Minoan Share Discussion Threads

[wi1l] 14/12/2021 07:48

Greece draws hotel investments



New investments are being launched for resorts in Mykonos, Crete, Corfu and Zakynthos, according to data from Arbitrage RE, after the announcement a few days ago that Sani / Ikos is entering Crete with a 125-million-euro project.

[wi1l] 14/12/2021 07:41

Investment funds eyeing local realty



After an 18-month break, foreign investment funds are returning to the Greek property market.

Having invested funds of more than 400 million euros in Greek realty by 2019, these groups froze all moves with the outbreak of the Covid-19 pandemic until the impact of the health crisis became clearer in the sector and the economy in general.

Today the situation appears to have stabilized and funds are acting in dynamic fashion, perhaps even more than in the pre-pandemic period.

[rafboy] 13/12/2021 15:17

Buying/selling dried up for the time being.

[microscope] 13/12/2021 11:56

Good post Atlantic. Kept my counsel to give me more time to absorb recent developments.A few observations as I see them.1) The new laws open the door to attracting investment within a short timeframe, though the comment about a 'mechanism whereby leases can be extended to 99 years' might indicate complexity in that part of the processes. We need much greater clarity on that.2) Clearly grants are going to be widely available and should include MIN investors, though I imagine there will be fierce competition for them from across all 13 sectors in the bill.3). Extension of the loan is a positive.4). I think a few appear to have once again forgotten that MIN own the lease, (or more technically correct will do when it is activated on as Atlantic said on payment of 3 million on initiation). The site itself is not theirs to sell. A massive difference.5). I was disappointed that there was zero mention of potential partners in the last RNS. Even if the implication could be drawn that negotiations are at a sensitive stage, that should absolutely not have limited mention such as we have seen in the past regarding possible partnerships/investors being in the pipeline or even imminent.6). A 'booster' (sorry! :) ) for all of us would be new blood on the board.7) Overall the company is in a much stronger position than it was even a month ago, but major hurdles remain.Just my musings!

[atlantic57] 13/12/2021 11:29

The Board could surprise the market before Christmas if they :

A) Announced that a new younger dynamic person has joined the bod.

B) They announced definitive interest from third parties.

C) They announced that the bod are exercising their 1p options.


Otherwise as you say Rafboy. It is awaiting game until they announce a deal with a third party which will allow the market to revalue min.

[rafboy] 13/12/2021 10:59

Yes it’s a waiting game now. Not expecting too much now before year end so people may sell a few to try and make a bit elsewhere.

[daicaprice] 13/12/2021 10:08

Not what I was expecting this morning after all the positive vibes over the weekend, I’m sitting tight looking forward to a prosperous new year with the view that there must be numerous suitors eyeing up the poor track record to date and preparing an offer if CE and the Board don’t feel they have the appetite for the job.

DC

[nobbygnome] 12/12/2021 21:00

So I guess since MIN is a single asset company, anyone wanting to get the whole lot would just buy the company. A bid of 10p?!?

[atlantic57] 12/12/2021 20:52

Thank you Waterloo .

Looking at the summary of all the posts the upside potential could be significantly more than the net book value. Those with spare cash can load up as the market will I suspect uprate sharply on the announcement of a deal.

Given Christopher age which I'm guessing is around 75 he would surely prefer a knock out offer for the whole project, rather than a succession of deals over an unspecified time period.

[rafboy] 12/12/2021 13:49

Yes have to agree this is the right time for MIN. Should be an interesting few months ahead.

[wi1l] 12/12/2021 11:53

The Greek govt are trying to improve/enhance conditions for investment in these projects so their subsidies will be generous. Lending criteria has , I think, also been relaxed to accommodate the developers. So its a win,win situation for projects such as these.

[tim000] 12/12/2021 11:34

Thanks for the feedback. But what if MIN disaggregates the project into many projects with different developers? That would surely circumvent the ceiling for subsidies.

[waterloo01] 12/12/2021 11:32

Just to avoid confusion, there are I think 3-4 bits of the wider Development Law. The part that to date has been the most relevant is the Strategic investments part of it, that has already been voted through and is now on the books. The Dev law they now refer to, which seems to have govt aid at it's centre is, is going through parliament currently.

It confused me so thought it might have others as well.

[tim000] 12/12/2021 11:29

Yes, it’s hard to know the limit of the upside. It just might be beyond our wildest dreams, given how much the new laws will benefit developers.

[wi1l] 12/12/2021 11:29

I was thinking the same, Tim000 - up to 80% of what? Reading through the article doesn't help explain how much would be available although towards the end it states the max aid per project is 10M Euros.

[waterloo01] 12/12/2021 11:26

tim000, it's a good question. From the above, it would suggest between $10m - $30m.

Maximum aid amounts
The total amount of aid per submitted investment plan may not exceed the amount of EUR 10 million. It is also provided that the aid provided to each investment project entity, including aid to cooperating or affiliated companies, may not exceed a cumulative amount of EUR 20 million for an individual company and EUR 30 million for all cooperating or affiliated companies. business.

I don't think this kicks in until early 22, so timing wise could be perfect.

I'm also unclear, from an earlier story posted if there is further EU money, separate from this?

[nobbygnome] 12/12/2021 11:19

Indeed and currently we are buying a £45 million asset for £8-9 million akin to buying £5 notes with £1 coins! And really £45 million is likely to be a severe under estimate taking into account the recent developments.....

[tim000] 12/12/2021 11:13

Does anyone understand what the subsidy percentages actually mean in practice? ie percentage of what? It was obvious back in 2009 that the only salvation for the Greek people to escape the shackles of the euro was to leverage their comparative advantage in tourism. This is the first government to understand this. Hence the delay in MIN monetising their asset (but offering us the chance to buy lots of shares cheaply). As others say, it now seems inevitable that MIN’s project will proceed to commercialisation in 2022.

[nobbygnome] 12/12/2021 11:07

'All the pieces are coming together at a good time, or so it seems'

It's no coincidence; the Dev Law(s) is the key to unlocking everything!

[the count] 12/12/2021 11:00

--->WATERLOO01

Great find Waterloo.

Exciting read.

And as Nobby has posted above, absolutely no excuses now... the bacon should be coming home. :-)

All the pieces are coming together at a good time, or so it seems.

Regards,

TC!

[nobbygnome] 12/12/2021 07:24

Up to 80% subsidy! That sounds very attractive for potential partners with MIN who want to develop the land. The time is right for MIN to at last bring home the bacon. The goal is gaping and this time even CE can't miss.....

[waterloo01] 12/12/2021 06:48

I believe this is part of what is referenced in the RNS about 'further' laws.

Subsidies up to 80% for new investments

Subsidies of up to 80% for investments by small, medium and large enterprises are provided by the new Development Law , with the percentages per business size being up to 60% for large enterprises, up to 70% for medium and small companies up to 80%.

The new Development Law, which will start in the first two months of 2022, is one of the three main pillars that will support the development of the country and will attract new investments. The other two are the funds from the Recovery Fund, which can be married to the Development Law, enabling the investor to obtain a "piggy bank" from two different sources and the resources from the new NSRF. More than 100,000 small and medium-sized enterprises are already waiting to see which financial instrument, Recovery Fund, NSRF and new Development provides the most advantageous subsidy.

60 days for investment approval
At the same time, the new Development Law promises a significant acceleration in the approval of investment plans from the 670 days that were two years ago to 60 days, with the Certified Auditors gaining an expanded role in the whole process. For the very small enterprises the investment that will be included in the Development Law should be at least 150,000 euros, for the small ones at least 250,000 euros, for the medium ones at least 500,000 euros and for the large ones 1 million euros. It is also important to note that if someone has started before submitting the application for inclusion of the investment in the Development Law then his plan is rejected. At the same time, the possibility of increasing the limit of tax exemptions remains open. "There is a discussion with the Ministry of Finance about whether we could raise the limit.

Amount of aid
The intensities and maximum amounts of aid for the investment plans of each aid scheme are subject to the following conditions:

a. The maximum aid intensities for regional investments (approved regional aid ceilings) are set by the Regional Aid Charter (SEA) and apply to large enterprises. These intensities are increased by 10% for medium-sized enterprises and by 20% for small and micro-enterprises.

b. The increased aid intensities referred to in Small and Medium Enterprises do not apply to investment projects with eligible costs of more than 50 million euros.

c. For investment projects with eligible costs over 50 million euros (large investment projects) the maximum allowable amount of aid for a large investment project is calculated as follows:

εα. For the part of the expenditure up to EUR 50 million, 100% of the maximum permitted regional aid intensity in the area concerned is provided, with the exception of the increased aid intensity for Small and Medium Enterprises (regional ceiling),

εβ. for the part of the expenditure in excess of EUR 50 million and up to EUR 100 million, 50% of the maximum permitted regional aid intensity shall be provided in the area concerned, and

εγ. for the part of the expenditure in excess of EUR 100 million no aid is provided.

Maximum aid amounts
The total amount of aid per submitted investment plan may not exceed the amount of EUR 10 million. It is also provided that the aid provided to each investment project entity, including aid to cooperating or affiliated companies, may not exceed a cumulative amount of EUR 20 million for an individual company and EUR 30 million for all cooperating or affiliated companies. business. These restrictions apply to investment plans, for a period of 3 years from the submission of the application of the institution for inclusion of its investment plan. The amount of aid, per submitted investment plan, is taken into account approved by the affiliation decision. The excess aid amount shall be reduced in proportion to the type of aid and the group of expenditure.

The new Development Law is moving towards the digital and technological transformation of companies, the green transition and the strengthening of less favored areas of the country and areas that are part of the Fair Development Transition Plan (SDP).

The new law establishes 13 state aid schemes for investment projects, which can fall into 13 categories:

Digital and technological transformation of companies
Green transition - Environmental business upgrade
New Business
Fair Development Transition Regime
Research and applied innovation
Agri-food - primary production and processing of agricultural products - fisheries
Manufacturing - Supply chain
Business extroversion
Enhancing tourism investments
Alternative forms of tourism
Large investments
European value chains
Entrepreneurship 360o.
The percentage of the financial participation of the body of the investment plan on the enhanced cost of the investment is also determined at 25%.

[wi1l] 11/12/2021 08:33

Effective Recovery Fund Distribution Key to Greek SME Expansion



“The National Recovery Plan creates a wide range of opportunities for the implementation of significant public and private investments that will contribute to the diversification of the Greek tourism product, showcase the country’s comparative advantages, reduce seasonality, and increase revenues from tourism,” said Kikilias.

The chamber’s president went on to add that investments under the country’s new development law can drastically change the field of operations.

“The emphasis placed on both traditional and alternative tourism will provide space for the creation, expansion and development of more businesses. Combined with fast-track procedures and the tax exemption regime it provides, it creates a new landscape of opportunities for small and medium-sized businesses to thrive,” he added.

According to the Chamber, the tourism ministry has already approved technical reports valued at 320,000,000 euros from the recovery fund.

[tim000] 11/12/2021 08:32

I’ve been a fairly long term holder of BIDS. Its share price has some similarities to that of MIN, and early shareholders have been continually diluted by capital raisings at depressed prices. But on Friday afternoon it announced potentially transformational news; the share price more than doubled; and turnover was over 20% of the share capital. No reason why MIN won’t do the same. That’s why NY Boy hasn’t got a clue, it’s not possible to make general comments about companies and their share prices - all companies’ circumstances are unique.

[waterloo01] 11/12/2021 07:21

Another marker. $27m for 1,328 sq m

North Afantou conceded to MA Angeliades Hellas

TAIPED CEO Dimitris Politis and the legal representative of MA Angeliades Hellas, George Mylonogiannis, signed the closing memorandum of the transaction with the payment of a lump sum of 26.9 million euros plus interest.

The signing took place in the presence of Finance Minister Christos Staikouras and Investments and Development Minister Adonis Georgiadis.

Golf-North Afantou is a coastal property with a total area of 1,328 square meters.

Within the framework of the Special Plan for the Spatial Development of Public Properties (ESCHADA), the property includes a tourism-leisure zone, with renovation and modernization of the already operating golf course, as well as the possibility of creating a residential-tourist village, and a zone focused on the protection and promotion of the environment and the natural landscape.