Member Info for Bigwil7

How do you know that?

Yet another throw-away comment without any base to it.

More irrelevant untrue assertions - Please stick to the facts .

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.

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).

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 ??

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.

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?

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."

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"".

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.

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.

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/