Member Info for Bigwil7

I must say that I despair over the un-informed claptrap that follows on from any of my posts. Waterloo01 is a well respected and knowledgeable poster on the other thread, especially so when it comes to Min. He has said it as it is and you should be ashamed of yourelf Charles2 for your response.

Waterloo01 added

I think that's it. I'll add further should things come back into mind. Solid buy and an absolute steal at this price!

(ran out of room on the initial post but important in itself)

Waterloo01

Very nice to meet a number of other holders. I'm sure others will have some added comment as we had some break out groups, so didn't catch everything, but in short, I went away a lot happier that things are moving in the right direction.

Foundation. George tells us that meetings are now fairly frequent (he had 3-4 conversations last Friday alone), and he's meeting them again next week or so. Part of the delay was the lack of proper financial advice on what is essentially a commercial deal. They are now being advised by PWC (part funded by us) on their side, and deloitte on our side. We have put an 'offer' top them and we're awaiting their counter offer, although we're led to believe that the two offers are actually pretty close to each other.

GM also told us that trust between the parties has now been re built, and they are no longer concerned about our ability to fund. (Suspect Martin Gilbert involvement has given them some comfort.) There is a meeting being arranged between the Bishop and the company along with some of the DAGG members. Hopefully to seal the deal.

The contract is fully valid as it stands (as GM noted it's like a Catholic marriage, no escape) but it needs updating to incorporate many if the agreed changes since the original was signed. Hopefully that will include Epifania, which is in both parties interests. All understand the importance of closing this off, so we can get on with doing commercial deals and development. The Foundation are also in need of cash, to settle amongst other things outstanding tax (they seemed to suggest that they would need that this side of Xmas).

Further the locals, including local Politicians are keen to see the development happen. Their main objection being that it's taking sop long to get development started (on which we all agree)

"We are close" and could be weeks but unlikely to be many months. CE confirmed his view that it's worth at least 50-70m as it stands, a number the Greek valuer pretty much agreed on (they attributed a value of around 60m as part of the audit)

The commercial interest is particularly interesting and ranges from a JV on the whole site from a large consortium through to taking part of the site to build a private estate within the estate. They are actively pursing these, although one suspects we need to get the updated contract completed before they would move ahead to signature, however CE suggested in would all fall into place very quickly, once we have the updated agreement.

Values on both potential deals are significant and either would dwarf the market cap today. CE reminded the meeting that in years gone by they had an offer in the 100m's from Q8, but the contract got challenged (which let to court cases and the eventual resolution with the unappealable Presidential decree)and the interest dropped away. They are however still in the market, so no doubt will also be re approached about interest,

I think that's it. I'll add further s

It would appear that the pieces of the Min jigsaw puzzle are starting to come together lukehere although admittedly you have heard that probably that you are right to be sceptical. However slowly but surely the project is reaching the point where deals will be done (and that is presumably the reason why the hard-hitter has been approached to become a director).

I don't agree with you on your comment about the opposing environmentalists as it would appear that they disappeared when their appeal against the project was dismissed years ago (possibly ten years maybe more). Infact the locals are apparently all for the development of the area and only miffed because it is taking so long to commence.

How very easy it is for some ill-informed posters to criticise. Imv their comments carry the same value as the value they put on the wording from the rns, that's if they have even bothered to read it. I can understand the resident trolls usual nonsensical comments but just in case the others didn't read as far as the third paragraph here it is again:

"the Company can report that in recent weeks it has had a number of discussions regarding third parties taking meaningful interests in the Project. These discussions are being actively pursued and, if successful, the Company will make the appropriate announcements in due course."

Just a matter of time before the full impact of these discussions reach a satisfactory conclusion.

What a load of codswallop is posted on this thread these days.

You should be more positive about this company.........transformational news is supposed to be on the way..........

Especially the final paragraph:

Since we last reported on 24 October, matters have moved on significantly and we expect discussions with the Foundation to conclude in the near future. In addition, commercial and financial activities have recently picked up pace and I and my colleagues look forward to reporting in more detail on all these matters as they come to fruition."

Never say never ****nal:

9 December 2022

Minoan Group Plc

("Minoan" or the "Company")

Appointment of Savills as an Advisor

Minoan is pleased to announce that Savills, the Global Real Estate Advisors, have been appointed to work alongside the Company's Project Team and Deloitte Financial Consultants to further develop the real estate portion of the resorts at the Itanos Gaia Project in Crete (the "Project") . Savills will be using both their London and Greek offices to ensure the Project is positioned at a competitive and international level. Initially, this will involve advising the Board of Loyalward Limited, the Company's wholly owned subsidiary, on the Development plans for its 6,000 acre peninsula site in Crete.

George Mergos commented: "We are delighted to have appointed Savills, whose input and advice will be invaluable as we progress in the development of the different hotels/resorts and their associated real estate. The addition of Savills to Deloitte Financial Consultants provides us with the know-how and expertise to increase the pace of the development of the Project. Savills will work closely with Marco Nijhof, our recently appointed Hotel and Project Development specialist.

Since we last reported on 24 October, matters have moved on significantly and we expect discussions with the Foundation to conclude in the near future. In addition, commercial and financial activities have recently picked up pace and I and my colleagues look forward to reporting in more detail on all these matters as they come to fruition."

One day Rodders..................................!!

Keep up at the back! Its already been and replenished the coffers.
AND three more directors bought more shares. Now, I wonder why??.............

MORE misleading posts - head in the sand as always, living in the past!!

Very misleading post - but that is typical of ****nal.

The sooner the better -keep the momentum going.

Consideration
-- Ricca to pay an up-front payment of US$1m to Firering within 14 days of entry into the Agreement.

THat shouldn't be far away either.

Thanks for your comments LuckyLuciano.

"We are delighted to be partnering with Firering, which is now awaiting assay results following the recently completed 3,000m drilling programme that has identified visible spodumene. "

When do you reckon these results will be available??

Got involved here a few days ago and added yesterday.
Really good to then read the positive and knowledgeable messages here and yet there's not much on advfn, funny how that is sometimes.
Found it difficult to buy on-line which can be a good sign, seemed to me that some of the mm's are short of stock imv which played out yesterday morning.

Hopefully in the next month (or two) for a new agreement / lease with the Foundation to materialise, then its on to finding the right partners to start developing the project.

Head in the sand again, Arsenal!!

As always looking over your shoulder into the past.

The interims don't need an audit. But you know that. So just stirring the pot eh!

Consider the very positive update from the new Chairman of Loyalward:

Statement of the Chairman of Loyalward Limited, the Project Owner
Since taking over as Chairman of Loyalward in March of this year, I have been delighted with the constructive
nature of my discussions with our partners in the Itanos Gaia development, the Ecclesiastical Foundation
Panagia Akrotiriani (the “Foundation”), who are the ultimate owners of the land on which the development will
take place.
The discussions with the Foundation have centred on the Project Masterplan, the Business Plans and the
opportunities that the relatively new legal framework of Epifania brings to both parties as well as to our future
commercial partners, including banks and other financial institutions. I am pleased with the way in which the
discussions are being conducted concerning the adjustments to the agreements which necessarily follow the
revised Masterplan. The Masterplan itself sets out the vision of the Project in terms of its extremely high
quality, environmental credentials, overall design, and an ability to meet current as well as the expected future
demands of discerning travellers and residential users.
The pace of the discussions themselves has accelerated in the last months and once they are concluded I
expect the Project to move forward at some pace, as we make agreements with contractors, hotel brands,
development partners and others toward project activation and an actual start of development.
In parallel with all the work on the Masterplan, Business Plans and the Contract discussions, our
environmental team is working towards the completion of the detailed Environmental Assessment. As
shareholders will be aware from previous statements, the Presidential Decree which gave what is
approximately equivalent to outline planning consent in the UK, set out the various detailed conditions,
including environmental as well as other rules that the final development should follow. The whole Project team
has been and is working to ensure that all the rules are observed in order to achieve the best result.
I look forward to keeping shareholders updated as to progress over the coming months with additional
emphasis on the physical form of the Project as well as the discussions with the Foundation and their
conclusion.
George Mergos
Chairman, Loyalward Limited
29 July 2022

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,

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.