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Share Name Share Symbol Market Type Share ISIN Share Description
Minoan LSE:MIN London Ordinary Share GB0008497975 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  -0.10p -3.45% 2.80p 137,256 10:38:01
Bid Price Offer Price High Price Low Price Open Price
2.60p 3.00p 2.90p 2.80p 2.90p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Travel & Leisure -2.52 -1.23 7.6

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Date Time Title Posts
24/1/201911:28Minoan Group- Travel and Leisure Company12,479
24/1/201910:51Minoan-Time for action.1,246
20/3/201809:30Minoan Group20
29/6/201721:56Minoan Group - with charts152
20/5/201707:05Minoan Group-

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Minoan (MIN) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2019-01-23 14:51:482.7250,0001,361.00O
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Minoan (MIN) Top Chat Posts

Minoan Daily Update: Minoan is listed in the Travel & Leisure sector of the London Stock Exchange with ticker MIN. The last closing price for Minoan was 2.90p.
Minoan has a 4 week average price of 2.25p and a 12 week average price of 2.10p.
The 1 year high share price is 8.65p while the 1 year low share price is currently 2.10p.
There are currently 272,659,442 shares in issue and the average daily traded volume is 443,634 shares. The market capitalisation of Minoan is £7,634,464.38.
nick2412: I've been told before by CE that there are two types of buyers - firstly the hard-nosed property /investment funds who will look at the cost outlay, work out their desired profit and offer accordingly. Secondly, there are the mega-rich who find the project has a sort of romantic appeal and might be willing to pay the higher price of say 60m to 100m. The second group includes the sort of wealthy individual that will invest in mega loss making football clubs. Purchasing the CS lease and completing the development would be almost half the price of the Neymar deal estimated at $595m! The analogy is far from perfect as an investor should make significant profits from CS developments even at the higher figures MIN investors would like to see. With just 1% of the area being developed then investors will look at the potential for that area to be increased at a later stage. There's no doubting that the project should appeal to both types of investors. I just wonder how aware potential buyers and partners from either group are aware of the project. I suspect there are quite a few candidates who aren't and I'd like to see MIN address that with some marketing of the opportunity. I'd also like to see a couple of independent valuations on CS done and that would overcome the difficulty of extracting a higher offer due to MIN's low m/cap. It would probably increase the share price and, aside from that, interested parties would have to base their offers on the valuation as opposed to MIN's m/cap. Lastly, it would be good to see some share purchases from CE. Directors bought but he didn't appear to participate. There again, if there are any background progress developments with CS then, of course, CE wouldn't be able to purchase. I remain optimistic that there will be a deal struck in the first quarter. There are embryonic signs in the share price action that, with my optimist's hat on, suggest there might be some background progress.
pj 1: My understanding and thoughts of where we roughly are :- Prospective partners/purchasers contact Minoan. Minoan can now RNS that they are in ''discussions''. These discussions can take place on an ad hoc basis or be more structured. However, this gives an issue as these discussions cannot include any terms or £'s in an RNS as nothing can be checked under DD by the NOMAD, who will refuse to sign it off. Hence why there is currently little Minoan can do to communicate positive developments to uplift the current share price. Therefore following that, a perceived lack of progress, right or wrong, is contributing to selling rather than buying, coupled with general market uncertainty. The ''sale'' of T&L as a related party transaction has added to the mistrust, although the share price had been in decline way before this. Hopefully at some point in the (near)future these ''discussions'' will turn to ''negotiations'' or even ''bidding''. Negotiations have things put in writing and include legal advice and documents, which then can be checked (DD) by the Nomad and can therefore be included in an RNS if the Company so wishes, although often ''non disclosure'' can apply. In that circumstance Minoan would have to find another acceptable way to update the market as to not jeopardise any future negotiations. So, assuming we are somewhere (hopefully) between discussions and negotiations we now have a chicken or the egg syndrome. Is the low market cap preventing negotiations as any prospective bidder reverts to the multiple Minoan want (bearing in mind any prospective purchaser may have to justify this to their own shareholders)or is the lack of negotiations resulting in the low market cap? Off course we should not ignore that Minoan could well be in negotiations, although I do doubt this, but have decided for whatever reason not to RNS. I also note previously that Minoan did RNS and include the word ''negotiation'' at the beginning of the RNS, and then reverted back to solely discussions later in the RNS and to the future. Is this an indication some ''negotiations'' failed to attract a reasonable offer or partnership, hence the selling and low share price? These are my thoughts alone. No doubt I have not got it 100% correct, but I think the main theme of the post is probably not far from where we are, unless Minoan have taken the decision to not RNS and keep us in the dark with the low share price, which I really doubt, or that ''discussions'' are nothing more than enquiring phone calls, again very doubtful but not impossible.
wi1l: FWIW would suggest that the drop in share price over last four months could be due possibly in part to the dwindling volumes rather than any sell-off. Aug B7.3M S5.3M share price ended up 5.3/5.8 Sept B5.7M S6.9M share price ended up 3.1/3.5 Oct B5.6M S5.4M share price ended up 2.75/3.0 Nov (so far) B2.2M S3.1M share price ended up 2.2/2.4 About level buys v sells but the share price has more than halved!
pj 1: Minoan Group PLC 29 December 2017 MINOAN GROUP PLC ("Minoan" or the "Company") Option Expiry Dates As previously announced, Directors and executives have historically agreed to accept options in lieu of their salary and other entitlements. These options (with exercise prices of 1p and 7p per share) are due to expire on 31 December 2017. The Remuneration Committee has decided that it is in the best interest of the Company to extend the expiry date to 31 December 2018. In addition, the Remuneration Committee has also elected to extend the expiry dates of options with exercise prices of 8p and 10p per share from 31 December 2017 to 31 December 2018. These options were granted to satisfy certain existing commitments, As a result, the expiry dates of the Options shown below are now 31 December 2018 (the "Extension"). Number of Exercise Shares Price ----------- ----------- 11,252,136 1p ----------- ----------- 2,575,000 7p ----------- ----------- 2,500,000 8p ----------- ----------- 250,000 10p ----------- ----------- The Extension represents a Related Party Transaction pursuant to AIM Rule 13. As all of Minoan's Directors possess options that are subject to the Extension, there are no independent Directors for the purpose of AIM Rule 13. In relation to the Extension, WH Ireland, Minoan's Nominated Adviser, considers the terms of the Extension are fair and reasonable insofar as its shareholders are concerned.
nick2412: Atlantic, good questions and my thoughts are:- 1) As with most warrant holders, they will not exercise until something concrete (no pun intended!) is in place. If they exercised now then it could be argued they were doing so in order to sell at a small profit. Not exercising means they are awaiting a significant monetising event – sale / partnership. Why exercise now and tie up their cash when they don't need to yet? That's standard for warrant holders. I don't think the argument holds up that just because the warrants are discounted that means Zachery don't want to maximise the return. I suspect they will want an early return though. Rough figures: 40m asset sale / partnership = 3.75m profit for Zachery or a nice 7.5m at 22p. We don't know if they will sit passively or be active in ensuring an early return. 2) I think the main mistake was buying small travel companies in the first place when it's such a competitive sector with major online players dominating. Without knowing the finer detail of what went on then it's hard to assess or make critical judgements in terms of off-loading it. Unfortunately, whether it be a 2 bed terrace or a large business, buyers do mess sellers around unless there is competing interest. Thankfully, it's now sold and MIN will just be a simple massively discounted asset play with a low cost base with a an improving Greek property climate that should allow for early monetisation. 3)As for Crete, remember that Greece is only just emerging (as highlighted by the links) into a growth market for property and, specifically, leisure developments. Also, my reading is that interested parties would prefer to buy Minoan / Loyalward outright. Property developers would want the asset without having to mess around with a travel business. The Company have alluded to 'focus' and things being more straightforward without travel. I am not sure why there should be increased negativity at a time when Minoan have removed an obvious complication in terms of monetising CS. I don't see management being an issue as long as CE doesn't hold out for an unrealistic price and is willing to put offers from outright buyers to shareholders as opposed to favouring partnerships. He is based in Athens and will have the necessary links and contacts. CS is an asset that could attract competing buyers. It appears (based on the interims statement) there is already developing interest that is awaiting a Minoan unencumbered by travel. If someone wants an asset and there is competing interest then it's not a hard management task to deliver. I think CE and Minoan have good relations with the monastery and that's a plus factor that can be easily forgotten. The monastery will also be keen to see early development as they take 10% net profit from the sale of villas. I hope CE is is as keen to retire and exit profitably from MIN as most shareholders will be with an outright sale of CS at a decent price. I'd hope he would favour that rather than partnerships. The latter would still see a healthy share price but the larger returns would take longer. From my perspective I think shareholders want and deserve an outright sale and it should be possible at a decent price in the current Greek property climate now the Company is solely the CS asset. Presumably Zachery and the large shareholders will also be active in ensuring that CE doesn't dismiss any decent outright pruchase offers and allows shareholders to make that decision whether the offer be just about reasonable or compellingly attractive.
mdvorkin: Minoan - grrrr, placing at 6pBy Nigel Somerville, the Deputy Sheriff of AIM | Thursday 26 April 2018OK, it is only half a bernie but shares in AIM-listed Minoan (MIN) had been doing better of late. Now it has done a placing at 6p (the shares were 8p yesterday), welcoming new joint broker Cornhill Capital to the Minoan Team. Apparently this is all good news and Christopher Eagleton is pleased to have raised the funds. So that's alright then. Never mind the 25% discount....We are told the cash will be used to support Minoan's efforts to capitalise on Cavo Sidero and provide working capital. Right, so it isn't supporting on-going losses then....But we are reminded that it still hasn't got final sign-off on the sale of its travel and leisure business which is "impending".My view is that the sale of T&L, if it finally completes and pays down substantially all of Minoan's debt, will give the share price a big boost. After all, if Minoan is not saddled with a cash-guzzling operation and gets rid of its debt then you have a far simpler story to tell. Valuing it would be so much easier, and so I would expect the shares to motor on upwards when the news comes.If that is the case, why did Minoan not wait so that it could cash in on the higher price? Though it sticks in the throat, I still think the shares are a buy but this - and the late publication of its FY results - does worry me a little.
scotty1: Minoan – FY17 results (a week late…) By Nigel Somerville, the Deputy Sheriff of AIM | Friday 6 April 2018 AIM-listed Minoan (MIN) is one of my two share suggestions for 2018, and I hold the shares myself. This morning it released its FY results to last October: we had been promised them in March, but clearly the concept of under-promising and over-delivering simply hasn’t landed in this particular boardroom. However, there seems to be progress and although still promising jam-tomorrow, it does look as though the fleet of delivery lorries may be on the way (although from an unknown distance away). Of course, the company told us last July that the next 12 months would be the most rewarding. Now we are told that we are in the most rewarding period and that 2018 will see major developments. So six months’ slippage there? I know that things move slowly in Greece, but surely on simple corporate matters such as the release of accounts the board could give itself a timetable that it can meet? The chairman, Christopher Egleton, tells us that the company’s share price has not fully reflected the achievement of consent with regard to Cavo Sidero. I’m sure he is right, but the sense of perpetual non-delivery isn’t exactly helped when the company released its results a week later than it told us just a few weeks ago! That said, it is – in my view – quite apparent that the delayed release of results was because the board wanted to announce the sale of the travel and leisure business. It hung around for a week, and from today’s statements it is quite clear that they are very close to finalising the sale. But it hasn’t happened yet. We are, again, given to understand that the sale – when finally completed – will leave Minoan “substantially debt free” – a phrase used four times, in case we missed it the first three times! The chairman hopes to report on this “in the near future”, the announcement of which will mark a significant point for the company: no debt and full focus on Cavo Sidero. Good. As for Cavo Sidero, I was hoping for an update on the approach from a “credible party” which was interested in acquiring a significant stake in the project, as reported on 13 March. Today we are given nothing on that beyond “pending the conclusion of JV or partnership arrangements with prospective partners and/or investors. Of course, that phrase can be read either way but I would have liked an update on the “credible̶1; party. Perhaps it was an oversight? However, we are told that it is likely that “one or more of the partners will be making significant financial contributions”. Is that to Minoan, or to the Cavo Sidero project? We are told that “the application of those contributions insofar as creating the optimum value for shareholders will be foremost in the Board’s consideration”. That’s a bit unclear, but given what the company was telling me at last year’s UKI show, I would hope that it will involve some cash coming in to the company and that the company will pay up a dividend. That would send the strongest message possible to the market. There is plenty of optimism regarding the Greek property market: banks are finally making a dent in sorting out their balance sheets and prices are rising. Good. We are also reminded that the last opinion of value for Cavo Sidero was around EUR100 million. I guess being told that prices are rising is good news, then, but that EUR100 million was back in 2011 and the Greek economy has been through the most almighty calamity since then. So although prices are rising, I doubt the value of Cavo Sidero has risen to over EUR100 million! Even so, assuming the completion of the travel and leisure business, Minoan has a market capitalisation of just £13 million. A stripped down and fully focused on Cavo Sidero company with no debt is surely worth several multiples of that. Is four times overly optimistic? I fancy not, so even with boat-loads of options/warrants etc I see huge upside from the current 6p. As to the numbers themselves, they are largely irrelevant in that the company should have a clean slate in the near future. Indeed, we are told that once the sale of T&L goes through we are to expect a number of changes to the management structure of the Group, and that the focus will be on keeping costs to a minimum while we await the flow of cash from Cavo Sidero. We are also told that once T&L is sold there will be an immediate focus of clearing all other debts and, to this end, discussions with investors and potential partners will be accelerated. My conclusion: PR blunders aside, this is very promising. From what we have been told it sounds as though there are partners in the wings but the effort has been on the sale of T&L so that the board knows where it stands with regard to cash (or lack of it!) My expectation would be, once the sale finally goes through, that some minor deals will be signed to give the company the cash it needs going forward and then from that stronger position, to do the bigger deals which appear to be on the table. The current share price weakness looks to be an opportunity to buy in to an asset worth a multiple of that very cheaply indeed, and whilst Minoan has a habit of not delivering on time, it will surely do enough in the remainder of this year to offer rewards to shareholders. I would hope that will include a dividend. I continue to be patient here, but I do wish that the board would temper promises in relation to realistic and timely delivery. But for the avoidance of doubt, at 6p offer, this is still a buy albeit speculative. As and when the sale of T&L is announced, that will be upgraded to a strong buy. I sense that we are nearly there now.
atlantic57: The short term movement of the min share price is likley to be negative.Longer term of cause it depends on the speed of developments. I have been very critical of the bod. However this is the most positive announcement we have had from them. Previouse announcements have just been warm words. This time we have three solid announcements. 1) The sale of the travel division appears to be at an advanced stage. 2) They have announced that an experienced advisor is now on board. 3) They have also announced that they had a credible offer to invest in Cs. Of course all this may lead to nothing , however this does represent tangible progress. The Board of Directors Have clearly stated that the share price is currently trading at a big discount to net assets.In the last financial accounts the net asset value is indicated at around 17 pence a share. This figure appears to show the cs project valued at around 43 million pounds in the last accounts. We have consistently believed that cs is worth 100 miillion euros. So if the Bod can pull it off there is clearly substantial upside. Time will tell.
scotty1: hxxps:// Minoan updates (at last!) on sale of Travel division and Cavo Sidero. Buy By Nigel Somerville, the Deputy Sheriff of AIM | Tuesday 13 March 2018 No-one could ever accuse AIM-listed Minoan (MIN) of doing anything quickly, but this morning’s announcement appears to suggest that things are finally moving. It is still speculative (both in terms of whether two deals happen, and how long they’ll take) but the shares are a buy. Firstly, on the sale of the Travel and Leisure division, we are told that an exclusivity agreement has now been signed and due diligence is under way. We are also told that the sale (assuming completion) will leave Minoan “substantially” (ie not quite) debt free. But at least we can expect the Hillside loan to be paid off. We are also told that trading has improved, with Q1 gross sales up 15% and commission up 10%. That is good news, and one might hope for a deal to complete in the not too distant future. On the company’s Cavo Sidero project in Crete, where they have had full, final and irrevocable consent since the formal announcement that final appeals had been dismissed back in June of last year, things appear to have taken a significant turn for the better. You have to have had the patience of a saint to see this through – and we are still not there yet! But that is why the shares are as cheap as they are - and that's the opportunity here, for I believe that we are within months of significant news which will turn the company's fortunes on their head. This morning the company announced: The Company has recently received an approach from a credible party which has expressed an interest in acquiring a significant stake in the Project. Discussions are at an early stage and the Company will provide shareholders with an update in due course. Ok, it is at an early stage, but we are told that this is a credible party. We were also told that the potential buyer of the travel division was credible and that looks to be progressing in line (if slowly!) with what we were originally told. So this looks to be a very positive development. What we are not told, sadly, is an order of magnitude for any potential deal. Given that discussions are at an early stage, I guess that Minoan is playing its cards close to its chest. However, this appears to be the sort of deal Minoan was talking about when I chatted with the company at last year’s UK Investor show. The company goes on to say that its share price is currently so low that issuing shares via a placing is just too expensive and that it is in discussions over a small debt fundraising which will keep the lights on whilst we await the above potential sales to materialise. The implication for me is that a sale of a “significant interest” in Cavo Sidero would pay that off and leave the company well funded. Indeed, I would hope for a dividend! We are told that the market capitalisation of Minoan was (before today’s announcement) at a discount of over 70% to the last published NAV of £43 million. That starts to give an idea of what could lie ahead. Minoan’s FY17 numbers are to be published at the end of this month. If the company were in discussions over a deal to sell off a substantial portion of Cavo Sidero at a discount to its book value that would surely have to be noted in the accounts. As such, I would fancy that discussions with this “credible̶1; buyer will be focussing on a price which Minoan’s board will be happy to shout about. That would see the shares move higher, meaning that the 70% discount to NAV should be much reduced, if not eliminated. Minoan has had a long history of diluting shareholders, and today was no exception: we find that 1,293,333 share have been issued at 6p a pop to “meet certain prior obligations” – whatever that means! (Perhaps a prior obligation to keep the lights on?!). But it is only £77,600 worth, so I’m not overly concerned at that. More to the point, it does sound as though Minoan is avoiding dilution ahead of what just might be a major transformation in its prospects. The shares have been sliding in recent months but this morning they are up a decent enough 32% (last seen). If the above deals play out as I expect, there are plenty more days like this ahead. As per my Christmas/New Year tipfest recommendation, the shares are a buy and will be heavily re-rated when the risk of dilution goes away and questions start being asked about dividends instead.
atlantic57: wi1l There is no need for deep analysis here ! As has been stated repeatedly by numerous posters the min share price will be rerated when the the project is monetarised. Until that day comes we can all speculate , the speculation ends when a willing buyer puts some money down.
Minoan share price data is direct from the London Stock Exchange
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