareholders will be pleased to know that, following discussions with its valuers, the Company is of the view that the value of the Project has not been impaired by the effects of the pandemic."

* The report of the auditors on the statutory financial statements for the year ended 31 October 2020 and 31 October 2019 was not qualified.

* "discussions with The Public Welfare Ecclesiastical Foundation Panagia Akrotiriani regarding desirable adjustments to its contract and long lease are in progress."

STILL ALL TO PLAY FOR IMV

[nick2412] 30/4/2021 07:43

The £45m audited value is in the accounts so a lease extension should substantially enhance that value. That's what MIN will be waiting for plus other, if any, "desirable adjustments." A bit of a "win win" situation with the church regarding the lease as it extends their annual income from a concluded project.

[rafboy] 30/4/2021 07:43

More chance of things happening now.

[boliviana] 30/4/2021 07:36

Will Martin Gilbert either take charge or find someone else to get the job done.

[nick2412] 30/4/2021 07:35

Waterloo has got it spot on.

"Further, as shareholders are aware from the updates already provided, discussions with The Public Welfare Ecclesiastical Foundation Panagia Akrotiriani regarding desirable adjustments to its contract and long lease are in progress.

Once these have been agreed we will accelerate commercial discussions with new and existing parties and bring them to conclusion."

I suspect discussions are very advanced with interested parties. Clearly MIN cannot conclude until the "desirable adjustments" with the Church are in place. Then "existing" parties discussions will be brought to conclusion."

Obviously they can't conclude just yet as "desirable adjustments" will up the value. A reference to the lease is in there so it looks like it will be extended in line with something called Dikaioma Epifanias which, based on my understanding, relates to a development that entitles leaseholders on church land to extend the lease to 90 years.

[microscope] 30/4/2021 07:30

Well CE is up for renewal at 10am this morning but seems it's too late for ordinary shareholders to vote.I did try to flag up the timing and importance of this AGM but nobody seemed much bothered on here...

[fozdad] 30/4/2021 07:25

I remain convinced that CE couldn’t unlock a door if you put the key in the lock for him