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I really wouldn’t say an investment is when you receive warrants , I suppose he is just covering his Risk
Bigwell I think investors are looking for some real hard cash investment , that is the only way any project is going to ever get going but not everyone as confident as you !
So he is already out of pocket Bigwell with his loan as far as the SP stands at present 1.20p ,still awaiting some investment though for the so called Crete project!
He has invested in the company Arsenal.
Dagg LLP ( he is a partner)has also taken over the 1.2M loan to the company where it received 35M warrants at 1.4p as part of the refinancing arrangement.
Also Bigwell why has Mr Gilbert not invested yet in this so called wonderful development I wonder ?
No Bigwell who owns this barren piece of undeveloped land and whilst that is what it is ,there is no way it is worth the money they think ,Fact hence 1.20p
No Arsenal, from a ten square mile plot of land in NE Crete which has unappealable outline planning permission for a site with numerous coves and sea views.
Bigwell the Director’s have been kidding investors of this share for decades so they don’t carry any integrity anyway and as I said where does the so called equity value come from ,not from barren undeveloped land my friend
The Directors don't share your views Arsenal - see the full years accounts to 31/10/20:
Page 34 - Note 7 Intangible assets:
"The Project is assessed using fair value less costs to sell. The directors have assessed the recoverable amount of the Project as being greater than the combined carrying value of the goodwill and inventories of £50,014,000 at 31 October 2020 (31 October 2019: £49,431,000) on the basis of valuations previously carried out and the
positive progress made in the period since (see also note 10)."
And
Page 38 - Note 10 Inventories:
"Inventories at 31 October 2020 amounted to £46,431,000 (31 October 2019: £45,848,000), comprising costs associated with acquiring and developing the site in Crete, planning and other design costs.
In particular, the directors have considered the current value of the Group’s overall interest in the Project and its progress and are of the opinion that the Project site has longer term value in excess of the carrying value of inventories."
Bigwell even you will have to admit that the Equity figure is an absolute joke ,they are still hanging in to the unrealistic dream that someone will develope that land with there hard earned cash ,it’s not going to happen decades on even Mr Gilbert can’t pull this one off !
Easily pleased, me - just relieved to SEE the results!
* Profit made in 6 mths to 31/10 £25K.
* NO impairment of inventory infact:
"All of these factors have an impact on overall value, and shareholders will be pleased to know that, following discussions with its valuers, the Company is of the view that the value of the Project has not been impaired by the effects of the pandemic."
* The report of the auditors on the statutory financial statements for the year ended 31 October 2020 and 31 October 2019 was not qualified.
* "discussions with The Public Welfare Ecclesiastical Foundation Panagia Akrotiriani regarding desirable adjustments to its contract and long lease are in progress."
STILL ALL TO PLAY FOR IMV
Oh I forgot this is from 6 months ago so they may be doing better LOL !
Where does the BOD get an Equity figure from ,they only have a piece of barren undeveloped land that they don’t own ,who are they kidding and No mention of Mr Gilbert’s loan , they really are a good bunch of jokers so I hope people don’t get led by there ideas , 41 million pound Equity it’s Laughable you couldn’t make it up !
Bigwell just to clarify there is No airline that flys from the UK to Sitia Airport and it appears only 1 airline that does fly there from Greece so not an easy place to get to especially as it is only a community airport !
Keep trying Bigwell but yet again No hard evidence that there is any developement going on or any Cash to help do this , everyone as usual is still waiting as we enter a new decade !
Greece
While Greece has not escaped the effects of Covid, particularly on the 2020 summer season, the Greek Government has been proactive in attempting to mitigate the effects on inward investment by building on its more investor friendly approach. This has included simplifying the framework of the planning process in order to improve the quality of Greece’s tourism offering.
In addition, the recent enactment of legislation to encourage retirees to settle in Greece through a very low flat tax rate of 7% is likely to have an extremely positive effect on the residential tourism market as a whole.
From the Chairman's statement 17/08/20:
The nature of the Company’s Project in Crete, covering over 25sq km with its 28km of coastline and unending sea views, is such that it is able to accommodate the spatial demands that appear to be emerging within the tourism industry as it adapts to a post Covid world. Taken together with the fact that the Project’s flexibility, as highlighted in the outline planning consent and overall plan, has always been to
create space for its visitors, using under 0.05% of the land for building, we believe the post Covid demands add to the attractiveness of the development as a whole.
And 22/03/21:
The Company is continuing to advance the Project on a number of fronts in response to the predicted changes in demand driven by changing tastes and Covid-19. We continue to work with our partners in the Foundation to ensure the Project works for all parties and to optimise the opportunity for shareholders.
Indeed, many of the changes we see in the sector are in the requirements for environmentally sound developments with significantly increased demand for personal space, which appears to be one of the first indicative market trends, especially in the upper and luxury segments of the market, and to which the Project is, and has always been, ideally suited.
From the Chairman's statement 31/07/19:
A summary of the key points and attributes of the Project is set out below:
• The Company has un-appealable, outline planning consent for a development set on a 6,000-acre plot within a peninsula site with 28 kilometres of coastline on the island of Crete;
• The consent is for a “complex resort”, allowing its construction to be split across five main locations within a master plan that will create a project that will be largely invisible to the casual observer;
• It will be one of the most environmentally friendly and soft-impact major resort projects in Europe with a build footprint of less than 0.5% of the total land package. Through this and other criteria, the project will be a significant milestone for tourism in Greece;
• Travel infrastructure in the area continues to improve steadily. The main road along the North Coast running from the Cretan capital, Heraklion, to Sitia in the East has been upgraded further, particularly in the East, thus continuing to reduce journey times;
• Sitia International airport, which is adjacent to the site, is fully operational taking flights from various European cities and is itself benefitting from the improved transport infrastructure, thus increasing its own catchment possibilities.
I suspect with the upturn in development in Greece they have a good chance of pulling something off. Yes been a long time coming but I hope to hear that we are pushing ahead to get a deal.
many thanks Arsenal,
However having in effect 40 year renewable lease in one of the most sought after locations of unspoilt bays isn't quite a "barren piece of undeveloped land". Think we have to be fair here.. I'd certainly like a lease to build a nice property on it, in one on the bays, or headlands. Also 25,000 acres, isnt small beer by any understanding. Thanks almost a small county .
I've seen some truly "barren land" , miles from the sea elsewhere go for some pretty decent prices. Throw in close to the sea or even right next to it, decent sized plot and privacy and value goes through the roof.
Belgrano you certainly summed up the BOD well , because that is what they have being doing for decades pulling rabbits out of the hat unfortunately nothing has worked just a barren piece of undeveloped land that they don’t own and also have No capital to develop it good luck with the AGM next week !
one week till the AGM, what rabbits can we expect to see gents, any punts???? Good time to release strategic news. My actual first post here, but I am a current shareholder.
Yes let’s get ready for more bull —- and the begging bowl will be coming out !
RNS Number : 7367U
Minoan Group PLC
08 April 2021
8 April 2021
Minoan Group Plc
(or "the Company")
Notice of Annual General Meeting
Minoan Group Pl c announces that its Annual General Meeting will be held at 10.00 a.m. on 30 April 2021.
In accordance with the current restrictions on public gatherings and travel, Shareholders will not be able to attend the Meeting in person and no Shareholder who seeks to attend will be admitted to the Meeting. However, arrangements will be made for a quorum to be present as required.
The Notice of Annual General Meeting will be available on the Company's website today and will be posted today to those shareholders who have elected to continue to receive hard copy communication from the Company.
The Company will have published its results for the year ended 31 October 2020 in the second half of April before the Annual General Meeting.
Bigwell none of them 2 million people are going to any property tha5 is owned by Minoan they only have some barren undeveloped land after decades of trying to find the money to build on it hence 1.15p ,you keep bigging up the tourism sector for Crete im sure they are pleased with that !