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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 !
"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