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"which may be required in respect of the terms of the Group’s long leasehold title to the site of its Project in Crete"
They are in discussions with the landlord about getting some long term security over the lease.
In other words they don't actually own the land and whats more currently have nothing in place that enables them to secure any agreements on commercialisation of "The Project".
LoL
29 June 2022
Minoan Group Plc
(“Minoan ” or the “Group”)
Update
Minoan is pleased to announce that the Group is making good progress in the discussions
relating to adjustments to the Agreement with the Ecclesiastical Foundation Panagia
Akrotiriani (the “Foundation”) which may be required in respect of the terms of the
Group’s long leasehold title to the site of its Project in Crete.
The Company’s frequent meetings with the Foundation covering the key legal, technical
and economic aspects of the Project, have revealed that the new law on Epifania (the
equivalent of a long term ground lease in English law) best serves the interests of both
parties and, therefore, is the preferred option to enable development of the Project. The
use of Epifania would be in line with the most advantageous of the Business Plans referred
to in Minoan’s Preliminary Results Announcement of 28 April 2022.
George Mergos, Director said:
“We look forward to providing updates in the near term as negotiations move towards
a definitive agreement on the optimum changes and adjustments to the present
agreement with the Foundation. This will allow us to rapidly progress further discussions
with potential commercial partners.”
Nick it appears it took 2 months this time to get back to its original price ,as I said to you and Bigwell same as normal and nothing changes whoever comes to Minoan ,George is just like the rest it seems hence the SP !
Another share issue, another steep fall. Deja Vu again!
Just dug out my old paper share certificates for Loyal Ward (yes you heard me right). I think I paid something like 60p per share. I suggest I will never, ever see a return anywhere near. Still, the paper certificates will be a museum piece one day!
What I would like to see from the new guy, is to secure enough votes from the trapped shareholders, remove the current Chair which must be a help to negotiations with the Foundation. The old guard need to be removed. Full disclosure then needs to be made to the exchange, on the current position of Minoans lease of the Foundation land.
This way, the 'new hope' director shows the shareholders that he is not another corrupt director.
Nosurr I’m afraid some people will not want to remember those facts , This will not get to 2p nevermind a £1 good luck mate
This crowd have been " looking good" for years! Old hands will remember the initial share issue at £1. I was daft enough to buy some at 5p years ago . If the site is ever developed by Minoan I'll eat my hat!
Major Infrastructure Projects Underway in Crete
Five infrastructure projects are currently in progress in Crete, upgrading the island’s property development, transport and tourism sectors.
https://www.greece-is.com/news/major-infrastructure-projects-underway-crete/
Investment interest in Crete, including large-scale tourist projects, is escalating, as five big infrastructure projects to upgrade the island and its economic prospects get underway. With Crete controlling 20% ??of travel receipts to Greece from abroad and having a strong local economy, it is not surprising that there is fierce competition between major construction and development groups when bidding for private projects.
Greek real estate rivalling Italy, Spain for foreign investors
https://www.businessdaily.gr/english-edition/61917_greek-real-estate-rivalling-italy-spain-foreign-investors
Key infrastructure projects are improving accessibility in a market where prices are rising but remain lower than elsewhere in Europe. Investors have shown a vote of confidence in Greek real estate.
At a second home fair in which Elxis participated last month in Utrecht, Netherlands, it was evident that Greece has become a ‘hot’ destination for home buyers, highlighted Gavriilidis, who added that Elxis is moving ahead by investing heavily in human resources, new technologies, innovation and sustainable properties.
SMERemediumCap Investment Fund to Acquire Patmos Aktis Hotel
https://news.gtp.gr/2022/04/15/smeremediumcap-investment-fund-acquires-patmos-aktis-hotel/
The SMERemediumCap (SMERC) investment fund has proceeded to an agreement to acquire the Patmos Aktis Suites & Spa hotel on the Greek island of Patmos.
“This 17-milion-euro investment takes advantage of the dynamic increase in demand in the hospitality sector, which has been significantly affected by the Covid-19 pandemic,” SMERC President Nikos Karamouzis said.
Greek realty attracts foreign interest, prices to rise by 10%
https://www.ekathimerini.com/economy/1182333/greek-realty-attracts-foreign-interest-prices-to-rise-by-10/
“Investor interest from countries such as the Netherlands, Germany and Belgium remains strong, focusing on Crete and the Ionian islands. This is keeping prices high as inflationary pressures drive construction costs upward in a trend seen continuing this year. We expect prices to advance by about 10% in 2022 despite the uncertain conditions,” Gavriilidis told the Athens-Macedonian News Agency.
Absolutely some people will believe anything , I suppose he has to earn his salary done way LOL
7 April 2022
Minoan Group Plc
("the Company" or "Minoan")
Notice of Annual General Meeting
Minoan Group Plc announces that its Annual General Meeting will be held at 10.00 a.m. on 29 April 2022 at the offices of Pinsent Masons LLP, 30 Crown Place, London, EC2A 4ES.
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 intends to publish its results for the year ended 31 October 2021 before the Annual General Meeting.
Included in the results, Minoan will provide an update regarding any further substantive developments both within the Company and its Itanos Gaia Project in Crete (the "Project"). The Company has commissioned a range of reports including Deloitte Business Solutions SA's engagement to advise on and update the Project Business Plan and prepare a presentation of the Plan to assist both parties in the discussions with the Foundation. The update will therefore include as much of the key information as possible from the reports when they are complete in order to keep shareholders fully informed.
Christopher Egleton said "With the business plan updated, confirming the significant potential of The Project and with George Mergos appointed as Chairman of Loyalward Limited and leading discussions with the Foundation as well as the commercial operations in Greece, we look forward to providing a more comprehensive update on progress when we release our year end results."
Nick as I said to Bigwell let’s see where this is in a month before you start getting carried away after all it’s got form for this swing in SP and then down it goes ,what’s a month after all theses decades ,end of April ?
Latest score: Minoan 1.3p Arsenil 0
Still all to play for? Not really. Looks game over as Arsenal just can't shoot on target and are prone to own goals. Minoan's new Greek signing has come on and is already showing his value. He's already set-up centre forward Big Wil for his hat-trick. Minoan playing at home in Greece with the influential Greek crowd right behind them. Greece giving vouchers to encourage ticket sales and season tickets likely to be extended to 99 years.
Predicted score after the home leg in a couple of months' time: Minoan 6 p Arsenal nil with a points deduction for foul play for Arsenal.
Minoan's squad assets are valued at £47m by experts but the transfer market is on the rise in Greece and agents are finally likely to release a potentially significant higher valuation. Pundits reckon that Middle East and global interest in a takeover of the Club at a significant premium looks highly likely this year.
Bigwell we will see as this has happened time and time again , let us see where you are in a month
Still living in the past then.
A few weeks with George at the helm - the ship may have sailed by then..........................
Bigwell that is simply because I live in the real world of investing not Minoans BOD world of continually coming up with different strategy the latest being a new appointment baring in mind he is already here already in Minoan After all time is on your side it is decades since anything has happened so what’s are a few weeks eh Let us see where SP is then
Sitting on the fence then Arsenal.
And not a derogatory word in two posts !
This is unheard of !!!
As I said Bigwell we will wait and see where you are in a few weeks !
Minoan Group PLC - Greek hotel investor - Appoints George Mergos as chair of Loyalward Ltd, the Minoan subsidiary that owns the Itanos Gaia project in Crete. Mergos will remain a director of Minoan as well.
"With the project finally able to move to definitive agreements, which will require contractual relationships to be agreed in order to develop the site at Cavo Sidero, I am delighted to be able to be involved proactively in seeing this unique development finally take shape,"
Mergos comments. "The project is set in the largest private estate in the Eastern Mediterranean, and Minoan's steadfast and patient shareholders can rest assured that I aim to see their commitment and loyalty rewarded with further demonstrable progress in its development in the near future."
He certainly has a way with his words and talks the talk, hopefully his actions will speak louder..........
Smart move to get more Greek involvemement - Looks to me that George is overflowing with the right credentials to take this project further. One of these fortunate individuals who is in the right place just at the right time.
Stakeholders/investors/developers should eventually be falling over themselves to get a piece of the project:
*Largest private estate in the Eastern Mediterranean
*Set in the Cavo Sidero 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
*Permitted build space of 108,000 sq m, plus allowances
*Distinctive locations for hotels and resorts
*Properties can include significant outside space
*Project granted “Strategic investment” status by the Greek Government
*With the benefit of an extremely flexible outline planning permission
*Using less than 0.5% of the land for building
*Endowed naturally with a history spanning the Minoan, Hellenistic, Venetian and Byzantine periods
*30 minutes from Sitia international airport
*Project supported by Municipality of Sitia and 28 unions & trade associations, in addition to the Church and Foundation
*The current design teams include both International and Greek specialists.
*Will contribute a significant number of jobs and economic benefits to the local area and Greece in terms of tourism and competitiveness.
Not an endorsement a word of caution let’s see what happens over the next few weeks ! It’s called being realistic
Cor that's a ringing endorsement compared to what you normally have to say!!