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Greece Revises Rules to Offer Strategic Investment ‘Flexibility’:

https://news.gtp.gr/2019/10/30/greece-revises-rules-offer-strategic-investment-flexibility/

Aiming to attract and facilitate foreign direct investment, the Greek development & investments ministry has announced plans to ease certain terms thus paving the way for simpler and more flexible investment procedures.

More specifically, under the revised regulatory framework, the ministry has proposed expanding the limits for investments to qualify as “strategic”; simplifying the procedure so that tourism investments can be identified as “strategic”; and including investments over 200 million euros in its “strategic investment” policy.

Greece to slash investments-related bureaucracy as much as 70%

https://www.keeptalkinggreece.com/2019/10/30/greece-investment-bureaucracy/

The new development law will slash investments-related bureaucracy as much as 70%, Greek Development and Investment Minister, Adonis Georgiadis, said speaking at the 4th EU-Arab World Summit in Athens.

Greece’s Tourism Revenues Up by 13.6% So Far in 2019

https://greece.greekreporter.com/2019/10/22/greeces-tourism-revenues-up-by-13-6-so-far-in-2019/

According to Bank of Greece data on the country’s current account balance between January and August of 2019, revenues from tourism rose by an impressive 13.6 percent compared to the same period last year.

These latest figures nurture hopes that despite the massive blow the Greek tourism industry endured from the Thomas Cook bankruptcy, the year could easily end with a positive balance in terms of income earned from tourism.

Greek Parliament Approves “Invest in Greece” Development Bill

https://greece.greekreporter.com/2019/10/25/greek-parliament-approves-invest-in-greece-development-bill/

The development bill simplifies processes for investors, particularly regarding regulations on the environment, urban planning and land use planning, aiming to reduce red tape and speed up procedures for building and investment.

That may well happen Arsenal, however IMV the current share price will rerate as soon as they get this project over the starting line. And that could happen sooner than you are suggesting as its been noted recently on another thread that CE has been showing project financiers over the site recently. That might well be the final piece to the jigsaw puzzle that's needed and, if true, it suggests to me that they must be pretty close, these people don't get involved with viewings of sites until the latter stages of negotiation. So, fingers crossed eh Arsenal, the tide is definitely on the turn IMV.

Top Hotel Brands, Investment Groups Coming to Athens for MR&H 2019 Forum

https://news.gtp.gr/2019/10/03/top-hotel-brands-investment-groups-coming-athens-mrh-2019-forum/

Plumbus - My definition of shares in safe hands is most probably more liberal than others but FWIW here they are:
Day 13% Raby 8% Adams 5.5% Directors 4% Dvorkin 3% Simmons Int 2.5% Others known (4) incl myself 6% Remainder of shares locked in 7% Shares swopped for liabilities Dec 18 unsold (!)6% comes to 55%. Probably 'safe hands' is stretching the point a little but IMV these are the ones holding on for a proper return ie when the investment comes in 100% on the project - there will be more possibly. All IMV.

More than 250 hotel and tourism investment projects around the country are being matched up with investors who want to contribute to their realization.
According to the Enterprise Greece organization, most of the projects concern hotel properties that require funds for refurbishment or renovation, while several involve the development of tourism complexes, whose managers are looking for strategic partners in a bid to raise the necessary funds.

www.ekathimerini.com/245168/article/ekathimerini/business/investors-eye-hundreds-of-hotel-projects

Looking at it from a different viewpoint in terms of what will happen when the project gets going with say, a JV starting the ball rolling for a proportion of the site (i.e, not an outright sale of the site). Strangely enough I am pretty close to your figure of shares in safe hands plumbus at roughly 55% ( and for ease, ignoring the affect that Zachary will have if they exercise their warrants which incidentally will remain at 17% of the enlarged share capital). Before the recent share subscription & open offer it was about 20% in safe hands. So FWIW would agree the dynamics have changed considerably. Not sure how correct this next bit is - there is also about 20%, again very roughly, who bought at a price 15p and above. Would suggest they take the view of Truthfactory as an example & will have possibly given up on their holdings and have little or no interest in any share price improvements below 15p.
In the last year (again IMV) there have been a net 9M shares purchased by PI's depleting the stock held by MM's.
And what will happen to the share price if a JV for part of the site gets the ball rolling for 20% say of the project that is offering a return that is agreeable to those 'in safe hands', where there are far fewer shares 'on the market' , where the mm's stocks are depleted (possibly)………………
All IMV FWIW!

Louis Group Sells Five Hotels in Greece to Blackstone

https://news.gtp.gr/2019/09/20/louis-group-sells-five-hotels-greece-blackstone/

Greek property market sees unprecedented increase in rates

www.ekathimerini.com/244916/article/ekathimerini/business/greek-property-market-sees-unprecedented-increase-in-rates

The Greek property market is witnessing an unprecedented – some would say violent – increase in rates, regarding both sales and rentals.

www.ekathimerini.com/244740/article/ekathimerini/business/blackstone-to-buy-five-hotels-in-greek-islands

Blackstone Real Estate Partners Europe, a unit of US private equity firm Blackstone Group, agreed to buy five hotels in Greece from Louis Group in a deal valued at 178.6 million euros (197 million dollars), the firm said on Friday.
Greece has seen an upsurge in tourism in recent years. A record number of about 33 million visited year.
The five hotel businesses are all located in the Greek islands – two in Corfu, two in Zakynthos and one in Crete.

Respect your view Arsenal and you may well be proved right. We seem to be the only ones left on this thread and with completely opposed views. I feel the chances of success ie getting the investment to start the project, are improving all the time because conditions over in Crete especially tourist based are also improving. But time will tell. FWIW this company has (I believe)four chartered accountants on their board to include other professionals brought in to further this project, they have been together for years and we are at last getting close to finding out whether they will succeed in their efforts.

When was the last time you bought and Min shares Arsenal?? Actually, have you EVER bought any Min shares?

That's pushing it a bit but we live in hope.

I wish it was £1.90 Arsenal!!

Conditions for investment are improving on a daily basis Arsenal.
The site is spectacular and only covers less than 1% of the area so impressive scope for further development in the future.
New "investment friendly" govt .
Capital controls recently abolished.
Banks lending again.
Taxes to be reduced.
Tourism numbers going to new highs.
Property values increasing especially in tourism related assets such as hotels.
Crete may be viewed as a safe haven by some investors .
Close to Sitia airport where improvements have also recently been made on the roads leading to the area.
The list goes on and on!!
And now they are even concentrating on the flora and fauna studies - is there no end to their efforts!!

Not to mention the spectacular views looking out over the bays - Crystal Cove, Whitesands Bay, Grandes Bay to mention three of the proposed sites for development.

https://translate.google.co.uk/translate?hl=en&sl=el&u=https://www.businessdaily.gr/english-edition/1264_environmental-study-step-forward-cavo-sidero-project-crete&prev=search

Loyalward Ltd, a subsidiary of London-listed Minoan Group Plc, is completing an environmental study for its Cavo Sidero investment on the island of Crete in a step forward for delayed investment.

The data collection has been completed in relation to flora and fauna studies in the development area. Last year, research was completed on a project by a team of archaeologists and workers supervised by Lassithi Antiquities.

Indeed it is noteworthy that, after submitting the study environment to the relevant ministry, permitting building permits is the final stage ahead of the start of construction.

Well I will settle for it being a little under £2 Arsenal, only a little, mind !!
Just a matter of time now before the Joint Venture comes good.
Conditions over there couldn't be better. Spectacular site, new govt assisting with relaxation of capital controls/tax breaks etc, investor interest strong, tourism reaching new highs, tourist based assets increasing in value, the list goes on. Potential for gain increasing all the time IMV.