Member Info for Bigwil7

I believe I am not wrong in mentioning that one of the director's of Loyalward has been a barrister for over 20years so might well take considerable offence to your comments union. Watch this space as they say.

Just a rollover Arsenal (trying to mislead again??)

Hello Arsenal, what really is your agenda on this thread? I don't believe the bulls**t you've been spouting as some glorified do-gooder protecting the innocent. At least Truthfactory was honest enough to give the reason for his negative sentiment. Time to be a bit more honest too isn't it?

You should check your facts Arsenal before you show yourself up by misleading others - the directors are using their own money to purchase shares:

"The participation in the Fundraising of Nick Day, who is a director of Loyalward Limited, constitutes a related party transaction for the purposes of the AIM Rules. Mr Day has agreed to subscribe £200,000 in cash in the Firm Subscription and to the satisfaction of £100,000 of debt by the issue of Firm Subscription Shares at the Issue Price. The Directors, having consulted with the Company’s nominated adviser, WH Ireland Limited, consider that the terms of this related party transaction are fair and reasonable insofar as the Shareholders are concerned.

The participation in the Fundraising of David Raby, who is a director of Loyalward Limited and Bureausite Limited (of which Mr Raby is an associate), constitutes a related party transaction for the purposes of the AIM Rules. Mr Raby has agreed to convert £125,000 of sums due to him into New Shares at the Issue Price and Bureausite, a company connected with Mr Raby, has agreed that £425,000 of indebtedness due to it may be settled through the Conditional Subscription at the Issue Price. The Directors, having consulted with the Company’s nominated adviser, WH Ireland Limited, consider that the terms of this related party transaction are fair and reasonable insofar as the Shareholders are concerned."

Loyalward is the company wholly owned by Minoan Group and is in existence for the development of the Cavo Sidero project in North East Crete.

Directors adding considerable amounts of shares. Have had a go at the Directors shareholdings now and after the fund raising:

NOW

Minoan Group:

C Egleton/Simmons Int 2.0M
B Bartman 1.0M
G Cook 3.3M
ANO 0.9M

Loyalward:

N Day 17.1M
R Raby 15.8M

AFTER

Minoan Group:

C Egleton/Simmons Int 12.2M
B Bartman 7.3M
G Cook 8.3M
ANO 0.9M

Loyalward:

N Day 28.0M
R Raby/Assoc co 35.8M

Bear in mind that Loyalward is the company set up specifically for the CS Project.

The Company today announces that it had conditionally raised £1,195,500 million (whether in cash or as the release of debt and before expenses) by way of a Firm Subscription for 43,472,727 Subscription Shares at the Issue Price of 2.75 pence per share with certain of the Loan Providers. The Issue Price represents a premium of 41.03 per cent. to the Closing Price of 1.95 pence on the Latest Practicable Date. Under the terms of the Subscription Letters the relevant Loan Providers have agreed to subscribe in the Firm Subscription for 14,836,364 Firm Subscription Shares in cash and 28,636,364 Firm Subscription Shares by way of reduction of debt which will result in the Company receiving gross cash proceeds of £408,000 and debt being reduced by £787,500. Of the cash proceeds £98,000 will be received by First Admission and the balance will be received subsequently.
In addition, the Company is proposing to raise up to approximately £1.76 million (in cash or the reduction of debt and before expenses) through the Conditional Subscription and Open Offer of up to 63,887,957 New Shares at the Issue Price. The Subscription Shares will represent, in aggregate (a) 11.01 per cent. of the Enlarged Share Capital (but excluding any shares issued in connection with the Directors' Debt for Equity Swap) assuming that the Open Offer is fully subscribed and (b) 10.45 per cent. of the Enlarged Share Capital assuming that the Open Offer is fully subscribed and that the Directors' Debt for Equity Swap is approved. In circumstances where no applications are received under the Open Offer, the Subscription Shares will represent, in aggregate (a) 27.19 per cent. of the Enlarged Share Capital (but excluding any shares issued in connection with the Directors' Debt for Equity Swap) and (b) 25.8 per cent. of the Enlarged Share Capital assuming that the Directors' Debt for Equity Swap is approved. Subscriptions by the Loan Providers under the Conditional Subscription will be satisfied by the release of debt. Subscriptions under the Open Offer will be in cash. Subscriptions under the Conditional Subscription are subject to clawback to satisfy valid applications made by Qualifying Shareholders under the Open Offer

Positive RNS, directors involvement tells its own story.

https://www.aplaceinthesun.com/articles/2019/02/greek-property-market-gathers-pace-in-2019

Outlook

I and my colleagues believe that 2019 will finally witness the beginning of monetisation of the Group’s interest in the Project and hope that the market value of the Group begins to reflect that of its assets as further news of JVs and other transactions materialises.

Negotiations

The Directors and management of the Group continue to progress Joint Venture and Partnership discussions in respect of the Project. A number of principals, or prequalified intermediaries, have executed non-disclosure agreements and, as a result, numerous meetings have taken place in Crete, Athens, and London.
In that respect the Group can disclose that it has recently received an early stage written approach that, if it were to progress, would result in the formation of a joint venture (“JV”) with the objective of developing one of the five hotel and villa areas within the Project. The proposal would see the Group contributing land with an ascribed value to the JV and its JV partner providing equity, project finance, development expertise, and established links with an international hotel group that is a proven operator at the luxury end of the resort and villa rental market. Any transaction would include the right for the Group to monetise a large part of its JV interest. The discussions around value indicate that, if completed in line with those discussions, a figure would be realised at an indicative value which the Board believe that shareholders would find attractive.

Well you know what talking to yourself is the first sign of ??

Time's are changing.

That's why a top firm of architects have put their name to the project. Would they do that if it was worthless barren land??

New Design Team

After lengthy discussions, which started in the summer of 2018, we have been able to appoint an internationally recognised team of designers, architects, and planners (the “Team”) to provide designs and plans, which themselves will enhance the site’s natural attractions to partners. The Team includes, inter alia, Desani, an internationally known design consultancy with offices in Los Angeles, Chicago, London and Athens, Vassily Laffineur an Associate at the award winning architects, Renzo Piano Building Workshop (the Workshop), plus the renowned group of master planners at Chicago Consultants Studio (CCS).
Both Desani and the Workshop are experienced in Greece, where the Workshop were the architects for the Stavros Niarchos Foundation Cultural Centre in Athens, a €566m project completed in 2016 and gifted to the Greek state in 2017.

Just a red herring ZiggyJones1 which has apparently no substance.
Have received the enclosed from Bill Cole and I hope that he doesn't mind me quoting his comments:

"We have talked to a number of people who are close to the Government and Opposition and this is a summary of the more reasonable/factual/unbiased views expressed by others.

“The National Herald article is just a rewrite/rehash of an article in Kathimerini earlier this week (Kathimerini is owned by one of this Government's biggest opponents), for the politics of it just read the headline! As far as we are concerned, there are no ‘Government blocks’ on our project and, as far as we can tell, the opposite appears to be the case.

As to other projects, those closest to the situation seem to have a completely different view. Yes, of course there are people in a left wing Government who don’t want big foreign companies, but the ‘blocks’, if any, are usually created by those who don’t want the competition, not individuals whether in Government or outside! The fact is that the Government can only gain from Investments in the Country.

When reading anything that is taken from the Greek media it is important to know the 'agenda' of the outlet concerned. Greece is a very political country where business and politics are very closely linked and the media are almost all extremely partisan especially in an election year. There are two elections in May, Nationwide Municipal and the European Parliamentary and there could be a third, a General Election. The latter has to be held this year and the options seem to be May or September - it’s the PM’s personal choice. So, with three elections to be held in one year, you might imagine that inconvenient facts may not be allowed to get in the way of a good story.”

For the next few months all stories emanating from the Greek media should be looked at in the light that this is a triple election year and read with some salt close by! Taking them at face value may not be a reliable guide to the facts on the ground."

Tell the truth for once Arsenal.

I can understand Truthfactory's bitterness as a disgruntled ex-shareholder.

All you seem to want to do as a non-shareholder is rub your hands with glee as the share price decreases and rub all existing shareholders noses in it. Your actions are very peculiar to say the least but there we are, there's naught as strange as folk.

Notification of Director's buying.

You may well be right, the shareholdings of some directors may be more because their fees are paid to ltd cos and they may well have been paid o/s fees via shares on a number of occasions.
Two directors of Loyalward do have visible 'skin' namely Day & Raby, and their shareholdings are there for all to see including Arsenal who incidentally has been informed on numerous occasions.

No doubt Arsenal & Truthfactory are on a mission to enlighten those poor souls who believe that this company will eventually come good and to be fair they've had all the running over the past 20 years. But what if they are wrong? Could that happen? They have consistently stated the Bod are good at raising finance when they need it, therefore it follows to my mind that they may well be good at finding the finance from the right investor for the project?
Time will tell but IMV the conditions in Crete could not be better to get this project over the start line. The Bod have spent the last 20 years fighting off appeals, changes in Greek govts, recession and only a year or so ago obtained the Presidential Decree giving them outline planning permission for the site. Planning permission for 5ive/six 5-6 star hotels in an outstanding unspoilt area full of bays and coves, where tourism in Crete increases in leaps and bounds, where tourist based assets (such as hotels) are increasing in value month on month, where banks are now lending again, where investors of substance are looking for safe havens for their cash etc etc.
So IMV its up to the Bod to deliver, to finally get the project over the start line...………..But who knows...….

Well if that's the case Arsenal, and for once unbelievably we agree (!), what does that suggest? Rather a lot to me as the sums involved are considerable and HELLO - the work they are involved is in reaching a conclusion to the development project in NE Crete ie discussions and negotiations relative to finding a partner to commence the project. Directors taking shares as payment for salaries suggest somewhat they are loading up at these low prices for GOOD things to come, they would know after all, wouldn't they?

And if it is directors fees by way of shares as has been pointed out many times by Arsenal et al the directors know which side their bread is buttered on and probably have very good reason to receive their remuneration by way of shares at such a low price. Also it may be the reason why there is little selling as they are holding on possibly for future gains. Should be the end of such issues therefore they will now be even more keen to see the share price rise. All IMV though.

Agreed, don't reckon it relates to the £900K loan. Reckon it relates in the main to the build up of unpaid director's fees over the past year & half, plus there might have been additional costs on CS project. The fees are paid to ltd cos that charge for their services so they seem to get round having to rns the share holdings and payment of fees via shares issued. We shall see if there's an rns beginning of Feb.All IMV but could well be wrong.