Member Info for Bigwil7

Agreed Hamiltonbro, he has entered the fray quietly and its only a matter of time before his involvement comes to investors attention. He could be a game-changer certainly and ensure the company turns things around.
Aberdeen Asset Management,
Glencore,
Toscafund
AND Minoan Group!!
He must have pretty high hopes for this company!

Mr Gilbert, who co-founded Aberdeen Asset Management (AAM) and led it into a £3.8 billion takeover by Standard Life in 2017, will have plenty to keep him busy after SLA.

After giving up boardroom duties he will continue working for the Scottish financial services giant until the end of September, when he finally severs his ties.

Since January 1 he has been chairman of digital bank Revolut, and he is also a senior independent director of commodity trading and mining company Glencore. Last month he was appointed chairman of hedge fund Toscafund, a former stakeholder in AAM.

Hugh Little worked alongside Mr Gilbert at Aberdeen Asset Management for nearly 30 years, while the pair also served on the board at Aberdeen FC together.

Mr Little said: “Martin, for me, had everything you want in a top leader – strategic vision, great leadership skills, huge loyalty and yet capable of great humility.

“He could be a hard taskmaster at times, but that was fine. You knew exactly where you stood and what was expected of you, and in return he would be massively loyal and supportive. He always put his colleagues and staff first.”

Obviously there will be areas of infrastructure that need to be organised but the developer should be able to organise this as a matter of course. Roads can be planned and put in where necessary and as for services, modular systems can surely be used for both water and waste water and power will either be generated on site via solar/wind or piped in.

Not just "bare" land:

It is the largest private estate in the Eastern Mediterranean (Approx 10 square miles). Plenty of room therefore for those wanting there own "living" space post Covid 19.

It is in a UNESCO designated geopark - an area of outstanding natural beauty and spectacular unending sea views.

It has an un-appealable Presidential Decree granting outline planning consent at FIVE sites, four are on the coast - all with impressive sea views.

It has been granted “strategic investment” status by the Greek government. The Greek Govt are bending over backwards to accommodate.

Need I go on...........................!!

The cost of inventories remains at £46M in the Balance sheet - Still no impairment - auditors must be satisfied that the value of the project exceeds this figure.

Quite a surprise that the market cap is just a tenth of this at £5M.

Inventories
Inventories represent the actual costs of goods and services directly attributable to the acquisition and development of the Project and are stated at the lower of cost and net realisable value.

"The report of the auditors on the statutory financial statements for the year ended 31 October 2019 and 31 October 2018 was not qualified.

The report of the auditor on the statutory financial statements for each of the years ended 31 October 2019 and 31 October 2018 did not contain statements under section 498(2) or (3) of the Companies Act 2006.

And from the auditors report of Minoan Group:

"Reviewing correspondence and other third party documentation in relation to the project to confirm that the expected value of the project is in excess of the costs to date;"

Therefore INDEPENDENT EVIDENCE must have been collected by the auditor which endorses the value of the project is in excess of £46M.

Good morning Truthfactory, what you are describing as a creditor is in fact a contingent liability and there's a big difference between the two. If you don't believe me take a look at page 19 of Loyalward a/cs ye 31/10/13 it is explained in detail there. The amount due to the Foundation only becomes payable on activation of the contract - it is misleading to call it as a creditor.
Since you have rather hidden the truth on that and can't come up with a reasonable explanation behind your comments about the contract with the foundation I can only assume they too are designed to be as misleading as your first comment.

What goes round comes round Arsenal - at the end of the day the last laugh will be ours.

Arsenal - Living in the past with a blinkered and negative viewpoint affects future judgement especially when circumstances change for the better as they have done here and should continue to do so.

I disgree Truthfactory:
1) outstanding payment for land is not in creditors (I would suggest you take a 2nd look) it only becomes due when the contract is activated ie when the bulldozers go in.
2) Where on earth is your evidence that royalty pmts to the church are a no go area?
3) Company is still a viable proposition through the determination and tenacity and optimism of its chairman.
4) Placings recently raised £450K so where does the no cash come from?

Arsenal takes great pleasure in rubbing your nose in it at every drop in the share price - not the act ions of a bb Samaritan IMV.

From the Chairman's report:

"It is again worth reminding investors of the scope and scale of the Project:

It has an un-appealable Presidential Decree granting outline planning consent.

It has been granted “strategic investment” status by the Greek government.

It is the largest private estate in the Eastern Mediterranean.

It is in a UNESCO designated geopark - an area of outstanding natural beauty and spectacular unending sea view."

Not bad for a barren piece of land!!

Very well put NickE and I can understand your caution on the target price, it has been a very long journey to reach even this point but the tenacity and endurance of the BoD has got us to a position very close to fruition and a financial return for shareholders, however how much that will be ........................
Agree also with you hamiltonbro Martin Gilbert is a key addition and at a very appropriate time. He could well be a game changer - I am looking forward to seeing how much he influences the final stages of the project.
The directors of both Minoan and its wholly owned subsidiary Loyalward have increased their holdings considerably and you don't do that without good reason.
There's a considerable amount going for this project now. Others share a different view but IMV they are living in the past which considerably clouds their judgement with a blinkered view of the future of this company.

And from the auditors report of Minoan Group:

"Reviewing correspondence and other third party documentation in relation to the project to confirm that the expected value of the project is in excess of the costs to date;"

THerefore INDEPENDENT EVIDENCE collected by the auditor.

Costs of project to date £45.8M therefore expected value of the project is in excess of £45.8M.

Present Market cap £6M share price 1.35p

Expected value of project in excess of £45.8M equates to a share price in excess of 8.75p.

I rest my case.

The cost of inventories remains at £46M in the Balance sheet - Still no impairment - auditors must be satisfied that the value of the project exceeds this figure.

Quite a surprise that the market cap is just a tenth of this at £4M.

Inventories
Inventories represent the actual costs of goods and services directly attributable to the acquisition and development of the Project and are stated at the lower of cost and net realisable value.

"The report of the auditors on the statutory financial statements for the year ended 31 October 2019 and 31 October 2018 was not qualified.

The report of the auditor on the statutory financial statements for each of the years ended 31 October 2019 and 31 October 2018 did not contain statements under section 498(2) or (3) of the Companies Act 2006. "

From the Chairman's report (May 2020)

"It is again worth reminding investors of the scope and scale of the Project:

It has an un-appealable Presidential Decree granting outline planning consent.

It has been granted “strategic investment” status by the Greek government.

It is the largest private estate in the Eastern Mediterranean.

It is in a UNESCO designated geopark - an area of outstanding natural beauty and spectacular unending sea view."

Greece an attractive destination for foreign investors after Covid-19

https://www.tornosnews.gr/en/tourism-businesses/new-investments/41521-greece-an-attractive-destination-for-foreign-investors-after-covid-19.html

Almost one in two investors said that their perception of the country's attractiveness as an investment destination has improved

Foreign investors remain positive towards Greece, despite the increased uncertainty caused by the coronavirus pandemic, ANA reports.

Yes, Gilbert has only recently become involved and it remains to be seen how much he will influence matters but could be a game-changer IMV.

Another member of DAGG LLP is Nick Day a director of Loyalward a wholly owned subsidiary of Minoan Group and substantial shareholder of Minoan Group holding 60,563,104 shares (11.60%).

Another partner (with significant control) in DAGG LLP is Ismail Ghandour who appears to be someone of substance too - CEO of Ace Liberty & Stone plc.

"Business strategy and investment planning. Evaluating potential transactions and selecting the most beneficial to the Company. Adding value to Company properties with judicious development. Maintaining close working relationships with a wide range of property industry contacts. Leading the Company’s activities.

Ismail is the founder and a driving force behind Ace Liberty & Stone’s rapid growth . His vast experience in handling property portfolios enables him to play a vital role in selecting properties and deciding when best to sell them."

Ace Liberty & Stone have £100M property portfolio generating £6M rental income pa.

One of the DAGG LLP partners (with significant control)

Martin_Gilbert_(businessman)

Martin James Gilbert FRSE (born 13 July 1955) is a British businessman, and the vice chairman of Standard Life Aberdeen and chairman of Aberdeen Standard Investments. He was chief executive (CEO) of Aberdeen Asset Management, an international investment management company, which he co-founded in 1983.