http://www.minoangroup.com/Announcements_in_full.pdf Going concern The financial statements have been prepared on the going concern basis The Company has now received approval for the Project to qualify as a strategic investment and to be eligible for inclusion under the provisions of the Fast Track Law, the new process approved by the Greek Government. allowing for quicker permitting time for Fast Track projects. This decision to award Fast Track Status has been the subject of an appeal. However, the Company is hopeful of a speedy and positive resolution thereof. Accordingly, the directors consider it relevant that having completed a financial joint venture agreement prior to Fast Track and any other consents, they will conclude further Project joint venture agreements in the near term. In addition, the directors are considering a number of other agreements which are likely to have a major beneficial impact on the Group’s resources. In addition to specific Project related matters as noted above, and as has been the case in the past, the Group continues to raise capital in order to meet its existing working capital requirements and the directors consider that any necessary funds will be raised as required
8 Jun '13
If Minoan can build a holiday destination in Crete they should be able to direct their tourists there and they say other opportunities will open up so margins for the business will be greater, after all weren't they starting out as property developers? and have expertise in the field? I doubt they will want to give all that up. However, as in previous years, the report of the auditor is likely to contain an Emphasis of matter paragraph, which, for the current year under review, will be as follows: “In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosures made in the Chairman’s Statement, the Directors’ Report and in note 1 to the financial statements concerning the uncertainty regarding the group’s ability to secure detailed planning consents and project finance in order to bring its project in Crete to fruition and to continue as a going concern, which is dependent on the Group’s ability to continue to raise capital to finance its working capital requirements to move forward, whether with the Project or with the travel and leisure business. The financial statements do not include any adjustments to the carrying value of property, plant and equipment, inventories and goodwill that would result if the group was unsuccessful in this regard.”
31 May '13
Im not looking back-just the present and to me,this looks tight cash wise given what was stated in the accounts. The land has no cash flow-only costs. Travel is probably throwing off cash but more than eaten by PLC costs-again in the 2012 accounts Bonding-with a thin balance sheet,bonding may be an issue-again noted in the accounts.It's a problem for all travel cos,not just Min. In my opinion,a further cash injection will be needed-a further tranche of land related cash most likely given the market cap and lack of guidance on profitability. I remain of the view the Board should demerge or even sell the land and let DW crack on with a niche travel play-without a heavy PLC cost That's not looking back-I'm looking at the present and if anyone has anything to add,I'm happy to read
28 May '13
I agree Bogs and I have much more confidence in Legal & General who are looking forward than I do Truthfactory who is dwelling on the past and is unable to move forward and look at today !
25 May '13
This could be just the start, and the 'good' you slipped into your statement may be very good indeed! I have bought some more and hope not to be robbed by the chairman. We shall see
24 May '13
Legal and general
I make that just under £400k of shares-that will fund the chairmans package for a year or about half last years loss Something's got to give here-good or bad as I doubt the status quo is sustainable.Margins in travel are narrowing so new money will be needed I think-maybe another draw against the land?
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