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Could they do glamping in the meantime, they'd need services like water, sewerage and shops so probably not!
Bigwell in other words same as what has been happening for decades trying to find finance for the barren undeveloped land nothing new there then 2 months is very very optimistic on past form !
Hopefully in the next month (or two) for a new agreement / lease with the Foundation to materialise, then its on to finding the right partners to start developing the project.
Bigwell I forgot how long do you anticipate your friend George will need to get anywhere with the points you raised in your last opinion ?
Bigwell why is the SP still stuck at these levels then ? also audited accounts are a big plus for any business otherwise you can say anything just like the BOD do here every year and very decade Fact !
Head in the sand again, Arsenal!!
As always looking over your shoulder into the past.
The interims don't need an audit. But you know that. So just stirring the pot eh!
Consider the very positive update from the new Chairman of Loyalward:
Statement of the Chairman of Loyalward Limited, the Project Owner
Since taking over as Chairman of Loyalward in March of this year, I have been delighted with the constructive
nature of my discussions with our partners in the Itanos Gaia development, the Ecclesiastical Foundation
Panagia Akrotiriani (the “Foundation”), who are the ultimate owners of the land on which the development will
take place.
The discussions with the Foundation have centred on the Project Masterplan, the Business Plans and the
opportunities that the relatively new legal framework of Epifania brings to both parties as well as to our future
commercial partners, including banks and other financial institutions. I am pleased with the way in which the
discussions are being conducted concerning the adjustments to the agreements which necessarily follow the
revised Masterplan. The Masterplan itself sets out the vision of the Project in terms of its extremely high
quality, environmental credentials, overall design, and an ability to meet current as well as the expected future
demands of discerning travellers and residential users.
The pace of the discussions themselves has accelerated in the last months and once they are concluded I
expect the Project to move forward at some pace, as we make agreements with contractors, hotel brands,
development partners and others toward project activation and an actual start of development.
In parallel with all the work on the Masterplan, Business Plans and the Contract discussions, our
environmental team is working towards the completion of the detailed Environmental Assessment. As
shareholders will be aware from previous statements, the Presidential Decree which gave what is
approximately equivalent to outline planning consent in the UK, set out the various detailed conditions,
including environmental as well as other rules that the final development should follow. The whole Project team
has been and is working to ensure that all the rules are observed in order to achieve the best result.
I look forward to keeping shareholders updated as to progress over the coming months with additional
emphasis on the physical form of the Project as well as the discussions with the Foundation and their
conclusion.
George Mergos
Chairman, Loyalward Limited
29 July 2022
One word springs to mind Unaudited says it all abs twaddle as usual
Yes I totally agree I’m afraid as you stated it is the Greek way hence why they ripped the EU off for over 20 years , the BOD they really know how to make a loan look good you could not make it up in the Real World hence 0.95p
It’s gone quiet on here at present what are the BOD doing apart from drawing salaries and telling everyone how the project is going ,decades on and still No Development ,what does that tell you ?
someone bought £205 worth of MIN today
LOL wasnt me
Knigel don’t you mean decades like plenty here have already !
I think the reason why sp is not responding is the history of the foundation and their inability to do anything quickly.For those who believe this time is different then the current/ share price offers an opportunity .
A derisked approach which presumably will require a much higher entry price is to wait until the foundation sign a legally binding agreement which fundamentally alters the terms of the contract.
Tbh I am thinking the same on most of my small cap holdings atm - market sentiment is dire - bad news is getting punished - no news is causing share prices to drop and with good news people are selling into any rises. However MIN is definitely now a share to hold imho if you are prepared to hold for 2-3 years but I can understand why some need convincing considering the history here
Can't argue with that Arsenal -for once your comments make sense! I'm as much at a loss at understanding the low share price as you,
All I would say to you Bigwell is why is the SP still at 1p when you have a new Greek member of management on board and especially all of your recent comments ,if it was all true then surely the SP would be a lot higher ,things are not that obvious here so until there is a sudden upsurge in price then you cannot believe anything from this BOD !
You can see why George is confidant that he will "rapidly progress further discussions with potential commercial partners" - there are plenty of potential JV partners looking for such a project. The main ones, from the hotel and hospitality sector anyway should be:
1)Mediterranean Hospitality Venture Ltd (MHV), the tourist "arm" of Prodea investments, which consists of the parent Company Invel Real Estate and the Yoda Group of Mr Ioannis Papalekas (real estate investor known for his involvement with "Nammos" in Mykonos).
"MHV is also actively moving towards the placement of capital in the Greek tourism market, where there are now several mature investment projects of organized tourist accommodation, which are looking for strategic investors and financing. Among them, two are located in the area of Sitia in Crete. The first belongs to the group of the marble industry Iktinos and the second to the British group Minoan, which designs the "Itanos Gaia", in Cape Sidero. Both are in the final stage of licensing, after a multi-year process of urban maturation." (30.04.21)
2) Wyndham Hotels & Resorts is planning to further expand its portfolio in Greece by increasing the number of its hotels from 10 to 25 over the next three years, the group’s President for Europe, Middle East, Eurasia and Africa Dimitris Manikis said (30.05.22).
3) Accor, a world leading hospitality group - established a partnership with with Knossians Group and Hines for opening the second MGallery resort in Greece (01.04.22).
4)Mitsis Hotels - Greek hospitality group Mitsis Hotels is rolling out a 500-million-euro investment plan to develop new tourism projects in Greece.
Set to be completed by 2027, the program includes the development of new luxury hotels on the islands of Mykonos, Rhodes and Crete, and at the port of Piraeus. (08.04.22)
5)IHG Hotels & Resorts (IHG), one of the world’s leading hotel companies, has announced the signing of InterContinental Resort Crete, marking the luxury brand’s debut on the Greek island.
IHG is developing this unique hotel in partnership with private equity real estate firm Henderson Park and international real estate firm Hines.
6) Brown Hotels has announced the opening of its newest member, the Brown Beach Chalkida on the island of Evia.
The group’s three-year investment plan includes the opening of a total of 42 hotels and resorts in Greece.(16.06.22)
7) Fosun Tourism Group, part of the Chinese conglomerate Fosun International and a company focused on the leisure travel market, has announced the opening of four new hotels in Greece under the brands of Casa Cook and Cook's Club Hotels in 2022.
Very funny Pedrobull, you obviously don't understand the connection and judging by your comments it would be a waste of time telling you.
Maybe they would like to stay in tent in Cava Sidero?
Have Loyalward aka Minoan thought about set up a glamping business on the 25 sq km Peninsula, with its 28kms of coast with numerous secluded coves and bays. In an area of outstanding natural beauty with spectacular views.
Providing food and water and toilet facilities would maybe need another fund raising though...
Deloitte: Seamless Guest Experiences a Must for ‘Hotels of the Future’
https://news.gtp.gr/2022/06/30/deloitte-seamless-guest-experiences-a-must-for-hotels-of-the-future/
Hoteliers in the Mediterranean will have to reshape the look, feel and appeal of their properties in order to ensure exceptional guest experiences in view of changing customer demands and challenges, found “The Hotel of the Future” report released this week by consulting firm Deloitte Greece.
The new study examines resort design trends in the Mediterranean in the midst of changing customer preferences and new competitive challenges, and highlights the opportunities, technology innovations, growing environmental and sustainability priorities required to enter the new era.
Hotel architecture and design can play a leading role in creating memorable and authentic experiences tailored to the expectations of each guest and can be a powerful tool for hoteliers to differentiate their properties and stand out from the competition, found the report.
Given they are now dealing with George Mergos, who is both Greek and well respected and now that they have all the information that they need to form an opinion ( such as the detailed figurework from Deloittes and detailed architects plans to mull over ) that the Foundation will be very keen at long last to reach agreement with all concerned and start the ball rolling once again for the commercial aspects of the project to commence.
Regardless of what is going to happen in the future.The contract signed with the foundation would have made it extremely difficult for a developer to take the project forwards.Historically it would appear that the foundation had no desire to take this forwards.
Now with a Greek chairman and an apparent desire to change the contract perhaps things may change.
Who knows. My Guess...............a change of mgmt at the very least. Can't imagine this team kept their promises.
A genuine question what are the foundation " waiting for"
Arsenal - When are you going to realise that Bigwil is an insider :). BTW, I have posted before on the lease. At present this is a short term lease (in property terms) and the foundation own ALL the cards. The foundation can just wait.
Pedro absolutely bang on mate .Bigwell when are you going to understand what this BOD are doing decades on from there first statement, The SP is where it is after all these announcements over the last few months and going knowhere you really need to start being reali and Stop kidding yourself hence 1p Fact !