Should hopefully hear on the T&L sale,whether its been sold or not as the case may be. It is an improving & profitable business but prefer it to be sold. Minoan with T&L business sold, then no debt, plus PD on the CS development and valued at 75% of M/C is my preferred option. Those in the recent placing must be of similar opinion.
Thanks for your reply Jack. Not sure I concur on the reason. This deal would have been arranged a while ago, when the SP was in the 6-7p range, and you would normally expect a discounted price. Its also encouraging to get an investor backing the company with a large sum. So I still we significant upside.
Obviously there's some dilution via these newly issued shares, but only a few %, and we have more certainty no with funding for a much longer period. With the imminent Travel business sale then debts will all go too.
So why the large drop today? In my view this makes it a screaming buy, but I'd welcome others' views.
The way the mm's are tightening their grip on what shares they hold suggests something good is not too far away. Has been like this for the last week or two (don't know if anyone else has noticed) but as with Min the wait is always longer than expectation. All IMHO though but finding it hard to buy any more than 100 on many occasions when you could sell 150K. Nice that way round but it can all change in an instant. However, Suggests to me they want more shares to hopefully sell at much higher rates. yesterday was strange when they put the offer up 0.5p to 8p on no buying volume - maybe they are expecting something positive for Min blowing in the wind of change.
I'm not convinced that we will hear all on Monday - it's market sensitive news so could be sooner (or indeed later). I'm still bullish on this stock, and it's up another 7% today, so remain invested. Will sound like blatant ramping, but fully expect a double-digit SP within a few months.
There is a guy on the LSE Board, who is convinced we have all been taken for a ride, despite our four largest Shareholders remaining in place (Between them, they own 25.2%+ of MIN).
"Travel is being sold, out of necessity to pay down the Hillside debt. Our only cash generating asset is going"....blah, blah, blah
I take a different view. The Travel business (Transaction Revenue £80M+ and climbing) and the Crete Project are different animals. Both require different skill sets and funding packages to succeed.
I hope the AGM confirms the Travel deal and consideration payable. I also hope we get some news on the credible Partner/s for Crete. I think it may have been a condition to dispose of Travel, before these players showed their hand with Crete. It may also have been a condition from Investors, as the investment opportunity was clouded and unfocused.
Find out on Monday I guess........or are we in for a longer wait ?
Share price rising a fair bit over the last few days. Could be a sign that the travel business sale is imminent and/or the sale of a partial stake in Crete development is to be annunced. Either way i think there is a large upsdie from 7p, and continue to hold.
scotty128 Mar '18 - 09:03 - 9847 of 9849 Edit
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Good price then wi ,by the way there wont be an RNS before the Easter break it'll be immediately after so Tuesday 3rd i assume,which imo is better than putting out news before given the break in between trading days were good news gets lost.
scotty128 Mar '18 - 09:05 - 9848 of 9849 Edit
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Just had it confirmed with BC if not Tuesday it'll definitely be next week.
i would think they'll want to issue other news within the RNS
Have a feeling its actually lower than it should be , not because of that but due to a couple of large sells during the week. The mm's took full advantage and responded by lowering the price sharply a couple of times. Meant you could buy at a ? reasonable price though and there's been pi's buying which have been continually shown as sells mistakenly throughout the week, giving a false picture possibly.
Hopefully the news & accounts will come next Thursday at the latest and fingers crossed we get an update on the sale of the travel business and also as important a few more details covering the interest shown in the Cavo Sidero project.
It looks like the Travel Business is continuing to grow (Gross Sales up 15%) and a preferred buyer is now completing due diligence with the expectation that the sale would leave the Group debt free.
Interest on tourism in Crete is increasing and it's good to hear that a number of deals are now progressing with prices substantially ahead of previous expectations. That bodes well for us, especially as MIN have received an approach from a credible party to acquire a (significant ?) stake in the project.
All looks good, after such a long wait............
"We are pleased to receive shareholder support in this issue. Conversations are continuing with shareholders and other finance providers and I expect to update the market on the outcome of these conversations in the New Year. In the meantime, we will continue to pursue the sale of the Travel and Leisure business, for which an indicative proposal has been received, whilst exploring ways to optimise the Crete Project for the benefit of all shareholders."
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%
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