Minoan Share Discussion Threads

[waterloo01] 09/12/2021 07:41

Good isn't it.

Just for ref about The project

Minoan's and the Foundation's vision - a unique asset
Largest private estate in the Eastern Mediterranean
Set in the Cavo Sidero 25 sq km Peninsula, with its 28kms of coast with numerous secluded coves and bays
In an area of outstanding natural beauty with spectacular views
Permitted build space of 108,000 sq m, plus allowances
Distinctive locations for hotels and resorts
Properties can include significant outside space
Project granted “Strategic investment” status by the Greek Government
With the benefit of an extremely flexible outline planning permission
Using less than 0.5% of the land for building
Endowed naturally with a history spanning the Minoan, Hellenistic, Venetian and Byzantine periods
30 minutes from Sitia international airport
Project supported by Municipality of Sitia and 28 unions & trade associations, in addition to the Church and Foundation
The current design teams include both International and Greek specialists.
Will contribute a significant number of jobs and economic benefits to the local area and Greece in terms of tourism and competitiveness.

[atlantic57] 09/12/2021 07:41

The Project

The nature of the Company’s Project in Crete, covering over 25sq km with its 28km of coastline and unending sea views, is such that it is able to accommodate the spatial demands that appear to be emerging within the tourism industry as it adapts to a post Covid world. Taken together with the fact that the Project’s flexibility, as highlighted in the outline planning consent and overall plan, has always been to create space for its visitors, using under 0.05% of the land for building, we believe the post Covid demands add to the attractiveness of the development as a whole.

[tim000] 09/12/2021 07:37

Whatever the commercial value was of the project, these legislative changes will undoubtedly have resulted in a material uplift to that value, eg by reducing the cost of capital for developers (as referenced in the RNS).

[wi1l] 09/12/2021 07:37

Excellent summary with profound effect on the company, lots of positives which should please the market.

Here's the link again:

Not bad - 40M Euros for a 85 acre plot.

How much for a 10 Square mile plot of land??

And where are the three disappointed developers going to end up???


Reds tables highest offer for Crete military base



Greek developer Reds has offered the highest bid for a sprawling former US military base on Crete at 40.2 million euros, privatization agency TAIPED said on Monday.

Four investors bid in October to acquire the 85-acre plot in Gournes, outside the city of Iraklio, and turn it into a seaside tourist resort with an entertainment park.

TAIPED, which is handling the sale, initially chose three of them and last month unsealed their offers.

[nobbygnome] 09/12/2021 07:32

I challenge the sceptics to find anything negative in this RNS. Yes they can always refer back to the years of virtual inactivity but with this RNS the corner has clearly been turned and the undervaluation of the asset which is now readily realisable, is clear for all to see!

[waterloo01] 09/12/2021 07:23

And more coming:

" The Legislation referred to above will be followed by a new Development Law, which will set out the details of new and revised incentives for investors and investments. This is expected shortly."

[nobbygnome] 09/12/2021 07:18

The RNS reads very well for a change. The reference to ecclesiastical foundations is clearly of particular interest to MIN. Plus as waterloo says noting the price of £40 million for a much smaller plot of land is illuminating. How can MIN be valued at only £8 million when it has so much more potential....

I'm very content with this announcement!

[tim000] 09/12/2021 07:18

I suspect the first we will hear of a transaction will be once all the legals are signed off and the deal is watertight. One would imagine that there are multiple parties, both domestic and overseas, that MIN are in communication with. Hopefully some of those discussions will be reaching their final stages now that the Development Law is concluded.

[waterloo01] 09/12/2021 07:16

No pleasing some. Probably right. Why would it make any difference!!!

"a right which can most easily described as akin to an English ground lease, and which provides a mechanism to achieve terms of up to 99 years. The use of Epiphania would enhance significantly the ability of investors to finance their investments through the banking system"

[atlantic57] 09/12/2021 07:15

I have been the chief critic of Christopher’s style of communication over many years .


That is an outstanding rns statement,

No waffle lots of detail.

[scotty1] 09/12/2021 07:14

Every RNS MIN puts out paves the way rafboy trouble is they never as yet have come to fruition still you can live in hope that one day rodders

[waterloo01] 09/12/2021 07:12

Lots in there. Interesting to highlight the $40m deal in Heraklion (Wi1l posted a story a few days ago). Just for reference we have 108,000 sq m build space, plus allowances set in 25sq km, with 28km of coastline. Do the maths.

[rafboy] 09/12/2021 07:07

RNS out which paves the way for MIN deals. Excellent.

[daicaprice] 09/12/2021 04:46

If it’s a no news day, another one of consolidation will do very nicely because when it does land I think we will see a real spike.

DC

[nobbygnome] 08/12/2021 12:48

1.35p to buy even 50k now

[waterloo01] 08/12/2021 12:44

Good see the govt directly talking about EU funds available for strategic projects. Not inconsequential IMO

[nobbygnome] 08/12/2021 12:32

So just about equal buys and sells today now although volume is low

[daicaprice] 08/12/2021 12:32

Both taken out Nobby and now offer back up to 1.33p with the bid having risen to 1.26p.
It’s primed for a positive update.

DC

[waterloo01] 08/12/2021 11:53

New Development: The 7 keys to sustainable investment

A more favorable investment environment in terms of grants, flexibility, approval time and evaluations is offered by the new Development Law, which will be submitted to the Parliament for a vote in the coming days. A Law that promotes speed in the process by summarizing in one the 7 steps that were required.

On the occasion of the forthcoming Law, Eurobank took the initiative for an online interview with questions and answers - with the participation of 2,000 of its client companies - to which the Deputy Minister of Development and Investment, Mr. Nikos Papathanasis , answered questions on behalf of companies. the CEO of the Bank, Mr. Fokion Karavias and the Deputy CEO, Mr. Andreas Athanasopoulos .

Within 60 days the evaluation and approval of the application
Regardless of size (with the exception of sole proprietorships that are excluded) the Greek company can submit its plan within the framework of the development law and within 60 days - something that is an impressive development in the speed of approval - there is a response. In fact, if within 45 days from the submission of the application, the process has not been completed, it is automatically passed to a certified auditor. For the record… until recently, the waiting time for the procedure was 670 days on average from the submission of the application. This period today has dropped to 100 days and with the new Law, the goal is 60 days.

Another element of the new Law is that the inclusion in the new Development is fully compatible with the Recovery Fund, provided that the "hidden" part of the state aid concerning the part of the loan is removed from the Fund.

3 cycles of submission of applications in time
The investment can start from the moment of submitting the application and only then (otherwise it goes out of the system). The submission of the action or business plan can be done in 3 cycles within a year and by saying Action, we refer to another innovation of the Law:

A company can express interest and be subject to an individual thematic Action without necessarily having an initial business plan (as required by the old Law). For example, he may be only interested in training, or only in saving energy, or only in going green.

Which companies are covered
In the new Development, individual companies can not be included as mentioned above. Beyond that, they can all, very small, small, medium and some large, depending on the following criteria:

a very small company means one that has less than 10 employees and a turnover of less than 2 million euros
A small business is one that has more than 10 employees and a turnover of more than 2 million euros
Medium-sized enterprise means one that has more than 50 employees and a turnover of more than 50 million euros
a large company means one that has more than 250 employees and a turnover of more than 50 million euros - which in Greece are very few
Increased grants depending on the Regional Map - The multiplier 8
One of the most important parameters of the new Development is of course the increased grants that reach 80% of the forecast of each Region, depending on the Regional Charter. It works multiplier depending on each Region and on average it is increased compared to the old law by 20%.

For example, a Region that received a grant under the old Law 30% for large enterprises, today can get 50% or respectively, for medium enterprises if it received grants 40% with the new regime will get 60% and for small 70% from 50%. What does this mean for the business itself? That depending on the Charter and the Region, it can receive an increased grant with a multiplier of 8 (from 80% of the new rate). By simple calculation, if a company is included in an area in the Charter of Regions that has a rate of 70%, then the company will be able to get a grant of 56%.

Cases of 100%
In two thematic sections - New Business and Depoliticization - a 100% grant of the Charter is provided. This means that in medium and large companies operating in these two directions, the subsidy under certain conditions and of course by Region can reach 100%. Areas such as Kozani, Florina, Megalopolis, Grevena, Kastoria, Gortynia, Tripoli…

Business groups
The following applies to business groups: If the activity of a small business is not related to the core business of the Group, then the small is eligible for a grant. But if it is related, the grant is integrated. For example, a microelectronics company that wants to get into agri-food, can get a grant, because the industry is not related.

Minimum investment amounts
The minimum required investment amounts are for the very small minimum 150,000 euros investment, for the small ones, 250,000 euros, for the medium 500,000 euros and for the large ones, 1 million euros.

As mentioned above, these investments can be combined with the Recovery Fund and also, the private participation in the part of the investment can be done with bank lending (as long as it does not contain obvious or "hidden" state subsidy).

[nobbygnome] 08/12/2021 11:47

Bizarrely it's 1.34 to buy 50k but 1.2898 to buy 100k. Just a warning not to get caught out.....

[iman1974] 08/12/2021 10:02

We've had a nice shift up nothing wrong with a day or two consolidation, all eyes on the next RNS which shouldn't be very far away.

[clocktower] 08/12/2021 09:09

Better that it slip back so sellers can buy what they sold at higher levels for the next bounce and before any possible rise. It seems to have lost its legs, which I thought it may have for another day.

It needs the liquidity of traders.

[waterloo01] 08/12/2021 08:24

I understand they will likely qualify for EU loans, either through Loyalward Hellas or via a partner (as and when).

[wi1l] 08/12/2021 08:13

But they still have a Greek subsidiary Loyalward Hellas (unless I'm mistaken).

[microscope] 08/12/2021 08:11

Doubt non EU companies investing in Greece will be eligible for EU funding, sadly.