Jack Diamonds
15 Sep 2016
Year round, quality tourism..... ......now where have we heard that before, and we are already close to an airport hubJackSYROS, Greece, Sept. 15 (Xinhua) -- At the end of the summer tourism season, the numbers look good for Greece, despite the ongoing seven-year debt crisis. The Greek Tourism Confederation (SETE) is forecasting that 2016 will see another record year of visitor arrivals to Greece, surpassing the 25.5 million visitors welcomed in 2015.Most are flocking to famous destinations, such as Mykonos. However, about an hour distance by boat, the Cyclades island group has much more to offer. Syros island is taking steps to target year-round quality tourism rather than mass tourism, local authorities told Xinhua.Although a small island of some 83 square km with about 21,000 residents, Syros has been for decades a popular tourist destination for Greeks thanks to its rich history and unique character among other Aegean Sea islands.Despite the seven-year debt crisis which has seriously affected domestic tourism, a 31 percent increase in arrivals was recorded this July and a 25 percent in August compared to the summer of 2015.The lack of an international airport and large hotel units kept Syros an undiscovered gem for most foreign tourists so far. The islanders are now investing in infrastructure projects to attract more foreign visitors, they told Xinhua."The fact that so far Syros is not very well known worldwide maybe is an opportunity so we can now create a tourism product addressed to a specific profile of potential visitors. We are not interested in mass tourism during the summer season. We want to offer year- round quality tourism services," George Marangos, Mayor of Syros-Ermoupolis municipality said in a recent interview at his office.The port city of Ermoupolis (the city of Hermes, god of trade in ancient Greek mythology), the capital of Syros and Cyclades, with its neoclassical mansions offers a first glimpse into a glorious past.The City Hall, one of its main landmarks, designed by the famous German architect Ernst Ziller, and the nearby Apollo Theatre, a miniature version of Milan's La Scala, both constructed in the early 19th century, reflect a thriving shipping, commercial and industrial center of the newly established Greek state with rich cultural life.Investment in quality tourism by mobilizing locals and attracting foreign investors holds a key role in local authorities' vision for the future of Syros."I believe in 5-10 years we will be the grand surprise of the Aegean. If Syros makes the best use of its unique elements we can make it. We do not wish to become a bad copy of other popular tourism destinations. We have our own identity to promote and we want to create our own tourism product," Marangos said.Outlining the unique identity, the mayor pointed to the island's rich history and culture.The settlement of Kastri going back 5,000 years ago is one of the earliest human settlements in Europe. In the Middle Ages, during the 13th-14th centuries, the hill top town of Ano Syros was built and influenced by the Venetians. Christian Orthodox and Catholics are living in harmony ever since.Syros has a long tradition in arts and letters. It is the birthplace of Markos Vamvakaris (1905-1972), the so-called Homer of the Greek folk rebetiko music. The list of cultural heritage treasures promoted through festivals throughout the year is endless.Its port, which underwent a "face lift" this year, is another of its strong cards, since it can accommodate the largest cruise ships.The expansion works at the airport which start this autumn with European funds are expected to help link the island directly to European countries, Turkey, Egypt and other destinations. So far Syros airport accommodates domestic flights with planes of 37 people capacity mainly from Athens.The plan to breathe new life into the island also includes investments in upgraded hotel facilities. Currently Syros lag
Jack Diamonds
14 Sep 2016
Losing the plot... OMG another profit warning from MIN. Travel division not able to cope with Brexit or channel their customers from Turkey to other destinations. I sometimes think what is the Company's true objective. A major travel player or the Crete development?Friday's CoS hearing will be interesting. Will they continue to rule in favour of the development, creating jobs and an economic lift to the area, or is the Project doomed. Either way I'm hoping for a quick decision to put us out of our misery! With the Hillside debt repayment due in Oct 16, the last thing we need is months of further indecision. The BOD have given us no forward plans and have remained silent. IMO the odds are 50/50 on this (and that includes pulling a few rabbits out the hat!)
Jack Diamonds
06 Sep 2016
Long, not so hot, summer....... Summer almost over and above average share purchases push the stock higher. Sept 16 looms..will the CoS hearing go ahead as planned, how long will the hearing take and what will be the outcome. Might get back into the teens but the BOD will need a convincing action plan and address how they intend to tackle the Hillside debt repayment/swap.
Ripley94
09 Aug 2016
Re: Tipped today still heading down....... affected by brexit ??? weak £
Jack Diamonds
26 Jul 2016
No comment........... Other than.........Throwing €7Bn @ Greece.......we are told they are un-investable and bust Foreign investment.......yes please !!99 year lease.........we have 80 yearsSeeking approval.........we are nearly there, 16th SeptMaybe Lamda Development, Chinese conglomerate Fosun, an Abu Dhabi-based company and others should look towards Crete for better investment optionsBigger picture folks..........JackReuters 26/07/16A Greek developmental company is seeking approval on a plan that would turn the former Ellinikon International Airport in Athens into one of Europe's biggest coastal resorts.According to Reuters, the developmental plan would cost an estimated €7 billion, and would feature Lamda Development as a co-investor. The team is looking for a 99-year lease meant to turn the run-down facility into a seaside town of hotels, residences and shops.While recent efforts to turn the 1,530-acre area into a profitable venture have all failed, the investment team consisting of Lamda Development, Chinese conglomerate Fosun, an Abu Dhabi-based company and others is more dedicated than ever to the success of the project.The first €1.5 billion of the estimated cost would be spent on roads and other infrastructure to make the area sustainable, and then the remaining €5.5 billion would be used to build 8,000 homes, hotels, shops and a 494-acre park.Ellinikon International Airport shut down in 2001 as Athens prepared for the 2004 Olympic Games, and now acts as the home for more than 3,000 migrants and refugees who have fled war and poverty in the Middle East and Asia.Officials in Greece announced that the migrants living at the old airport would be moved to other sites across the country already hosting 54,000 others by the end of July. Early plans suggest excavations on the site could begin as soon as 2017 and buildings could be completed by 2020, pending approval.Lamda Development representatives said that they will use €300 million as a down payment on the site and another €500 million for construction work in the first two years.
Jack Diamonds
14 Jul 2016
Hmmmmmmm.........2 weeks early So as previously posted (£300k to £400k profit), Travel come in at £332k. The RNS timing is odd:30/07/12.....Half Year Report31/07/13.....Interim Results31/07/14.....Interim Results31/07/15.....Interim ResultsAnd then two weeks earlier than usual 14/07/16.....Interim ResultsCompanies are normally clockwork in their regulatory/reporting regime and don't usually wander off trackI hear a train coming..............
Jack Diamonds
06 Jul 2016
29th July 2016............. Less than 4 weeks until Interim results are released for the 6 month period to 30th April 2016. We were given a clue in performance in the RNS of 31 Mar 16.....HighlightsVolume up by a further 16% on previous yearResolution to Back Office dispute, which cost £410kOn that basis, why would the divisional Net Profit for Travel for the 1st six months not be in the region of £300-£400k?If that is in the ballpark, at the current Market Cap we are trading at a respectable 15 X Earnings........And Crete is still thrown in for nothing.Interesting times ahead to see how the BOD play this out and what value is attained for ShareholdersJack"The T&L Division has continued to show significant volume growth with total transaction value increasing by 20% from £50,757,000 to £60,964,000 and gross profit increasing by 14% from £5,680,000 to £6,493,000. This growth was offset by an increase in operating expenses in order to prepare for further expansion in the current year. The net profit of the division, however, decreased from £454,000 to £233,000 for a number of reasons including the dispute reported in July last year.This dispute affected numerous parts of the business including total transaction value, the restriction of our expected expansion into foreign exchange and an increase in costs. The total impact of what was a completely unexpected and one off event is estimated to have amounted to approximately £410,000. All these matters have now been successfully resolved.The current year has started well with gross revenues up 16% despite the current widely reported problems causing a number of popular tourist destinations to suffer major reductions in bookings."
Arm Ball
29 Jun 2016
Appeal hearing Next Monday 4th July.Let's hope this will be the last !
Ripley94
14 May 2016
Re: Tipped today SP Tip .Again yesterday even after big fall yesterday.
AndyRB
15 Apr 2016
Re: Candia option date With a bit more research it seems Candia only ever paid £1 mil for 5% and the agreement is vague about when the 25% option has to be taken . If anybody knows anything different please let us know .AB
Martin_D
15 Apr 2016
Candia option date thank you Andy. You are clearly very well informed. Do you happen to know what exactly determines the date by which Candia must declare their option ? i have been assuming that date has passed with the issuance of the PD, but Minoan have not commented. Parhaps they can wait till after 11 th May /
AndyRB
15 Apr 2016
Lack of action I believe the reason why there is nothing much happening at the moment is because there is still the chance of an appeal against the decree . Objectors have until the 11th May to launch an appeal which could take another 6 months to resolve , I imagine this would be a costly process and would have little chance of success but opposition has been quite vociferous down the years so we shouldn't rule it out . I don't think we will hear any positive news until after May 11but I live in hope.
Martin_D
14 Apr 2016
How to value Crete ? Thanks Andy.. I could not find the terms of the Candia option on the RNS, and assumed the JV would be 50/50, not 90/10. What I did find on the RNS was one dated 30/12/15 saying that the option must be exercised on issuance of the PD. I am assuming that that option has now lapsed, although the Board have said nothing. So, I redo my numbers as follows :-25% option was for £ 12.5 M . That implies 100% project value of £ 50 M.. Project has also been valued a few years ago at E100M. Most optimistic assumption seems to me to value the project at £ 50M., alhough apparently Candia put a lower value on it by not exercising their option. Minoan's 90% share would be worth £ 45M, or 24 p per share. The market is clearly disappointed that after all these years the Board had nothing to say after the PD was issued.I am out for the time being. I have no idea what effect the dull economic outlook in Europe might have on this grandiose development. I might be encouraged back in, on some positive real news.Any comments Andy, or any one else ?
AndyRB
14 Apr 2016
Re: How to value Crete ? I think you are wrong thinking Candia own 50% of the Project , they bought a 10% stake for £2 mil back in 2012 with the option to buy a further 25% for £12.5 mil . The joint venture 51/49 was a separate deal to do with tourism in Greece but as far as I know the JV hasn't been spoken of since.Correct me if I'm wrong please AB
Martin_D
14 Apr 2016
How to value Crete ? Here is my model.JV partner has declined option to increase his share by 25 %, i.e from 50% to 62.5%. He was to pay E12.5 m for 12.5%, valuing 100% at E 100M. Therefore value of Crete should be discounted from E 100m .Consider 3 different values : E 75M, E 50M, E 25M. Minoan has 50% JV share, so their shares would be E 37.5M, E 25M, E 12.5M.At £ = E 1.25 we get following share prices : -E 37.5 M = £ 30M = 16pE 25 M = £ 20 M = 10.6pE 12.5M = £10M = 5.3pAny comments any one ??I don't have any idea what the leisure business might be worth....can't understand the figures in the accounts. Any ideas ?
