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What’s another year after all the CEO has been waiting decades whilst getting a salary for doing nothing you can’t make it up
In my opinion despite the. Constant optimism of the chairman there would have been no realistic
Prospect of a deal being Done in the last 5 years.The contract with the foundation has clauses it it which a developer would find to onerous.
Post Covid and the recent changes in the law there must be some value. If the foundation move their position then shareholders may be in for a pleasant surprise.If they won’t budge then they should still have interest at a lower price level.I think even the most optimistic soul must accept that if it does attract any third party by the end of this year then it probably never Will.
Bigwell someone has to Fund the project because Minoan has No Capital so after d3cades of looking for someone have yo7 got any ideas who would put the money ? Because the BOD have been trying for a long time ?
Not a bit of it -my computer was not picking up lse thread .
The company has never been looking to fund the project!! Just shows how much you know and after all your efforts to trash this bb the most important FACT eludes you.
The project is the assembly, design and supervision of the construction and ultimately, the management of this resort on a 25 Square KM site in NE Crete. Nearly all the finance for the project will be raised in the form of project finance, and / or from joint venture parties.
Bigwell I will take your silence as you know there is No Capital hence your none reply maybe you are finally realising some some mode4n day Facts 2022 that Minoan can talk a good game but not Fund it now that in the present world OK
Bigwell answer me one question Where is the Capital for this project ? . Now that is a question in 2022 so get your head out of the sand and give me the answer your so besotted my this BODs scenarios so just answer my question
No it doesn't actually. A wishy-washy response without any factual detail as always. Times have changed considerably in the last year and yet you continue to ignore what is happening in the present and allow let the past to dictate your posts ( head in the sand as ever).
They will always present an RNS with views of the upcoming events and the possibility of there undeveloped barren land project finally going ahead ,What they don’t do Bigwell is present any facts about where the Capital is coming from ,anyone can talk a good game but at the end of the day the reality is that Nothing has happened with the venture in Crete for decades and that is what you and others should be concerned about along with a CEO who has been earning a salary for years without any success about the above comments ,I hope that clarifies it for you !
Well yes you are entitled to your opinion.
Todays rns (in my opinion) was a very well presented up-date from the Company, full of facts.
Yet in YOUR opinion today's rns was make believe. Well please justify that opinion by telling me which sentences have been made up and are not true?
Or is your opinion merely a throw away comment without actually a shred of evidence or truth to it ??
Bigwell your right I don’t have any interest in Minoan but I’m entitled to an opinion the trouble is you can’t face the Truth or FACTs so I suggest you dig a bit deeper about the business ,just trying to give you some good advice as for FTSE 100 been there since the 80s and doing Ok after all any RNS from businesses in there are actual facts not make believe like Minoan, Good Luck with your investment here you will need it !
I don't believe your intentions are genuine. If you are doing so well on FTSE 100 investments why do you concentrate your (embittered) comments for this thread. Your comments show that you have no interest whatsoever in this company nor in its future and serve very little purpose apart from occasionally achieving a sanctimonious self satisfying pat on the back when the share price goes down. And when it goes up your efforts are renewed simply to personal attacks on anyone who posts positive comments here.
Bigwell nobody has upset me it’s called having an informed opinion you have one just like me we disagree because of the fundamentals of how this so called business has been run for decades just tak8ng money of you and others here with No return for your cash , it’s your decision what you do with your money but try and look at the bigger picture after decades and see who the only winners are ,The BOD remember some of us have been investing for decades in FTSE 100 companies not a poxy little Aim listed business what looks after themselves and that’s a Fact . Just ask yourself why after decades has nobody invested Capital in Minoan for the barren undeveloped land in Crete ?
Then why on earth do you make it your vocation to trash everything that is said on here. You must be very bitter about those running the company. Anyone in particular upset you in the past?
Only ever bought in here once and made £500 not as daft as some here Bigwell to be holding these , you keep believing hence 1.07.5 SP and keep paying the BOD with your money LOL
Bitter ex-shareholders living in the past.
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.