The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Charles No mate as usual very vague but that is Minoan all over ,it’s a game to the BOD we will tell you what could happen but doesn’t and you pay our salaries 👎
Any chance of a name for this “hotel operator “🤔🤦🏻♀️
It won’t affect Minoan given there aren’t any buildings!!!
There are not currently any reports of widespread fires in Crete, the largest of the Greek islands. However, last Tuesday the popular holiday destination was put on high alert, with residents told that there is an extreme risk of fire.
This warning, which was issued by Greece’s Civil Protection, means Crete is at a level five alert category, which is the same as Rhodes. It means that officials are on urgent standby to respond to any fires that arise on the island, while citizens are recommended to avoid anything that could cause a blaze, such as outdoor barbecues and disposing of cigarettes. There is currently no specific travel guidance from the UK Government relating to people planning on travelling to Crete.
Morning Truth exactly mate but it doesn’t say there will be any development, and where is the Money coming from another line of nonsense in the Aim world just so the BOD keep getting there salaries ,you have to laugh at Mr Ecclestone as he has spun similar line for decades
I saw a similar RNS with a hotel collaboration around 20 years ago-it’s still scrubland
Scam springs to mind
Another year an the same old rhetoric nothing has happened yet with the barren undeveloped land but BOD still getting salaries ,you couldn’t make it up
I did read somewhere, they crafted the idea in the late ‘90’s, find a difficult site that will take years to get planning, lots of local opposition, a seller that doesn’t really need to sell, a Country with lots of bureaucracy so everything takes years, float the whole thing on AIM at a very high offering, keep diluting over the decades, whilst paying salaries year after year, a nice sail into the sunset cigars lit proposition 🤔
Charlie exactly mate I’ve been stating this for decades the BOD are kidding everyone and being paid for it
Having researched this company, all I can find is broken promises for years, no wonder the sp has slumped over the decades to 1p, I wouldn’t be surprised if they went bankrupt unless they can raise monies fast. Not even remotely an investment imo
It’s been at the bottom for decades and still the BOD don’t offer anything else other than that Barren Undeveloped Land which they don’t Own hence 1p SP
0.95?...looks to be the bottom..imo
Even if they were in the glamping yurt business they would be in trouble
looking at trades today and someone has spent 5.2K buying at 1.04p nuts whole hazelnuts!
I bet Minoans BOD are hoping there are No fires on that barren piece of undeveloped land as that would be there End for them !
Luke there is No news for this share to move forward as they have nothing to tell investors,for decades they have been banging on about some barren undeveloped land hence SP is under a penny !
What might the news be that moves the current SP from being just on the weak side towards going into freefall ?
Yeah but there's a research note saying the future is just round the corner :)
AVOID
You couldn’t make it up Minoan are the creator of a barren piece of undeveloped land decades on LOL
Followers of Minoan Group's long running luxury development project in Crete can read an update research note on progress, tourism and encouraging recent Greek elections.
Free access to note here:
https://www.equitydevelopment.co.uk/research/a-clear-route-to-realise-project-value
Atlantic 57 highlights the auditor's comments on the inventory figure.
Their statement that , "there is a significant risk over the valuation of these inventories " cannot be ignored.
The fact that they then qualify the possibility in order to conclude that the gross inventory figure is acceptable nevertheless has to be a red flag for as Truthfactory states, much of the inventory is nebulous at best.
Bit of a puzzle this
Can't be just anything tangible such as material and equipment on site, earthmoving equipment, work already actually done on site, directors drinks cabinet etc
1: Capitalisation and valuation of Crete Project costs
The group inventories, held in respect of the Crete project, represent the most significant asset on the statement of financial position totalling £47.4 million as at 31 October 2022 (2021: £46.8 million). There is a risk that inappropriate expenditure may be capitalised that is not in accordance with IAS 2 Inventories, and a risk of impairment not being recognised correctly to accurately represent the value held. Furthermore, given that the Presidential Decree has been issued granting planning consent and that the Directors appear to be actively marketing the property, any lack of buyer interest in the property would be an indication of impairment. Therefore,there is a significant risk over the valuation of these inventories.
In this area, our audit procedures included:
Testing a sample of capitalised costs in the year to ensure accuracy and appropriateness for capitalisation as project costs under IAS 2;
Reviewing correspondence and other third party documentation from management experts having considered their expertise and instructions in relation to the project to confirm that the expected value of the project is in excess of the costs to date, including meeting, reviewing and testing assumptions of the Group’s appointed financial advisory and specialist hospitality partner and a qualified member of the Royal Institution of Chartered Surveyors to assist with the valuation.
Reviewing and assessing the marketing activities for the site post grant of the Presidential Decree;
Inspecting management’s impairment review and recalculation in line with support from other sources to confirm the value and assess the need for any impairment.
From the work performed, we did not identify any transactions which indicated that capitalised costs were incorrectly stated, the expected value of the project is in excess of the costs held within the group as at the balance sheet date and no impairment was therefore required
Inventories represent the actual costs of goods and services directly attributable to the acquisition and development of the Project.
Inventories = £ 47,388,000
No wonder Minoan do not provide any specifics.