I bought a few of these this year at 7.5p. Recent events are disappointing but I still feel the sum of the parts is worth twice the current price.
Personally i'd like to see them sell CS seperately from the travel division and return the proceeds to shareholders. Any return from CS is years away otherwise and there will probably be plenty more dilution before it is realised so better to sell now.
Well the BOD certainly know how to create transformational value.......Not.
Disposal of our only cash generating asset, the Travel business for c£6.3M equal to the amount owed to Hillside. Depending on the deal, MIN become debt free.
Raising £1.3M less expenses at a 21.3% discount. Hmmmm 6p. No attempt by the BOD to create positive news flow on Crete to ignite interest in the SP. Tut tut !!
So I think the story is, sell Travel for c£6.3M, become close to debt free, use the £1.3M as working Capital until 31 Oct 18, reduce the 50M Warrants to 7p, whilst having a transformational event in the back pocket.
From where I am, a sour Greek meze and a complete loss of credibility.
Minoan no early Christmas gifts, but a good trading statement with lots to look forward to
By Nigel Somerville, the Deputy Sheriff of AIM | Thursday 14 December 2017
AIM-listed Minoan (MIN) issued a Trading & Financing Statement at 1.41pm. Happily, it does not look like a howler - good news there! Sadly there is no deal involving Cavo Sidero - we will have to wait a bit longer for that. But we do get an update on its loan to Hillside and on trading at its travel agency, and we are told the preliminary results are expected to be in line with market expectation.
On the Hillside loan, it has been extended yet again this time to the end of June 2018. I was rather concerned that this extension would have a another stack of warrants attached, but we are told that the price in an increase in the interest to 10%. That is very good news in my book, even though it means no deal in Greece for now.
We are also told that the Travel and Leisure division:
has continued its growth trajectory with gross sales being 18% ahead of the previous year
thats reassuring, but better still is that:
Although very early in the current financial year, trading conditions have been robust so far and gross sales are currently up by 16% against the same period last year (i.e. November 2016).
OK, thats a little bit down on the 18% growth before, but those with longer memories will recall that in September last year the company stated that its Travel and Leisure business had taken a hit as a result of Brexit and currency movements. It also indicated at the time that it was targeting 8% growth, so 16% looks impressive.
What we dont have, of course, is any financials. How much cash is in the bank? Is the T&L business in profit? Are those question really too difficult to answer?
Perhaps the T&L division is very close to being either cash beak-even or positive. It would be good to see a profit there, although one would imagine we would have been told if it was clear-cut. So perhaps a narrow miss.
But ultimately what we are all (STILL!!) waiting for is news form Greece. On that, all we are told is that we are entering a period that will be key to delivering shareholder value. So no deal yet, then.
But we also are told the Board has carried out a review of the Group's operations.
What was the conclusion of the review? A for sale sign up over the Travel and Leisure division? Does it suggest a bigger sale in Greece than we imagined? Perhaps a separate listing?
It looks as though it is going to be a very interesting (for all the right reasons) few months and I am holding my shares tightly.
I believe that the sole reason that investors are here is because of the Crete project. In my mind it's unforgiveable that the BOD choose not to provide a meaningful updates and instead give us a virtual cut and paste statement from 5 months ago.
The message I get is one of a board lacking enthusiasm and energy and totally out of touch with there shareholders. Surely if there has been good progress they would be shouting it from the rooftops! The fact that they haven't makes me think that there hasn't been the progress expected and this is reflected in the miserable share price decline.
I share your exasperation but at least we got the heads up on the travel business performance. In line with expectations and continuing to grow.
MIN might have had the Crete project bubbling away for 20 years plus but until the PD was signing, it was a pipe dream. 3rd parties might have registered an interest but serious negotiations could only begin Post PD.
Therefore to a certain extent I sympathise with the BOD. If you still believe the story, significant value is within sight but crystallisation of this Asset will not happen overnight.
I guess Hillside still think extension of the loan is their best bet and each time they have done this they probably had more knowledge than us.
I would like to think that the BODs strategic review has identified numerous options to extract value and I assume discussions with interested parties remain confidential.
However, until any news breaks the BOD need to find ways to increase positive news flow otherwise the SP will remain static.
After all this time waiting the lack of information from the BOD on the Crete project progress is pitiful!
In July 2017 CE said "the Group is about to enter the most rewarding period in its history." Now nearly 5 months on he says " we are now entering a period that will be key to delivering shareholder value."
The fact that the sp hasn't moved today says it all really.
Travel in line with expectations and 16% ahead in Nov 17 to Nov 16, Good !
Loan extended to 30 June 18, Good !
The Board has carried out a review of the Group's operations and it believes that we are now entering a period that will be key to delivering shareholder value. As the review has already taken place, it must show some key drivers to obtaining Shareholder value ?
We wait a bit longer I guess...............
Minoan is pleased to update shareholders in relation to trading and the Group's financing arrangements.
In relation to the financial year ended 31 October 2017, Minoan confirms that the preliminary results for the Group are expected to be in line with market expectations.
The Travel and Leisure division ("T&L") has continued its growth trajectory with gross sales being 18% ahead of the previous year. Although very early in the current financial year, trading conditions have been robust so far and gross sales are currently up by 16% against the same period last year (i.e. November 2016).
Loan Facility Extension
The Loan Facility dated 16 October 2013 from Hillside International Holdings Limited has been extended from 31 December 2017 to 30 June 2018. Interest is now payable at 10% per annum.
The total cash amount due under the facility as at 31 October 2017 was £6,266,000 (31 October 2016 - £5,800,000) made up of the principal, redemption fee and interest accrued.
Christopher Egleton, Minoan Chairman, commented
"I am pleased that we have been able to report on the continued growth in T&L and that the Loan Facility has been extended.
Following the announcement earlier in the year that the Company has an un-appealable Presidential Decree giving outline planning consent for its project in Crete, the Board has carried out a review of the Group's operations and it believes that we are now entering a period that will be key to delivering shareholder value."
Surely these are worth a punt at these levels. The travel business is worth half the market cap or so and now that they have the Presidential Decree for the Crete project it must only be a matter of time before JV partners are signed up and the development starts.
26 July 2017 - Christopher Egleton, Minoan Chairman, said:
"Following the dismissal of the Appeals against the Presidential Decree granting Outline Planning Consent for its Project in Crete, and the continued increase in the profitability of its travel business, the Group is about to enter the most rewarding period in its history."
Since then nothing! Come on BOD it's time we heard something from you about this most rewarding period in Monoans history - we are waiting .......................!
After today's RNS, Mr & Mrs Dvorkin enter the MIN website
As Third largest Shareholder. The three others stay the same.
No movement in SP, so could be a distressed seller got rid via transfer, a behind the lines Shareholder re-org or as simple as a large existing Shareholder crossing a reporting threshold.
No ideal what to make of this, especially as we have a so called "transformational event" to follow.......
......or are things starting to move(?)
Investor Information Significant Shareholders »
The Directors are aware of the following shareholdings representing 3% or more of the current issued and fully paid ordinary shares of 1p each:
Shareholder.....No. of Ordinary Shares....Percentage of Existing Ordinary Shares
P D Raby ........................13,773,850...........6.49%
Mr M & Mrs L Dvorkin.....12,527,327...........5.90%
Mrs L A Adams...............10,774,442...........5.08%
I think there are some key messages in this statement. What is significant value for Shareholders? Who are the interested parties they are talking to ? Who has shown interest after PD confirmation, that was previously shy ?
BOD just need to execute.....the clock is still ticking
The Group is poised for what is likely to be the most rewarding period in its history. As indicated in my last Chairman's Statement the dismissal of the Appeals against the Presidential Decree ("PD") is a transformational event which will, finally, allow the Group to crystallise the significant value of the Itanos Gaia project in Crete (the "Project").
We now have an un-appealable PD which, in effect, gives Outline Planning Consent for what is probably the most significant foreign investment project in the tourism sector that has been approved by the Greek Government. It puts the Group in a strong position in terms of negotiating with potential partners and investors to ensure that shareholders receive the best value in any transaction.
In addition, I am pleased to report that the Group has enjoyed a strong period of trading in its Travel and Leisure business, with total transaction value up by circa 20%, gross profit up by circa 14% and profit at EBITDA level up by circa 35% - all compared with the same period last year.
With the dismissal of the Appeals against the PD, the Group is now in position to move towards the completion of a number of ongoing negotiations with potential partners and investors. It is also likely that, with the announcement of the dismissals, a number of previously silent observers will wish to become involved, as has already occurred.
The key partners in a Project of this nature are divided into two main sectors: operating partners such as hotel groups etc. and financial/investor partners. Although both are required, from a developer's point of view the key players at this stage are usually those investors who are themselves experienced in the tourism and leisure sector and, as you would expect, this is where we have been concentrating our efforts to date. Simultaneously, the next steps for the development and operation of the Project are continuing so as to enable it to progress as soon as possible.
Now that we have obtained Outline Planning Consent it is worth re-stating some of the key facts related to the Group's hotel and leisure Project and its site. The combination of the site itself and the Project is unique. With the Project's inherent sustainability, a build footprint of less than 0.5% and more than 90% of the landscape being left in its natural state, the Group intends to ensure that Itanos Gaia will be one of the "softest", most environmentally friendly major projects in Europe and a landmark for tourism in Greece.
The site comprises around 6,000 acres and is set on a peninsula. It has 28 kilometres of coastline with numerous coves and bays, spectacular cliffs and, as you would expect, stunning views in all directions. The areas for development within the site, with outline consent for 108,000 square metres, are spread over approximately 2,000 acres.
In terms of local infrastructure, Sitia Municipality, the Regional Government of Crete and the Central Government in Athens have worked together to improve the access to the area by means of major improvements to the East - West main road network linking the area to the Centre and West of Crete. The local authorities in Crete have also dramatically improved the local road network and the Project is now less than 30 minutes from Sitia International Airport which is fully operational.
The granting of Outline Planning Consent, the negotiations in progress and the improvements in local infrastructure provide a secure base for the realisation of the Group's ambitions in Greece.
Headline: Minoan looking to acquire specialist travel agencies; will consider bringing in investor or partner
Minoan Group [LON:MIN] Chairman Christopher Egleton said the UK-based travel company is looking to acquire specialist rivals, The Herald (UK) reported. Separately, Egleton added that Minoan is also thinking about strategies to accelerate growth, which could involve securing investment or finding a partner.
Egleton was speaking as Minoan announced its interim results for the six months ended 30 April 2017, which showed an approximately 20% increase in total transaction value to GBP 39.72m (EUR 44.41m).
Minoans market capitalisation stood at GBP 19.1m at the close of trading in London on Wednesday, 26 July.
Patience and support of the Company's shareholders continues to be tested.....
Whilst It was good to see the Hillside loan extension for a further 6 months (with a nominal reduction in 10M previously assigned warrants) I guess what we really need is the long overdue vision as to how the BOD intend to accelerate the Crete project and ultimately drive value.
Had limit with ( D ) 8.55p all day yesterday and all this morning not lifting . cheap but they don't do "over the counter" they tell me.
Went on ( S ) sale money available.... and took 1st live offer 8.36 p
That's 2.3% cheaper .
All these brokers are at in one way or another .
Good to see that the PD is now appeal free. We pretty much knew this 3 months ago.
Clearly the short term value is what is negotiated with partners, as CE describes in the RNS.
More news to follow..........
"As a result of the Greek Supreme Court's decision, the Company can now accelerate the development of the Project, which will include, inter alia; the continuation of negotiations for joint venture arrangements with hoteliers, investors, partners and other parties.
It also means that our long cooperation with the Foundation Panagia Akrotiriani, the Municipality of Sitia and the local community can begin to bring more prosperity to the area.
This decision represents the successful culmination of many years of hard work by everyone in the Company with the patience and support of the Company's shareholders.
I look forward to providing the market with more news in the near future."
Minoan Group Plc is pleased to announce that the Appeals (petitions of annulment), against the Presidential Decree ("PD") granting land use approval for its Itanos Gaia project in Crete (the "Project") have been dismissed following the issuing of decisions number 1704/2017 and 1705/2017 of the Greek Conseil D'Etat.
The Company now has an un-appealable PD which, in effect, gives outline planning consent for the Project and allows the Board to take the steps necessary to crystallise value for all stakeholders.
Ramped again by hot stocks rocket saturday ( On SP )
They must of put tip out to subscribers Friday and is why it gained 10% to 8.77p. ?
Been hanging about around 7.5p after drop from recent placing.
No apology since they posted the court news ?
Notice SVS recommended buy on 24th two days after . they must have been involved fund raise .bought a batch to hold in principle and flog em to punters at profit claiming annalist research .. lol
Guess they flogged em @ 10.5p
"As announced recently, reports in the Greek media have stated that the appeals against the Presidential Decree signed in March 2016 have been rejected. Once the Greek Supreme Court's confirmation is received the Company can at last start realising the potential of this major asset."
Major Asset indeed. Clearly some thought has been made in this regard as the Statutory Accounts to Oct 16 in the Financial review included the following comment......
"We reported to shareholders in October 2016 the extension of the Loan Facility with Hillside International Holdings Limited to 30 June 2017. Settlement of this loan will form part of our considerations in securing shareholder value for the Project."
So loan extended to 30th June with comments on settlement and securing Shareholder value.
Does the BOD finally have a rabbit to pull out of the hat, and Shareholders get the result they deserve.
Significant Shareholder now at 10,774,442, up 2.18% from previous.
Either, a Party to the recent Share Options issued for Services or been buying in the Market.
PS Where is this transformational news (?)
The Directors are aware of the following shareholdings representing 3% or more of the current issued and fully paid ordinary shares of 1p each:
Shareholder Number of Ordinary Shares Percentage of Existing Ordinary Shares
colinzeal1 Apr '17 - 19:35 - 7781 of 7781 0 0
He was very coy about the Supreme Court decision but after the length of time it's taken so far who can blame him?
I pushed for info on a timeline of announcements following a postive decision and he suggested that these should be made relatively shortly after the decision is favourable - "some partners are very, very keen to get things moving as soon as possible".
I also quizzed him on building permits and from what I gathered these would have to go to the relevant bodies which could also take a significant amount of time to be granted. As you probably know the land is also "church land" and they will get kickbacks on the revenues/income from the project - I can see this as a potential banana skin, too.
Personally, I don't think I can wait for another few years for the diggers move in and will be selling after the first major tie-ups and investors are announced. This is simply because it's Greece and all the associated problems and delays that they're famous for rather than my belief in the board to deliver which I think they will do. The timescales to actually see the relaised value is simply too long in my view.
Or perhaps cannot see the increased revenue and return!! Lets compare notes again in 4 weeks time. Trust you sold 'jthal' to support your findings. Mine are well and truly staying in my portfolio. Have a good weekend all.
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