Member Info for Bigwil7

Mind you, reading between the lines, whoever it is taking up shares instead of payment may well be much closer to the action and therefore confident to a greater extent that they will do better as a result. It appears that whoever it is so far in receipt of shares isn't flooding the market with them and is holding on for better things to come.Their holding must be greater than 3% so there should be another rns end of Jan (wishful thinking)..

Wouldn't have thought that Zachary would be taking shares in place of their loan o/s (but may be wrong). Question is if its not that then what do these liabilities relate to? Additional work relating to the getting the project up and running??

There was approval by Sitia council as below which suggests they are nearing the start of the development, inching closer and closer to it...........

A request by Loyalward Ltd, a subsidiary of Minoan Group Plc, for the collection and transport of solid waste from the tourist unit "ITANOS GAIA" to the waste disposal site of the Municipality of Sitia, was voted at the Sitia Municipal Council on 21 January 2019.
htTps://sitia-news.blogspot.com/2019/01/blog-post_133.html?m=1
This application concerns part of the process of issuing the environmental terms of the investment.
The work progress in the final stage of the licensing of the tourist investment "ITANOS GAIA" is now evident as the previous year successfully completed the works:
- Surface archaeological research and sections by the Lassithi Ephorate of Antiquities
- field research for flora and fauna by the Museum Natural History of Crete.
The tourist investment "ITANOS GAIA", with a budget of 267.7 million euros, has been included in the strategic investments, with an approved relative Presidential Decree on Land Use and concerns hotels with 1936 beds with corresponding escorts. Facilities include special tourist infrastructure to attract high quality and annual tourism, as well as a host of infrastructures open to the local community and actions to promote the natural and cultural environment.

Agreed an updated site valuation would be a huge benefit.

As far as I can see the last valuation was in Sept 2011 CBRE site valuation of 100M Euros which was reaffirmed in 2012.

Since that date the unappealable Presidential Decree awarded outline planning permission for the development of the site. That must surely have increased its value?

Since that date tourism to Crete has gone from strength to strength.

Since that date Tourism based assets have increased in value considerably - the planning allows for FIVE 5-6 star hotels, a golf course and golf complex. Another major plus point.

Since that date the Greek banks are lending again, hotels are being bought, demand outstripping supply.

Since that date the infrastructure has improved especially so at Sitia airport.

Mostly all positives ,very few negatives now, surely the value of the
site will have improved too...…….??

From align research update recently a valuation of 17.2p per share valuing the Crete project at £56M.

Greek hotel real estate prices are 75% to 100% higher than two-three years ago.

Minoan project has outline planning to build up to FIVE 5-6 star hotels.

Tourism And Tourist based assets (hotels) are flourishing, going from strength to strength especially in Crete.

And the share price is only 2.75p and the company's market cap is only £7M.

You do the maths!



Thanks for the reply - it seems to have now disappeared?

Well no posts for over a year and then only one for Minoan, unionpacific?? And MacDonald Resorts, no one else has ever mentioned them ?? Please tell us more......

Yes they do Plumbus and I completely disagree with your conclusions although at first it looks that way. The options cancelled would appear to those that DW held or was in the mix for. A parting shot to the departed.

Directors of Loyalward - N Day invested £100K (4M) and P Raby £50K (2M)

5.6M of them were performance related options where DW was in the mix so not relevant any more. Just clearing up loose ends.

That was my view spbhoy, anyway its all in the past so not necessary to dwell on it. The future offers a more compelling outlook especially the next few months (again IMV).

I am hopeful that Jan/Feb there is an "arms length" offer for a % share in the development offering finance for developing the project, it would re-rate the market cap upwards and ensure that there would be a profitable future for the company.

Tomorrow, however should bring news of the carry forward (yet again) of the options granted in the past as payment for salaries which by all accounts should be carried forward.

Credit has to be given to CE and the Bod for their efforts over the previous twenty years or so, they must have had to overcome considerable challenges over that period. CE has managed to keep this company afloat financially by whatever means be it placing or loans over a very difficult period even more so this year. The T&L business was supposed to ensure the same but in the end very nearly IMV brought the company to its knees. Maybe when assessing the correlation market cap-wise to assets held one should factor this in as a minus, counteracting the positive valuation of the value of the CS site (as its still early days following the sale of T&L the effect of it is still being felt).

The market is just beginning to react to the difference market cap 6M to asset value £20M to £80M tops.

FWIW if you look at shares bought since middle of Nov (ie assuming those connected with the T&L business sold soon after end of Oct/early Nov). The share price has dropped from about 3p to 2.5p but shares bought came to about 3M more than sold (9.35M compared to 6.49M).

Therefore the last six weeks the market has bought into this with a positive 3M, its no wonder the share price is starting to lift from the bottom.

Care to comment Arsenal??

Arsenal - Will make the most of it without you snapping at my heals.

You have very fixed views and this time may well be proved wrong.

Have a good holiday and hopefully you will come back with a better mindset.

The best opportunity for a decent return will be during the first quarter 2019 but I am hoping there will be an acceptable offer for the Cavo Sidero project tabled before the end of January.

The market cap of £6M is misleading and unrealistic when you consider the net asset value held in the statutory accounts of £50M or so and also having regard to what there is on offer for development.

The project site is massive - 5,500 acres on the Cavo Sidero peninsular on the North Eastern tip of Crete. A holiday resort project which includes 28 kilometres of coastline made up of many bays and coves.

The company has gained an un-appealable Presidential Decree which is for outline planning permission for the development of a resort with 108,000m² of build space.

Tourism and tourist based assets are flourishing in Crete with Sitia airport 30 minutes drive away from the proposed resort.

A maximum of FIVE 5/6 star hotels are to be built with a mix of luxury villas and apartments. Phase one is to build the golf course, golf complex and hotel and village at Grandes Bay (Close to Vai beach) and phase two is to develop the sites at White Sands Bay, Crystal Cove and Cape Sidero. IMV further developments of the site will follow.

Where else can you find such an opportunity?

According to Enterprise Greece, the official agency of the Greek State to promote investment in Greece, many foreign investors in the sector of tourism have expressed interest in developing plots for the creation of tourist and holiday complexes, among which multi-resorts that combine hotels, golf courses and holiday housing in Greece.

The Cavo Sidero project in North-East Crete is looking to develop the very same. Outline planning for five 5-6 star hotels, four along the coast at Grandes bay, white Sands Bay, Crystal Cove and Porto Sidero, a golf course and golf complex near to Grandes Bay.

No wonder the interest in the project is considerable.

Foreign investors interested in developing new resorts in Greece:

https://greece.greekreporter.com/2018/09/20/foreign-investors-interested-in-developing-new-resorts-in-greece/

N Day share holding increased to 17,055,599 shares ( from 13,055,599 ) 6.56%.

Shows he has confidence in CE to convert the interest shown in the project.

From the Minoan Group website:

"Mr Day is a barrister of over thirty years standing and has been a Director of WT Partnership Limited since 1988. WT Partnership is a leading International Practice of construction cost consultants and project managers with over 1,000 staff in 26 countries. His long experience in property and construction encompasses major projects in the UK and Europe as well as the Caribbean, South East Asia and the Middle East. Mr Day is jointly responsible for Business Development within the WT Partnership UK and Europe Practice and thus has considerable experience in the negotiation and financing of business opportunities."

And directors of Minoan Group now hold 2.09% :

The current issued and fully paid share capital is £15,594,562 divided into 259,903,442 ordinary shares of 1p each and 54,148,031 deferred shares of 24p each. The rights of the deferred shares are minimal and a summary thereof may be obtained from the company on request. No application has been made for the deferred shares to be admitted to trading on AIM. Of the current issued and fully paid ordinary shares of 1p each, 2.09% is not in public hands.

Looks as though two directors of Loyalward have upped their stakes:

P D Raby by 2M

N Day by 4M

Showing their confidence in the Cavo Sidero project.

Mrs L A Adams 15,774,442 6.07%

P D Raby 15,773,850 ( from 13,773,850 ) 6.07%

N Day 17,055,599 ( from 13,055,599 ) 6.56%

Mr M & Mrs L Dvorkin 12,527,327 4.82%

On the back foot now Arsenal? Whats the saying "buy on rumour" ? There will be plenty buying today.