Minoan Share Discussion Threads

[waterloo01] 15/12/2021 13:12

I have the feeling that there will be more than one investment bank next year who would be delighted to get involved in the development of a Greek strategic investment in the largest private estate in the Eastern Med.

More foreign banks come to Athens

Big global banks are planning to open branches in Athens next year, while other lenders are expanding their existing banking activity in Greece as the investment prospects of the local economy, given the Next Generation EU fund and Brexit, have rekindled the international credit sector’s interest in the country.

[daicaprice] 15/12/2021 09:47

More encouraging news, thanks both for posting.

DC

[waterloo01] 15/12/2021 09:44

Greece stars in the investment map

Nikos Papathanasis spoke about a government that has laid a strong foundation for an extroverted and modern business environment that makes it a protagonist .

The Deputy Minister of Development and Investment referred to everything that is progressing and planned for the creation of a pro-investment environment during the discussion of the budget in the Parliament.

The Greek government has laid a strong foundation for an extroverted and modern business environment, where processes are simplified and accelerated, an environment that consolidates and strengthens the relationship of trust, between state and investor and between state and citizen, as Mr. Papathanasis noted.

"We unblocked and put in the path of implementation large investments"
"We unblocked and put in the path of implementation large investments, stuck for many years. Elliniko and Afandou of Rhodes, emblematic investments, have started. "We are strengthening our shipbuilding industry and creating the conditions for this industry, which was powerful in the past, to start again, giving many and well-paid jobs," he added.

Also, new incentives are given to special investment categories, ease of installation is created with new land uses and licensing procedures are accelerated by simplifying and speeding up the procedures, in a fast track process. In order to strengthen the licensing process, "outside" work performed by the administration, to certified bodies, is given, in order to create a sense of security for investors and accelerate the completion of investments.

[waterloo01] 15/12/2021 08:19

Should be two bills going through in the next days, the above on tourism and the final bit of the Dev law which focuses on grants/funding. Fairly sure the project will be in line for a minimum of Euro 10m. No doubt at a project level but oddly almost exactly todays market cap.

[wi1l] 15/12/2021 08:10

Tourism bill seeks to encourage public-private synergies



A Tourism Ministry bill that will be heading to the Parliament’s plenary next week seeks to establish a more comprehensive framework and introduce tools facilitating public-private partnerships in the promotion and development of travel destinations.

This set of tools is aimed chiefly at encouraging synergies between investors, private companies like advertising agencies or tour operators, and local/regional authorities.

[wi1l] 14/12/2021 08:20

Missed the important bit, well spotted Waterloo!

[wi1l] 14/12/2021 07:52

Yes, plenty going on around and abouts DC:

Hyatt to Open New Hotel on Greece’s Popular Santorini Island



Hyatt Hotels Corporation has announced plans to open seven new luxury hotels and resorts throughout the Middle East and Europe, including in Greece.

This is in addition to the 24 previously announced luxury hotels within Hyatt’s luxury portfolio globally, that are slated to open by 2023.

[daicaprice] 14/12/2021 07:50

Money pouring in wi1l.

DC

[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.....