Minoan Share Discussion Threads

[rafboy] 17/1/2022 12:07

That’s a decent sized buy just gone through.

[waterloo01] 15/1/2022 16:26

I think the final parts of the Dev law are in Parliamentary committee this coming Tuesday. Probably a week or so before it gets published in Gazette and becomes law. Another brick in the wall.

TUESDAY

1. 10.00 am - Meeting Room of the Plenary Session of the Parliament
THE STANDING PRODUCTION AND TRADE COMMITTEE will meet on the agenda:
Continuation of the elaboration and examination of the draft law of the Ministry of Development and Investment "Modernization of competition law for the digital age - Amendment of law 3959/2011 and incorporation of Directive (EU) 2019/1 of the European Parliament and of the Council of 11 December 2018 to provide competencies to the competition authorities of the Member States in order to enforce the rules more effectively and to ensure the proper functioning of the internal market ". (4th session - reading)
Speakers: Vassilios Giogiakas and Ioannis Sarakiotis

2. 10:00 a.m. - Senate Hall
THE EXAMINATION COMMITTEE FOR THE INVESTIGATION OF THE OPERATION OF POLITICAL MANIPULATION OF PUBLIC OPINION , DEFAMATION OF INSTITUTIONS AND WASTE OF PUBLIC SUBJECT
Discussion and adoption of the Commission Finding.

3. Time 13.00΄ - Meeting Room of the Plenary Session of the Parliament
THE STANDING PRODUCTION AND TRADE COMMITTEE will meet on the agenda:
Elaboration and examination of the draft laws of the Ministry of Tourism:
A. "Ratification of the Memorandum of Understanding between the Ministry of Tourism of the Hellenic Republic and the Ministry of Environment and Tourism of Mongolia for cooperation in the field of tourism".
Speakers: Vassilios (Lakis) Vassiliadis and Alexandros - Christos Avlonitis

B. "Ratification of the Memorandum of Understanding between the Ministry of Tourism of the Hellenic Republic and the Office of the Prime Minister of Hungary for cooperation in the field of tourism".
Speakers: Vassilios (Lakis) Vassiliadis and Alexandros - Christos Avlonitis

4. Time 14.30΄ - Meeting Room of the Plenary Session of the Parliament
THE STANDING PRODUCTION AND TRADE COMMITTEE will meet on the agenda:
Elaboration and examination of the draft law of the Ministry of Development and Investment "Development Law - Greece Strong Development".
Speakers: Maximos Senetakis and

[wi1l] 15/1/2022 12:48

HIG Capital controls 11 hotels



The HIG Capital private investment fund has obtained direct or indirect control of at least 11 hotels across Greece over the last few years.

Eyeing the rapid recovery of Greek tourism, which is attracting a growing number of foreign visitors with greater spending power, the fund’s managers, just like many of their peers, expect significant returns.

[rafboy] 15/1/2022 12:31

I don’t doubt the deal is there to be had. It’s just a question of whether they can bring home the bacon.

[tim000] 15/1/2022 11:04

Very good post wi1l. We all know that in England, land with planning permission attracts an enormous premium relative to its alternative use, viz farming land. And as you say, when the land has a particular aesthetic appeal which has great value to the tourism industry, then surely a deal is there to be had.

[nick2412] 15/1/2022 10:09

Good posts Tim.

This Dec '21 link may well have been posted before but I was struck by two extracts from the article:-



"During the press conference, Eurobank also announced a new 750-million-euro funding scheme for the Greek hospitality industry.

The funding package is broken down to:

– 275 million euros for the construction of new hotel units and the expansion of existing ones;"

"Demand for hotel bookings in Greece is expected to hit a 20-year high in 2022"

[nobbygnome] 15/1/2022 09:33

Yes what could possibly go wrong......

[wi1l] 15/1/2022 09:20

The land is the main draw IMV - with the bonus of an unappealable presidential decree for planning permission.

Where on earth can someone get hold of a 10 Sq mile plot of land AND in an area of outstanding natural beauty AND surrounded by spectacular sea views.

And at what price ?

Land has a value, 10 sq miles has considerable value wherever you live, but add to this the location and then add on the permission to develop, the conditions and a Greek Govt eager to help, this equates to a mouth-watering mix IMV!!

[tim000] 15/1/2022 07:56

I emailed the company a while ago also suggesting they follow Atlantic’s advice. First time I had emailed them. No reply. It’s rare that my very polite communications with companies are ignored. I hope on this occasion it’s because any comment would be inappropriate while they are negotiating. But that might be wishful thinking.

[waterloo01] 15/1/2022 07:54

tim000, true. One of the big differences that make it 'different this time' is the change in the lease law, along with the other incentives. The last bit of the dev law (that deals with grants/funding) should be heading to Parliament next week.

[tim000] 15/1/2022 07:48

Yes, I pretty much agree with that Waterloo, I was thinking exactly the same thing as I wrote the post. But I didn’t want to give the impression that MIN is entirely risk free from losses, because that too is not quite right.

[waterloo01] 15/1/2022 07:43

tim000 good post, and I have a similar approach with my portfolio, but the one thing I'd disagree with is it's a binary bet. Unlike a drug company or E&P oiler which live or die with results, there is, and always has been, deals to be done. It's a question of price.

Edit: Atlantic, that would certainly be a nice RNS to land and it's hard to disagree, it's been a very long road to get to that point.

[atlantic57] 15/1/2022 07:36

That is an excellent summary Tim.

However to date the board of directors have not provided a shred of evidence that they have made any progress .No doubt they would argue that the recent changes in the law were promised two years ago and it was worth waiting.

An announcement along the lines of :

A) An update now saying “in advanced negotiations”

B) We have entered into nda with various interested parties.

Because of the 8 year history of “ we are in talks with interested parties” announcements ,this on its own is meaningless.

Your final summary points are a very sensible conclusion.

[tim000] 15/1/2022 07:19

I personally wouldn’t bet the farm on what is essentially a binary play. And there is always the risk of the infamous unknown unknowns. My own portfolio is spread very widely with special situations such as this (although no other has such immediate upside). If 50% come off then I’m happy. That would be my advice about how to treat MIN.

[wi1l] 14/1/2022 22:29

Well put Tim,summed it up very well.

[tim000] 14/1/2022 21:38

I forgot there is another piece of evidence that I personally place weight on. The annual accounts show that the accumulated cost of Minoan developing the project is equivalent to about 6p per share fully diluted. The auditors have signed off the accounts because they are satisfied there is evidence provided by the company that the project has a commercial value at least as much as this. They are satisfied of this, otherwise they would impair the asset in the accounts. The auditors have access to all relevant inside information. This is not conclusive, but it’s further evidence that the project has significant market value.

[tim000] 14/1/2022 21:21

All the posts here provide lots of evidence that the Greek residential and commercial property markets are booming; the government has recently passed laws to stimulate and subsidise the local tourism industry; plots of land suitable for tourism projects are being sold; the Greek development laws include parts that seem specifically inserted to favour the development of Minoan’s project; our largest shareholders (a mixture of commercial property experts and a highly successful fund manager) have recently added to their not inconsiderable shareholdings; and the company seemingly has postponed a placing (to provide working capital) presumably because it has something positive to announce first. These are just off the top of my head, the experts on this thread could no doubt add to my list. You can retort it’s all circumstantial. Obviously! That’s why I say the balance of available evidence. But the share price is saying there’s a 10-20% chance of CE pulling this off. And I say it’s well over 50% given all the above.

[fozdad] 14/1/2022 17:33

Tim, what's the evidence? I'm assuming (and hoping) that there are potential partners who are poised to get involved, but to date, I haven't seen a jot of evidence. I'm still adding here when I can, but my investment is purely based on the very obvious potential and the assumption that after all this time, there must be some progress.......surely!

[tim000] 14/1/2022 16:11

Indeed, DC. A further placing is irrelevant to the key issue of whether there is demand for MIN’s project amongst international property developers. The balance of the evidence we have available to us suggests there is - in which case the shares are as cheap as chips, irrespective of further (marginal) dilution.

[daicaprice] 14/1/2022 13:09

That possibility is factored into my risk/reward calculations thanks clock.

DC

[clocktower] 14/1/2022 12:57

One step forward and you can look forward to the next steps backwards if funds are raised.

Sucked in a spat out maybe.

Good Luck

[rafboy] 14/1/2022 12:51

As Nobby said it won’t take many more buys before this has to move up.

[rafboy] 14/1/2022 12:46

Hopefully that may change as we go forward.

[daicaprice] 14/1/2022 12:40

Strange thing is they are only bidding for a max of 500k.

DC

[rafboy] 14/1/2022 12:39

Watching with interest, nice to see the buying today..