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Development Law
Now that the full suite of three Development Laws has been approved by the Greek Government, it is worth pointing out that there are a number of elements that the Company feels will have a positive impact on the Project. In addition to streamlining the approval process, as previously announced, with approval of business plans from a reported average of 670 days to 60 days, the Development Laws foresee aid in the form of tax breaks, subsidies, leasing subsidies, job creation subsidies and business risk financing for tourism.
Further potential financial assistance in the Development Laws outline the amounts of aid available for approved investment plans. For investment projects with eligible costs over 50 million euros (large investment projects) the maximum allowable amount of aid for projects such as the Group's development, dependent on meeting certain criteria.
The total amount of aid per submitted individual investment plan may not exceed the amount of EUR 10 million. It is also stated that the aid provided to each investment project entity, including aid to cooperating or affiliated companies, may not exceed a cumulative amount of EUR 20 million for an individual company and EUR 30 million for all cooperating or affiliated companies' business. These restrictions apply to investment plans for a period of three years from the submission of the application of the institution for inclusion of its investment plan.
Christopher Egleton said: "It is clear that the Government is actively supporting tourism investments and I believe that this will have an extremely beneficial effect on the quality of the Greek Tourism offering, of which the Group's Project is part."
The Project
The Board of Minoan is continuing to fine tune its plans, and to that end has deepened its relationship with the professional advisory firm, Deloitte, who are currently completing the work on refining the business plan. This reflects stakeholder feedback and the changes already apparent in the post Covid world, as well as an upgrade in the quality of the tourism offering created by the Project. This has included reviewing and updating the architectural plans, the calculations on rates of return and other key aspects of the business model. This plan will form the basis of the core documents which Minoan will be sharing with potential commercial partners and stakeholders, feeding into a more structured process with interested parties.
The Company continues to work constructively on a number of fronts with the Public Welfare Ecclesiastical Foundation Panagia Akrotiriani (the "Foundation"), and hopes to be able to report progress in its contractual discussions shortly.
The Company is also pleased to report that site visits have now resumed after a near two year hiatus caused by Covid restrictions. Christopher Egleton said: "Tim Hill, George Mergos and I have recently returned from Crete, having had a number of meetings with potential partners, the design team, and others. I look forward to being able to update shareholders on progress in the coming period."
MINOAN GROUP PLC
("Minoan" or the "Company")
UPDATE
New Appointment
Minoan is pleased to announce the appointment of Mr George Mergos as a director to the Boards of both the Company and its subsidiary Loyalward Limited.
George is Professor Emeritus, Division of Development and International Economics, Department of Economics, National and Kapodistrian University of Athens.
He is a Board member of the Foundation of Economic and Industrial Research (IOBE), a private, non-profit, public-benefit research organisation.
Since May 2017 he has been a director, and from June 2021 Vice Chairman, of Terna Energy SA, a renewable energy company listed on the Athens Stock Exchange. Since November 2014 he has been a director of Piraeus Real Estate SA, the real estate arm of Piraeus Bank and of PICAR SA, a real estate company owned by Piraeus Bank.
George, aged 73, is a senior academic with extensive management experience at the highest levels in the public and the private sector. He has served as Secretary General of the Ministry of Finance, Secretary General of the Ministry of Economy, Governor of IKA, and as a member of the Boards of the Hellenic Financial Stability Fund, the Public Power Corporation and the Council of Europe Pension Reserve Fund. He is an expert on economic development, project and programme evaluation and has consulted extensively with organisations which included the World Bank, OECD and the European Commission.
George has confirmed that there is no further information to be disclosed pursuant to paragraph (g) of Schedule 2 to the AIM Rules.
George Mergos said: "I have been aware of Minoan's Project in Crete (the "Project") for some time and of its strategic importance in terms of tourism in Crete and the country as a whole. I am delighted to be able play a role in helping the Company to create value for all stakeholders by achieving its vision for the Project."
Christopher Egleton, Chairman of Minoan, said: "I look forward to working with George and am sure that he will bring to the Company his insight and experience, which will be invaluable as we progress the Project, particularly with all our Greek partners."
Fact all of those statements Bigwell have absolutely nothing to do with Minoan ,they have No Capital just a barren piece of undeveloped land you really do have your head stuck firmly in the sand LOL .AaHence 1.025p.The BOD are still getting paid though for doing nothing !
Investments shoot up 16%
https://www.ekathimerini.com/economy/1177368/investments-shoot-up-16/
Greece had a positive record in investments last year, with Eurostat and Hellenic Statistical Authority (ELSTAT) figures being in agreement with the European Commission estimates for an 8.5% economic growth rate last year in Greece, the second highest in the eurozone.
Data show that the increase in investments over the first nine months of 2021, on an annual basis, was also the second highest in the euro area, after Italy’s, amounting to 16.3%. The eurozone average was about a quarter of Greece’s, at 4.3%.
Notably, Greece managed to exceed investments recorded over the last year before the pandemic, with 15.6% more than in 2019, while the eurozone fell short 2.3%.
Figures also reveal that one of the main factors for investment growth has been construction of houses, explained by the decline of this category in previous years: Investments in residential construction soared 34.7% in 2021, compared to 2020.
Tourism: Greece wants to become a Mediterranean Switzerland
https://www.powergame.gr/ikonomia/200705/tourismos-i-ellada-thelei-na-ginei-elvetia-tis-mesogeiou/
A significant rise in luxury tourism since Easter, new contacts of Kikilia with actors of the Arab world, modernized marinas, golf courses, glamping and luxurious seven-star hotels are taking Greece to the top of the preference of very high-income travelers.
It may still be too early to have the real picture of the demand for this year's tourist season, but the information that comes regarding luxury tourism (Luxury & High-End Tourism) foreshadows an upward trajectory.
Skylakakis: Directly 1.57 billion. to finance new investments
https://www.powergame.gr/ikonomia/200732/skylakakis-amesa-157-dis-gia-chrimatodotisi-neon-ependyseon/
Th. Skylakakis notes, referring to what will happen in the coming period, that "in the next few months, large programs for subsidizing investments of small and medium-sized enterprises for energy saving, digital upgrading, as well as programs for agri-food, manufacturing and tourism enterprises are also launched".
As far as the loan part of "Greece 2.0" is concerned, which according to the Ministry of Finance is also progressing rapidly, Th. Skylakakis mentions that "after the operational agreements of the Ministry of Finance with eight credit institutions (6 domestic and 2 international), 1.57 billion. Euros are made available directly to finance new investments in the country that will create new jobs.
The banks have already published invitations to investors inviting them to present investment plans for financing and to take advantage of the benefits (e.g. fixed lending rate of 0.35% for the first wave of loans, repayment term up to 15 years, etc.) of the National Recovery and Resilience Plan "Greece 2.0"".
I forgot Strong Sell
Yet aga more nonsense by Minoan s biggest fan ,when are you going to get in touch with reality hence SP 1.025p Fact
Greece Sees Investment Boom in Luxury Resorts and Branded Hotels
https://news.gtp.gr/2022/02/11/greece-sees-investment-boom-in-luxury-resorts-and-branded-hotels/
Despite the ongoing Covid-19 pandemic, Greece is seeing a good number of local and international players investing in the hospitality sector.
According to the latest report released by GBR Consulting and announcements by hotel enterprises, a number of new entries are expected in the Greek tourism scene following transactions and developments in the hospitality sector.
The Greek hospitality sector also expects the opening of luxury resorts throughout the country as well as branded hotels in Athens and the Greek islands in 2022 and beyond.
Crete
– Through an electronic auction process conducted by the Hellenic Republic Asset Development Fund, REDS SA, a subsidiary company of the Ellaktor group, emerged as the highest bidder (40.2 million euros) for the development of a property at the former American base in Gournes, Heraklion,Crete.
The property concerns a coastal area of 345,567 sqm. REDS is planning for the development of hotels (4 and 5-star), conference-exhibition centre, holiday homes, shopping malls, marina, helipad and other uses.
REDS is also proceeding with the investment of the Cambas Park at the former winery Cambas in Pallini, Athens. The park will include areas of entertainment, culture, catering, shopping malls, offices, as well as hotels on a plot of 315 acres. The investment is budgeted at about 200 million euros.
– In November 2021, the Sani/Ikos hotel group announced the development of a 5-star resort in the area of Kissamos in Chania, Crete, after finalizing land purchases, resulting in a total area of 200,000 sqm. The all-inclusive 5-star resort will carry the name Ikos Kissamos and will offer 400 rooms, bungalows and villas on a beach front of 600 meters. The construction of the new hotel will start in 2023 and it is estimated that operations will start in May 2025. The total investment is budgeted at around 125 million euros.
Also as usual the loan gets extended ,they have No capital what a joke this BOD are !
Exactly Pedro this BOD have absolutely been kidding people on here especially Bigwell that there is some gold pot of money to be made ,there is nothing hence decades of the same bull **** ,good valid truthful facts mate Well Done !
Align Research Tweet today - "Ref Minoan Grp #MIN How on earth this Greek prop development "carrot" story has been allowed to run for so many yrs defies belief - https://investegate.co.uk/minoan-group-plc--min-/rns/share-issue-and-option-expiry-dates/202112300700059856W/… Time for all involved to pull plug on the gravy train for BoD"
Into another Year and the BOD are still get paid LOL
Bang on Truth but our friend Bigwell won’t accept that LOL
Yet again all this information has Nothing to do with Minoan ,they are still waiting for investment and have been for decades
From the above link
In comments to Businessdaily.gr, Vassilis Fotopoulos, Associate Director, Hospitality Lead at Arbitrage RE, explains that "Greece is now becoming a pole of attraction for large tourism investments that will draw luxury tourism."
"Demand for hotel properties by foreign and domestic institutional investors did not stop during the pandemic, while new reliable and international investors expressed their interest in placing themselves in the Greek market," said Fotopoulos.
"Demand was focused on two main categories, city hotels in need of renovation and large-scale resorts on popular island destinations, with the possibility of upgrading and having their management taken on by international brands," he added.
Hyatt to Open New Hotel on Greece’s Popular Santorini Island
https://news.gtp.gr/2021/12/13/hyatt-open-new-hotel-greeces-popular-santorini-island/
Hyatt Hotels Corporation has announced plans to open seven new luxury hotels and resorts throughout the Middle East and Europe, including in Greece.
This is in addition to the 24 previously announced luxury hotels within Hyatt’s luxury portfolio globally, that are slated to open by 2023.
Greece draws hotel investments
https://www.businessdaily.gr/english-edition/52681_greece-draws-hotel-investments-tourism-not-due-full-recovery-until-2023
New investments are being launched for resorts in Mykonos, Crete, Corfu and Zakynthos, according to data from Arbitrage RE, after the announcement a few days ago that Sani / Ikos is entering Crete with a 125-million-euro project.
Investment funds eyeing local realty
https://www.ekathimerini.com/economy/1173631/investment-funds-eyeing-local-realty/
After an 18-month break, foreign investment funds are returning to the Greek property market.
Having invested funds of more than 400 million euros in Greek realty by 2019, these groups froze all moves with the outbreak of the Covid-19 pandemic until the impact of the health crisis became clearer in the sector and the economy in general.
Today the situation appears to have stabilized and funds are acting in dynamic fashion, perhaps even more than in the pre-pandemic period.
This has absolutely nothing to do with Minoan they are still waiting for some big investment decades on Fact !
Subsidies of up to 80% for investments by small, medium and large enterprises are provided for in the new Development Law,with rates per size of business being up to 60% for large enterprises, up to 70% for medium-sized and up to 80% for small ones.
https://www.powergame.gr/ikonomia/171154/anaptyxiakos-epidotiseis-eos-kai-80-gia-nees-ependyseis/
Not for Minoan though still waiting for investment decades on !
And another investment:
North Afantou conceded to MA Angeliades Hellas
https://www.ekathimerini.com/economy/1173557/north-afantou-conceded-to-ma-angeliades-hellas/
The Hellenic Republic Asset Development Fund (TAIPED) on Thursday announced the completion of the Golf-North Afantou property concession to MA Angeliades Hellas.
TAIPED CEO Dimitris Politis and the legal representative of MA Angeliades Hellas, George Mylonogiannis, signed the closing memorandum of the transaction with the payment of a lump sum of 26.9 million euros plus interest.
Golf-North Afantou is a coastal property with a total area of 1,328 square meters.
Bigwell they are not insults you really need to understand about investing and how small businesses like Minoan actually make people like you believe there is an end prod.They have been telling you and others for decades that there will be a development when they can get somone to invest Money they have not got .Fact ,if you want to keep dreaming about all of these newspapers telling you good story lines then you are very naive so as 8 told you many times IT IS Your Head In TheSand ,Facts and Reality are something you don’t accept Bigwell