Member Info for Bigwil7

And:

According to Minoan Chairman Chris Egleton, the prospects of this investment have not been harmed by the pandemic; quite the contrary in fact, as the effects of the health crisis have highlighted the importance of luxury holiday villas the plan has in store for Sitia. “The advantages of the area, the privacy and luxury that Itanos Gaia offers, are already proving to be of great value,” he said. That was also confirmed by a Deloitte valuation that inspected and approved the business plan the Minoan management has drafted.

The conditions after the pandemic in the luxury holiday accommodation market show demand with an emphasis on space availability and on securing privacy. That has increased the anticipated appeal of the villas planned for Itanos Gaia, as there is also the option of owning a relatively isolated property, but within a hospitality community.

Minoan Plc is planning to get started on a major tourism development on a 25-square kilometer plot at Cavo Sidero, near Sitia in eastern Crete, through strategic partnerships and consortiums.

https://www.ekathimerini.com/economy/1161722/seeking-partners-for-cavo-sidero/

In that context the British company is soon expected to speed up talks with interested investors to finish off the planning of the investment, especially regarding the mix and the category of the holiday accommodation to be constructed on the plot.

Minoan is working toward an integrated tourism resort bearing the name “Itanos Gaia.” This is a 270-million-euro investment concerning the construction of a five-star hotel unit, holiday houses and a golf course.

This is the very recipe that Lamda Development is applying for the plot of Elliniko in southern Athens, according to its deal with TEMES on the development of part of the seafront, and to its upcoming agreement with one of the investors interested in the residential and office towers planned for the old Athens airport plot.

In Minoan’s case, this is the choice as the company does not have the necessary liquidity and know-how to finance the investment itself. The solution of cooperations also provides the chance for immediate revenues for the property, whose zoning has taken over 25 years to mature.

He has invested in the company Arsenal.
Dagg LLP ( he is a partner)has also taken over the 1.2M loan to the company where it received 35M warrants at 1.4p as part of the refinancing arrangement.

No Arsenal, from a ten square mile plot of land in NE Crete which has unappealable outline planning permission for a site with numerous coves and sea views.

The Directors don't share your views Arsenal - see the full years accounts to 31/10/20:

Page 34 - Note 7 Intangible assets:

"The Project is assessed using fair value less costs to sell. The directors have assessed the recoverable amount of the Project as being greater than the combined carrying value of the goodwill and inventories of £50,014,000 at 31 October 2020 (31 October 2019: £49,431,000) on the basis of valuations previously carried out and the
positive progress made in the period since (see also note 10)."

And

Page 38 - Note 10 Inventories:

"Inventories at 31 October 2020 amounted to £46,431,000 (31 October 2019: £45,848,000), comprising costs associated with acquiring and developing the site in Crete, planning and other design costs.

In particular, the directors have considered the current value of the Group’s overall interest in the Project and its progress and are of the opinion that the Project site has longer term value in excess of the carrying value of inventories."

Easily pleased, me - just relieved to SEE the results!

* Profit made in 6 mths to 31/10 £25K.

* NO impairment of inventory infact:

"All of these factors have an impact on overall value, and shareholders will be pleased to know that, following discussions with its valuers, the Company is of the view that the value of the Project has not been impaired by the effects of the pandemic."

* The report of the auditors on the statutory financial statements for the year ended 31 October 2020 and 31 October 2019 was not qualified.

* "discussions with The Public Welfare Ecclesiastical Foundation Panagia Akrotiriani regarding desirable adjustments to its contract and long lease are in progress."

STILL ALL TO PLAY FOR IMV

Greece

While Greece has not escaped the effects of Covid, particularly on the 2020 summer season, the Greek Government has been proactive in attempting to mitigate the effects on inward investment by building on its more investor friendly approach. This has included simplifying the framework of the planning process in order to improve the quality of Greece’s tourism offering.

In addition, the recent enactment of legislation to encourage retirees to settle in Greece through a very low flat tax rate of 7% is likely to have an extremely positive effect on the residential tourism market as a whole.

From the Chairman's statement 17/08/20:

The nature of the Company’s Project in Crete, covering over 25sq km with its 28km of coastline and unending sea views, is such that it is able to accommodate the spatial demands that appear to be emerging within the tourism industry as it adapts to a post Covid world. Taken together with the fact that the Project’s flexibility, as highlighted in the outline planning consent and overall plan, has always been to
create space for its visitors, using under 0.05% of the land for building, we believe the post Covid demands add to the attractiveness of the development as a whole.

And 22/03/21:

The Company is continuing to advance the Project on a number of fronts in response to the predicted changes in demand driven by changing tastes and Covid-19. We continue to work with our partners in the Foundation to ensure the Project works for all parties and to optimise the opportunity for shareholders.

Indeed, many of the changes we see in the sector are in the requirements for environmentally sound developments with significantly increased demand for personal space, which appears to be one of the first indicative market trends, especially in the upper and luxury segments of the market, and to which the Project is, and has always been, ideally suited.

From the Chairman's statement 31/07/19:

A summary of the key points and attributes of the Project is set out below:

• The Company has un-appealable, outline planning consent for a development set on a 6,000-acre plot within a peninsula site with 28 kilometres of coastline on the island of Crete;

• The consent is for a “complex resort”, allowing its construction to be split across five main locations within a master plan that will create a project that will be largely invisible to the casual observer;

• It will be one of the most environmentally friendly and soft-impact major resort projects in Europe with a build footprint of less than 0.5% of the total land package. Through this and other criteria, the project will be a significant milestone for tourism in Greece;

• Travel infrastructure in the area continues to improve steadily. The main road along the North Coast running from the Cretan capital, Heraklion, to Sitia in the East has been upgraded further, particularly in the East, thus continuing to reduce journey times;

• Sitia International airport, which is adjacent to the site, is fully operational taking flights from various European cities and is itself benefitting from the improved transport infrastructure, thus increasing its own catchment possibilities.

RNS Number : 7367U

Minoan Group PLC

08 April 2021

8 April 2021

Minoan Group Plc

(or "the Company")

Notice of Annual General Meeting

Minoan Group Pl c announces that its Annual General Meeting will be held at 10.00 a.m. on 30 April 2021.

In accordance with the current restrictions on public gatherings and travel, Shareholders will not be able to attend the Meeting in person and no Shareholder who seeks to attend will be admitted to the Meeting. However, arrangements will be made for a quorum to be present as required.

The Notice of Annual General Meeting will be available on the Company's website today and will be posted today to those shareholders who have elected to continue to receive hard copy communication from the Company.

The Company will have published its results for the year ended 31 October 2020 in the second half of April before the Annual General Meeting.

Crete expects 2 million tourists this year

https://www.ekathimerini.com/economy/1158601/crete-expects-2-million-tourists-this-year/

“Crete has always been one of the flagships of Greek tourism and in the unprecedented crisis of the coronavirus, it managed to keep its reputation at a high level and to offer high quality services to the tourists who visited it last summer,” Greek ?ational Tourism Organisation (GNTO) secretary general Dimitris Fragakis said in an interview with the Athens-Macedonian News Agency (ANA) released on Sunday.

Courtesy of Waterloo and Nobbygnome's posts on advfn ( continued)

The above "translates" into changes in the design of the investment, in order to meet the above demand in the best possible way. For this purpose, in fact, one of the four major auditing companies has been hired as a consultant, and in particular its department that has extensive experience in the tourism sector, in order to make the necessary improvements to Minoan's business plan. Already, the final reformed plan is nearing completion.

According to the report, Minoan executives note that this new plan will significantly enhance the value of the project and will attract additional interest from potential investors. It is recalled that the company is already in negotiations with several interested investors, who will undertake to co-finance and develop parts of the area of ??25,000 acres. This will happen either through the direct assignment of the right to exploit parts of the area or through the establishment of joint ventures for the joint development and operation of individual infrastructures, such as e.g. the golf course or hotel, or even part of the residential complexes provided.

Minoan, which is known to have leased the 25,000 acres in Cape Sidero from the owner of Toplou Monastery for 40 years (with the right to renew for another 40), says it is also proceeding with a series of studies to speed up the publishing process. of the final permits required to start the project, which dates back to the mid-1990s, when the relevant tender for the exploitation took place. Therefore, once the preferred partners are selected, the time it will take for the work to begin will be as short as possible.

Courtesy of Waterloo and Nobbygnome's posts on advfn:

https://sitia-news.blogspot.com/2021/04/blog-post_636.html

A translation of the article....

Toplou Monastery: British investors "bet" on luxury homes
https://s1.neakriti.gr/images/1542x770/files/2020-11-03/moni_toplou_ependites.jpgSigns of "life" from the British investors of Toplou Monastery, who turn to fewer but larger houses in the project "Itanos Gaia"

Signs of "life" and mobility, with a change of course in individual characteristics of the much-discussed investment in order to attract more investors, on the part of the British investors of the Toplou Monastery in Sitia ...

The British Minoan Group Plc., Which has the investment portfolio of the ambitious tourism project "Itanos Gaia" in Cape Sidero, continues to have at this stage as its "spearhead" part of the entire project related to tourist homes. However, according to central reports, it has decided to turn to fewer, but larger and more luxurious homes, considering that it is the element that has the most impact in the current conditions, always in connection with the COVID-19 pandemic, which has strengthened the search for private, remote space.

This sketched turn of the British investors of the Toplou Monastery into fewer but more luxurious residences inside the organized tourist complex "Itanos Gaia", which is planned to be implemented in Cape Sidero, is not surprising.

A few months ago we wrote here in "NK" for the reasoning of the British company that lived on its part that in the midst of the pandemic it saw - and obviously continues to see - a great opportunity for its much-discussed investment project.

What is this opportunity? That, due to the new conditions that have been created with the pandemic, the interested buyers of tourist houses or the interested clients-visitors start and turn to options that offer greater isolation and therefore security. That is, characteristics that will govern the investment in Cape Sidero or any parts of it that will be promoted faster, obviously referring to the part of the tourist residences that will attract a large number of Europeans.

Regarding the turn made by Minoan Group Plc. in smaller but larger and more luxurious houses, in the context of the ongoing investment for the construction of the organized tourist complex "Itanos Gaia" in Sitia, "Kathimerini" reports that, according to the management of the company, which is listed on the AIM market. According to London, "the company continues to make progress on a number of issues related to the planned changes in demand, as a result of the diversification of the needs of potential buyers and the coronavirus pandemic." In particular, as it is typically emphasized, "many of the changes we see in the market relate to the very significant increase in demand for private space, which seems to be one of the dominant trends, especially in the category of the upper segments of the holiday home market." Continued

Courtesy of Waterloo's posting on advfn:

https://www.kathimerini.gr/economy/561312928/megalyteres-katoikies-apo-ti-minoan-group/

Larger homes from the Minoan Group
megalyteres-katoikies-apo-ti-minoan-group
Based on the terms of urban planning, the coverage of the plot will not exceed 0.5% of the area, ie 108,000 sq.m. which will concern hotels and tourist residences.
Nikos Rousanoglou
01.04.2021 • 07:33

Minoan Group Plc is turning to fewer, but bigger and more luxurious homes. regarding the ongoing investment for the construction of the organized tourist complex "Itanos Gaia" in Sitia, Crete. This is an investment of 270 million euros, which concerns the development of 25,000 acres, owned by the Toplou Monastery, in the area of ??Kavo Sidero.

According to the management of the company, which is listed on the AIM market in London, "the company continues to make progress on a number of issues related to the planned changes in demand, as a result of the diversification of the needs of potential buyers and the coronavirus pandemic ». In particular, as it is typically emphasized, "many of the changes we see in the market concern the very significant increase in demand for private space, which seems to be one of the dominant trends, especially in the category of the upper segments of the holiday home market." The above translates into changes in the design of the investment, in order to meet the above demand in the best possible way. To this end, in fact, has been hired as a consultant by one of the four major auditing companies and in particular its department that has extensive experience in the tourism sector, in order to make the necessary improvements to Minoan's business plan. Already, the final reformed plan is nearing completion.

Minoan executives note that this new plan will significantly enhance the value of the project and will attract additional interest from potential investors. It is recalled that the company is already in negotiations with several interested investors, who will undertake to co-finance and develop parts of the area of ??25,000 acres. This will happen either through the direct assignment of the right to exploit parts of the area or through the establishment of joint ventures for the joint development and operation of individual infrastructures, such as e.g. the golf course or hotel, or even part of the residential complexes provided.

It is reminded that, based on the approved urban planning conditions, the coverage of the plot will not exceed 0.5% of the area, ie 108,000 sq.m. which will concern hotels and tourist residences. It is planned to develop accommodation facilities with a total capacity of 1,936 beds and an 18-hole golf course. The project is estimated to create 1,200 direct jobs. The land has been leased by Minoan for a period of 40 years with the right to renew for another 40 years. The owner is Toplou Monastery.

After all, it is April 1st!!

But DYOR as always.

Continuing on with the connection:
Dagg llp was set up last year specifically as the special purpose vehicle to refinance their loan.

Martin Gilbert is the connection.
Soon to be Chairman of AssetCo plc.
Partner in Dagg llp.

EXPECTED ADMISSION DATE:

16 April 2021

And which company applies to this:

"where the Directors believe structural shifts have the
potential to deliver exceptional growth opportunities."

And

"This could include strategic acquisitions of undervalued asset and
wealth management businesses which have core capabilities that
play to these structural shifts, and where active management
can unlock value."

Makes you wonder even more...........

Never say never:

RNS Number : 1329U

AIM

31 March 2021

ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION
IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM
RULES")

COMPANY NAME:
AssetCo plc
COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY
TRADING ADDRESS (INCLUDING POSTCODES) :
Singleton Court Business Park
Wonastow Road
Monmouth
Monmouthshire
NP25 5JA
COUNTRY OF INCORPORATION:
England and Wales
COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED
BY AIM RULE 26:
www.assetco.com
COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR,
IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING
POLICY). IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE
TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED:
On 8 February 2021, the Board announced its intention to change
the business strategy of the Company to the development of
an asset and wealth management business (the "New Strategy").
The proposed New Strategy will result in a fundamental change
of business and the Company will effect a readmission of its
Ordinary Shares pursuant to AIM Rule 14.

Upon completion of the readmission, the strategy of the Company
will change to the New Strategy of "acquiring, managing and
operating asset and wealth management activities and interests,
together with other related services". The New Strategy will
principally focus on making strategic acquisitions and building
organic activities in areas of the asset and wealth management
sector where the Directors believe structural shifts have the
potential to deliver exceptional growth opportunities. This
could include strategic acquisitions of undervalued asset and
wealth management businesses which have core capabilities that
play to these structural shifts, and where active management
can unlock value.