George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
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Followers of Minoan Group's long running luxury development project in Crete can read an update research note on progress, tourism and encouraging recent Greek elections.
Free access to note here:
https://www.equitydevelopment.co.uk/research/a-clear-route-to-realise-project-value
Atlantic 57 highlights the auditor's comments on the inventory figure.
Their statement that , "there is a significant risk over the valuation of these inventories " cannot be ignored.
The fact that they then qualify the possibility in order to conclude that the gross inventory figure is acceptable nevertheless has to be a red flag for as Truthfactory states, much of the inventory is nebulous at best.
Bit of a puzzle this
Can't be just anything tangible such as material and equipment on site, earthmoving equipment, work already actually done on site, directors drinks cabinet etc
1: Capitalisation and valuation of Crete Project costs
The group inventories, held in respect of the Crete project, represent the most significant asset on the statement of financial position totalling £47.4 million as at 31 October 2022 (2021: £46.8 million). There is a risk that inappropriate expenditure may be capitalised that is not in accordance with IAS 2 Inventories, and a risk of impairment not being recognised correctly to accurately represent the value held. Furthermore, given that the Presidential Decree has been issued granting planning consent and that the Directors appear to be actively marketing the property, any lack of buyer interest in the property would be an indication of impairment. Therefore,there is a significant risk over the valuation of these inventories.
In this area, our audit procedures included:
Testing a sample of capitalised costs in the year to ensure accuracy and appropriateness for capitalisation as project costs under IAS 2;
Reviewing correspondence and other third party documentation from management experts having considered their expertise and instructions in relation to the project to confirm that the expected value of the project is in excess of the costs to date, including meeting, reviewing and testing assumptions of the Group’s appointed financial advisory and specialist hospitality partner and a qualified member of the Royal Institution of Chartered Surveyors to assist with the valuation.
Reviewing and assessing the marketing activities for the site post grant of the Presidential Decree;
Inspecting management’s impairment review and recalculation in line with support from other sources to confirm the value and assess the need for any impairment.
From the work performed, we did not identify any transactions which indicated that capitalised costs were incorrectly stated, the expected value of the project is in excess of the costs held within the group as at the balance sheet date and no impairment was therefore required
Inventories represent the actual costs of goods and services directly attributable to the acquisition and development of the Project.
Inventories = £ 47,388,000
No wonder Minoan do not provide any specifics.
No it’s a very informative update. Lots of detail and progress.
As usual the yearly general meeting just there to kick the can down the road and extend the payment plan , still consistent when it comes to paying debts ! Don’t Pay
No news and still it falls ?
Not another dreamer in Minoan it’s called reality hence SP now 0.87p , This could turn nasty you have been warned you clown LOL
shut up you clown
Investors be really careful here now as this BOD don’t seem to know what’s going on here and your Money is at high risk !
Less last year than 2020 but seems to be made up of wages and fees
2021 - Fees & Sums charged by third parties for directors’ and key management services - £262,000
2020 - - Fees & Sums charged by third parties for directors’ and key management services - £383,000
Luke I agree mate after all these decades and SP is still a penny ,he and others have earned thousands at the expense of shareholders
Has Christopher Egleton acknowledged (to himself) that his Minoan escapade has finally reached the end of the road ?
Palatable alternatives must be few and far between, at best.
Maybe CE does not understand the humiliation of failure.
In his shoes, I would choose the delisting route, which would at least enable Minoan to fold quietly away from the AIM public gaze.
Not looking good !
Sorry just seen you have added in the 5 mil trade.
Check your facts. A 5 million plus share buy reported after the close.
There was one trade yesterday 15th March in total and none at all today.
Priced at 1.075 so looks like a buy of 5,025,974 shares costing £54k
That can't be a random PI can it...
Incoming PUMP probably?
Minoan, of necessity, will need to update holders in the short term.
Some look forward to such an update with eager anticipation.
Their optimism though appears groundless, rather like the company itself.
As the saying goes....Better out than in !
certainly up there as one the longest cons except maybe Gold!
https://find-and-update.company-information.service.gov.uk/company/02574791
Loyalward was incorporated on 17 January 1991
Minoan Group Plc was created when Loyalward Group Plc changed its name to Minoan in 2005 and was subsequently admitted to trading on the AIM market in 2007.
Indeed it does Phermic for as you say, the Auditors hold the key as to just how long this Minoan charade might continue.
My view is that DAGG will hold off extending the loan until the results are known.
Should these be qualified , thus necessitating some impairment, then MIN would look to be in deep trouble.
At 1p, we are talking punting money; yet unless meaningful progress is achieved in the shorter term, then the SP could go much lower, and fast too.
You have to give some credit to Chris for playing this so long. It can't be easy finding auditors willing to sign this off and a new director to come on board. However, it appears not to be a problem encouraging trapped investors (those who have staked far too much of their wealth to walk away) to trickle further sums to keep this show on the road.
I have never understood the validity of this so called asset. A lease entered circa 2000 for 40 years, a £5m activation fee of which only circa £1m was paid etc etc. Nahhh......the religious charity will never renegotiate and just run this out. They have centuries of time :). If anyone is really bothered, then concentrate on the auditors.
Luke absolutely correct mate this BOD have been kidding there investors fir decades whilst repeating the same scenario year on year and getting paid a salary for doing nothing !
In a footballing observation yesterday, the commentator said that "momentum was everything", in sport, business, politics and in life.
No one mentioned "inertia" though, which is more Minoan's specialisation.
Truth as you say mate Same As each year just kicking the can down the road at the expense of naive shareholders hence 1p SP
Nick as you say let’s see where the SP is at the end of January,and as I’ve said for many years it will probably be where it is now 1p !