Bubsy the cat
15 Dec 2017
Article Minoan – no early Christmas gifts, but a good trading statement with lots to look forward toNigel Somerville, the Deputy Sheriff of AIM | Thursday 14 December 2017AIM-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 yearthat’s 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, that’s 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 don’t 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.
Bubsy the cat
15 Dec 2017
Re: RNS - Update Jack.....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.
Jack Diamonds
14 Dec 2017
Re: RNS - Update Busby.....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. Until then, MIN remains a binary bet for me.
Bubsy the cat
14 Dec 2017
Re: RNS - Update 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.
Jack Diamonds
14 Dec 2017
RNS - Update At last.....something from the BOD !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...............JackMinoan is pleased to update shareholders in relation to trading and the Group's financing arrangements.TradingIn 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 ExtensionThe 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."
Ripley94
30 Nov 2017
Re: Tipped today Nigel Somerville on S.P .. Stating again he holds and is showing patience.
Another Jacko
28 Nov 2017
Bought In 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.
Bubsy the cat
23 Nov 2017
Waiting... 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 .......................!
hubla
23 Nov 2017
????????? what is happening? the silence is deafening, all the time our investment is eroded, extremely frustrating>
Jack Diamonds
09 Oct 2017
RNS.....New significant Shareholder After today's RNS, Mr & Mrs Dvorkin enter the MIN websiteAs 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(?)JackInvestor 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 SharesP D Raby ........................13,773,850...........6.49%N Day..............................13,055,599...........6.15%Mr M & Mrs L Dvorkin.....12,527,327...........5.90%Mrs L A Adams...............10,774,442...........5.08%
Jack Diamonds
29 Sep 2017
Transform me.......... YawnStill waiting for transformational news. It's like pulling teeth here, but hopefully the dentist will get the final tug and the tooth fairy will finally deliver.
Grill Bimsie
13 Aug 2017
Re: Tipped today Here's the link if anyone wants it:[link] could see a bit of an upturn in the share price next week as a result. Still have my fingers crossed for a BIG upturn before the end of 2017.DYOR. Cheers,
Ripley94
13 Aug 2017
Re: Tipped today SP .. highlights Midas Mail on Sunday today........they give it a nice right up."Highly adventurist may chose sign up "So that must be my style lol
Jack Diamonds
09 Aug 2017
Probably worth another read....... 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 tickingJack Chairman's Statement Introduction 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. GreeceWith 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. Travel and Leisure ("T&L" The T&L division continues to be the Group'
Ripley94
29 Jul 2017
Re: Tipped today Tipped on (SP) & hot stocks Friday it fell a little.
