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MIN Minoan Group Plc

0.75
0.05 (7.14%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Minoan Group Plc LSE:MIN London Ordinary Share GB0008497975 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.05 7.14% 0.75 0.70 0.80 0.75 0.70 0.70 3,581,527 08:34:33
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Hotels And Motels 0 -1.07M -0.0013 -5.77 6.17M
Minoan Group Plc is listed in the Hotels And Motels sector of the London Stock Exchange with ticker MIN. The last closing price for Minoan was 0.70p. Over the last year, Minoan shares have traded in a share price range of 0.475p to 1.275p.

Minoan currently has 822,091,319 shares in issue. The market capitalisation of Minoan is £6.17 million. Minoan has a price to earnings ratio (PE ratio) of -5.77.

Minoan Share Discussion Threads

Showing 22451 to 22473 of 32400 messages
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DateSubjectAuthorDiscuss
09/5/2022
12:05
Another 600k out of the overhang
nobbygnome
09/5/2022
10:34
Shorecap just gone from the offer on to the bid. More than 380k net bought today but the price is down…
nobbygnome
09/5/2022
10:03
Hopefully we'll get confirmation of the shape of the agreement they are working towards, before they complete the legals, although it's the certainty that a completed agreement that unlocks commercial interest.
waterloo01
09/5/2022
09:48
Well that leaves them with around 20 more days, if one is to take them at their word.

Though the volume is small the trades today do not bode well with stock being available at a very small premium to the raise.

clocktower
09/5/2022
09:36
Wi1l, a satisfactory conclusion to the Foundation discussions is the key to unlocking commercial deals and agree I think you'll see all sorts of interest surface.

The message from George Mergos was clear in that it's not a question of deal or no deal, just which one. The one that is based on the principles the Foundation have advanced or one of the other, and more lucrative options.

Any hints as to where they are heading in discussions and we should start to see the reality of a deal sink in. Long time coming and seems to have needed the reassurance of the Deloitte numbers and a change at the top.

Honing down the detail, which is needed to have certainty, shouldn't take long (a month was stated at the AGM).

waterloo01
09/5/2022
08:18
Bear in mind how long that this project is going to take to develop, so the valuations are questionable that you are putting forward at this point in time Nobbygnome.

However until there is news we are stuck in the same hole and take a chance that it will not be another three or four months before we get any resolution.

clocktower
09/5/2022
07:56
Thanks Nick, good points on the marketing side and the tax incentives and grants.

Just need the foundation happily aboard and potential JV partners should be queuing around the block to have some of the 100M euro plus annual turnover. Adds considerable value imv as on each JV deal negotiated George could negotiate a % (say 25-30%) for the company - 25M - 30M Euros p/a must enhance value imv, never mind what they can achieve through selling off pieces/plots of land for development. Therefore "value will out" and must be tantalisingly close to shareholders.

wi1l
09/5/2022
07:48
Currently 1.119 to buy which is tempting…
nobbygnome
08/5/2022
19:14
Very insightful posts Will and really good to hear you are on the mend.

As for the auditor report and full accounts comments, they are very reassuring. I'm not sure their comment that MIN have been actively marketing the opportunity reflects the reality though. I feel prior to marketing, MIN have wanted to conclude a deal with the Foundation.

They can't value things for interested parties accurately without a conclusion to these discussions. That process has been painfully slow but it does appear that the prospect of a transformational deal isn't too far away now.

With the valuation appraisals it's easy to forget the lucrative tax incentives and grants (up to 20m euros for a single company) available. I don't know how much MIN/Loyalward would qualify for but it's likely to be transferrable. So it's a curious situation that grants available for MIN's asset are likely to exceed the current market cap.

A realisation of £75m is far from unrealistic and would equate to 10p a share with 750m shares in issue (673m in issue post the recent funding but its best to be conservative with the final figure). Even at a very unlikely worst case scenario the market should begin to factor in a valuation of 24m or 3p a share.

The trading so far should have eaten into any potential overhang from the funding as nobby points out and a significant number of the 43m new shares issued will be in sticky hands.

Hopefully not long befor MIN plus partner is added to this list :-

nick2412
08/5/2022
16:49
And 18.5 million shares have been traded since Tuesday. Good inroads into any overhang have already been made....
nobbygnome
08/5/2022
16:33
You just summarise the fact there is so much value here....... as long as the renegotiation with the church is completed successfully and development contracts are signed. All to play for at a paltry £7.7 market cap.....
nobbygnome
08/5/2022
15:02
Buy, buy, buy.......

Goldman’s further investment in Greek tourism



Goldman Sachs is investing another 130 million euros in Greece for the acquisition and upgrading of three hotel units from the GHotels group, which belongs to the Grigoriadis family, Kathimerini understands.

If completed, the takeover of those three hotels will be added to a long series of foreign direct investments major institutional investors have made in Greek tourism, such as Blackstone, Hines, Goldman Sachs Asset Management and others.

wi1l
08/5/2022
14:57
An opportunity for:

Accor Reports Revenue of €701 Million in First Quarter of 2022



Accor, a world leading hospitality group, reported first-quarter 2022 revenue of 701 million euros, up 85 percent like-for-like (LFL) versus Q1 2021, according to a recent company announcement.

During the first quarter of 2022, Accor opened 26 hotels, representing about 3,700 rooms, for net growth in the network of 2.5 percent over the twelve-month period. At end-March 2022, the Group had a portfolio of 777,849 rooms (5,304 hotels) and a pipeline of about 212,000 rooms (1,212 hotels).

wi1l
08/5/2022
14:52
STILL ALL TO PLAY FOR IMV!

Greece a Prime Destination For Tourism Investments, Say Experts



Real estate opportunities attract investors
During the forum, Brown Hotels Founder Leon Avigad said low real estate prices and strong demand for hospitality services was motivation for his brand to invest in Greece.

Brown Hotels Founder Leon Avigad.

The international design hotel collection, which runs hotels in Israel and Croatia, has invested in the center of Athens and has plans for more projects in Greece.

Speaking during the “Hospitality and tourism investment forces for the future” session at the forum, Avigad said the government’s tax and health reform schemes and tourism incentives were tempting investors.

“We have a strong feeling for Greece and we recommend to our fellow investors to hop on the train,” he added.

On his part, Kyvernitis Travel Managing Partner George Kyvernitis said there were more investment opportunities for large hospitality projects in Greece but not for small hotel units.

He also referred to the significance of the traveling experience which in the case of Greece involves popular destinations such as Mykonos, Santorini, Rhodes, Crete and Athens.

wi1l
08/5/2022
14:43
Most significant paragraph on statement of the Chairman of Loyalward limited IMV that stands out above all else:

"In December 2021 the Company submitted the new Masterplan and detailed designs to the Foundation. This was followed in March 2022 by the presentation of proposals for adjustments to the Contract for the lease of the Cavo Sidero site together with a full presentation of the Business Plans prepared by Deloitte".

Significant progress must have been made recently to have reached this stage and there is further suggestion that the 100M Euro turnover pa is at the lower end of the scale and could be easily be surpassed should they decide on one of the alternatives.

The 100M Euro turnover is the estimate of a normal year's trading of hotel income and villa rental and therefore EXCLUDES any profits made on asset disposals too.........

wi1l
08/5/2022
14:23
The report of the auditors on the statutory financial statements for the year ended 31 October 2021 and 31 October 2020 was not qualified.

Infact to read it through it was virtually word for word similar to the previous year albeit there was one improvement - they didn't consider it necessary to include the "Emphasis of matter" paragragh which related to material uncertainties following the last ye 31.10.20 but which haven't reached that level this time around.

They (as always) looked at inventories held on the balance sheet as a key audit matter:
Risk 1: Capitalisation and valuation of Crete Project costs
The group inventories, held in respect of the Crete project, represent the most significant asset on the statement of financial position totalling £46.8 million as at 31 October 2021 (2020: £46.4 million). There is a risk that inappropriate expenditure may be capitalised that is not in accordance with IAS 2. Furthermore, given that the Presidential Decree has been issued granting planning consent and that the Directors appear to be actively marketing the property, any lack of buyer interest in the property would be an indication of impairment. Therefore,
there is a significant risk over the valuation of these inventories.

In this area, our audit procedures included:
 Testing a sample of capitalised costs in the year to ensure accuracy and appropriateness for
capitalisation as project costs under IAS 2;
 Reviewing correspondence and other third party documentation in relation to the project to confirm that the expected value of the project is in excess of the costs to date;
 Reviewing and assessing the marketing activities for the site post grant of the Presidential Decree;

The most important thing that I draw from all that is the auditor has sought AND received independent information from third parties (ie NOT connected to the company)to verify the value of the project. From the information received they have not then insisted on an impairment provision which to my mind means they have information from an indepent party that the project is worth more than £50M.

wi1l
08/5/2022
13:56
Many thanks to those who made contact with well wishes following an unfortunate and badly timed spell in hospital.

Catching up and moving on to matters relating to the company:

The ye group accounts filed at Cos Hse ye 31.10.21 seem quite straightforward and don't appear to include any nasty anomolies IM(somewhat hazy)V. All very similar to the previous year apart from the numbers and George's statement as chairman of Loyalward.

Interesting bits & bobs on the full accounts:

Page 29 - Note 7 Intangible assets:

"The Project is assessed using fair value less costs to sell. The directors have assessed the recoverable amount of the Project as being greater than the combined carrying value of the goodwill and inventories of £50,341,000 at 31 October 2021 (31 October 2019: £50,014,000) on the basis of valuations previously carried out and the
positive progress made in the period since (see also note 10)."

And

Page 32 - Note 10 Inventories:

"Inventories at 31 October 2021 amounted to £46,758,000 (31 October 2020: £46,431,000), comprising costs associated with acquiring and developing the site in Crete, planning and other design costs.

In particular, the directors have considered the current value of the Group’s overall interest in the Project and its progress and are of the opinion that the Project site has longer term value in excess of the carrying value of inventories."

So the value of the project in the directors opinion still comes out at more than £50M without any provision for impairment necessary(STILL).

wi1l
06/5/2022
19:30
Discussions with you PJ are a waste of time and I don't want to fall out with you. Oh and I didn't see you give any examples of your claim!

That's it no more replies from me to you because I have no interest in falling out with you having met you.

nobbygnome
06/5/2022
16:48
A poor week for the spreadsheet as we ended last week at 1.25p. It should be but a temporary blip, with the raise done. The two 'events' ahead in the near term are I suspect rather interlinked. DAGG renewal, on reasonable terms please, will depend on the outcome of the negotiations with the Foundation.

When that lands, and depending on which option is being pursued, I don't think in will open anywhere near 1.1p or even 1.25p. That's also the implication of the Equity Dev note and finally unlocks the project.

The 100m+ number, which is already said to be conservative, is the base case assuming they go with the Foundations referred to 'preferred option. If they go for one of the other options, then it will be interesting to see what the numbers look like. I'd suggest rudely healthy, for both parties.

Once confirmed, I don't think an over hang will be of such concern, although we do have a number of 'locked' in holders, so we'll get selling at different points. Hopefully higher and higher as commercial discussions progress.

waterloo01
06/5/2022
15:33
So around 1.1 million net bought today from what we can see. Yes it will take a while for any overhang to clear at this rate but encouraging to see nevertheless
nobbygnome
06/5/2022
14:47
The offer has increased to 1.2 but the quoted offer remains the same. A nice 450k buy just gone through..
nobbygnome
06/5/2022
11:40
Best wishes wilL - but I would rather you than me, as I have already had enough bits removed/chopped out of from me and extras inserted as well, to date but fortunately with less pain that it must have caused you waterloo01 if you can still recall it.

Still the hoped for impending share price hike here might help. :-)

clocktower
06/5/2022
11:25
Sorry to hear it. Had mine out age 4. Still remember the particular pain.
waterloo01
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