Member Info for Bigwil7

Momentum is starting to build from a very gradual and doubtful position to end up (hopefully) with a company free from debt with an asset in Crete with unappealable PD and outline planning permission to build in five areas of NE Crete. An asset that could be worth upwards of £100M IMHO and belonging to a company that has a market cap of just £12M. Maybe the doubters are right and I am missing the point but who wouldn't want a share of that??

Its the Bod who can dish out the warrants but they generally give themselves options based on future performance rather than warrants. The warrants that Hillside/Zachary have built up over the years as part of the arrangement terms of their loan.
Two large worked buys today one of 500K shares and one for 800K. Someone else believing & putting their money on the line.

The details of the new arrangement with Hillside/Zachary should be with us very soon, supposedly imminent although true to form we have gone passed that. Both sides should benefit ,and if I am not mistaken, especially Hillside/Zachary. The doubters are having just as much a field day as the twitter brigade are twittering the positives! There are very few companies that views are so diverse, its either 100% negative or full-on positive with little imbetween.
My thoughts on the recent RNS are that Minoan as a company will benefit with the disposal of the T&L business, having the loan paid off and thereby having a clean slate to market/develop/dispose the Cavo Sidero project. The T&L business is what everyone talks about but centre stage should be the CS development. The hard work has been completed over the past twenty years culminating in a PD for a site that has unappealable planning permission to build at five sites mainly coastal in NE Crete. The tourism industry alone is reaching new highs over there with tourist related assets such as hotels benefitting with much increased values and there is planning permission to build five new top of the range hotels - with four of them on sites right on the coast. No wonder the values of upwards of £100M are still being considered (much to the disgust of the doubters!!).
And how does Hillside/Zachary benefit. If and its hopefully a small if, they don't pull the plug and call the loan in. I don't believe they will but could presumably still do so. They receive the T&L business which is presumably going from strength to strength generating significant profits. They can either keep it or sell it on as they wish. Their loan of £6-7M is paid in full as part of the arrangement. And more importantly by taking up the warrants which I assume from the RNS that they will be exercising their rights over about 52M it will give them (as Jack correctly worked out) 20% of the company ie become the main shareholder. The company that then just has an asset worth upwards of £100M and if it were sold for that amount would give them £20M. ie £20M good reasons not to just call in the debt because if they did that they would get the T&L business but (and I am not certain of this at all) there is doubt whether the CS site would revert back to the monastery if the plug was pulled. This is all IMHO by the way and my view on how it would pan out but may obviously be completely different to what actually happens. The doubters paint a very different picture.
What I am also not sure about is how much Hillside/Zachary are going to pay for the warrants - will it be 7p? Thus no dilution to the normal shareholder or will it be part of the T&L sale and much less ?? Time will tell and soon, I hope!

Because I think its in their interests to keep Min going rather than pull the rug away. They are getting a good rate of interest at 10%pa and they would lose the warrants which if taken up would give them between 15-20% of the issued share capital. Its in their interests IMHO to carry on - substantial increases in shareholder value might be just around the corner with interested party investment in CS development. You never know it might happen in the not too distant future (Minoan term).

Yes Arsenal that was my point. Hillside are the co that can affect Min as a going concern and they also own the warrants. If they affect the going concern by calling their loan in they will lose the warrants therefore shooting themselves in the foot, surely?

Yes we shall soon find out. Bear in mind that Hillside have over 50M in warrants exercisable at 7p. Wouldn't they be shooting themselves in the foot by being too hard in respect of the loan. Skilfully exercising the warrants at the right time would bring in £4M to Minoan and in return Hillside would own about 15-20% of the company, wouldn't they?, a company which has, we are all led to believe, an asset over in Crete worth upwards of £100M never mind a valuable & profitable T&L business. Simplifying things completely, If the CS development was sold for the £100M say just as an example they would make far more, by showing discretion with respect to their loan, in the region of £10-15M additional profit by my maths. Therefore they might well be allow the period to be extended until the sale completes even if it goes into sept/Oct. Just my thoughts, however I respect yours and Truthfactory's levels of concern, they also bring a necessary reality check to those of us who get a little carried away by mere potential that is there for all to see. Those are my thoughts and as you say we will find out Friday...…………….

Well I will stick my neck out and wager there will not be a rollover on the Hillside loan this week. My gamble esp so as my money is where my mouth is that the T & L business will be sold and the loan paid off in the nick of time allowed, with enough additional working capital to last until the end of December. Momentum will build following the sale and debt free Minoan will sign up an interested party with substantial funding round about 31st Oct 2018 who will take the CS project forward to completion in two years earning shareholders many multiples of the current share price. Ah but reality in the form of the doubting double act will be quick to wrestle the initiative back or (this time) will they...………….??

Doubters back in force but still all to play for IMHO. The T&L sale should be the side-show but has taken centre-stage especially so as a result of the time it has taken to conclude increases the uncertainty and seems to be playing into their hands. But they should also consider that it might possibly be the Bod delaying to take advantage of the greater income over the summer holidays. In any event the exclusivity period must now be well and truly over and therefore there might also be other offers, possibly higher, on the table.
But I am as bad as the rest, going on about the T&L sale, it SHOULD be the side-show. CENTRE-STAGE should be the C S Development. That should be pushed/ marketed more aggressively. We have heard very little as to how that is 'developing'? That site is the company's main asset, appreciating now given the news on Greece is positive, the banks over there are now able to lend again, property prices increasing, tourism related assets such as hotels increasing substantially in value,Min have planning permission for FIVE HOTELS, Tourism itself surging in Crete, unemployment levels coming down. ALL positive news enhancing the value of the development. What property fund manager wouldn't be biting their hands off to get involved in this development. The timing is right IMHO and the C S development should come to the fore as news of investor involvement should enhance shareholder value considerably.

Just giving my opinion Arsenal17 and it is only an opinion not necessarily a correct one. However I am not living in the past and basing my judgement on past history. Whatever the outcome it still seems to attract your interest even though you don't hold any shares. Equally you may also be proved wrong. It won't be long before we find out.

I am surprised the doubters haven't been back to cast a dark shadow over your comments! To my mind the travel business sale is getting in the way of the wider picture. The main asset they hold is the Cavo Sidero development site in NE Crete. Valued at upwards of £100M if the Bod are to be believed and there's no reason why not, possibly more as property prices in Crete are moving in an upwards direction, hotels even more so as a result of increased tourism to Crete. Momentum for that development is heading definitely in the right direction and there must be plenty of fund managers looking to buy in to just such a project.
The hard work over the past 20 years has been completed by the Bod and there is now a PD with unappealable planning permission for the site. Once the permits are obtained the development has been split into two phases. Phase 1 is a village at Grandes Bay, the Golf complx & Golf conference village. Phase 2 are 3 villages with hotels at White Sands Ba, Porto Sidero and Crystal Cove. Even the names conjure up sea views over beaches in a landscape of unrivalled beauty at unique and elegent destinations. What property fund manager would't be interested?

The Bod have already said there is a party interested in taking a significant stake in this project and they have not told us otherwise so that suggests his interest is still there and the longer it goes the more chance IMHO of his involvement. Which means a substantial inflow of funds.
The market doesn't seem to like the lengthy delay over the sale of the T&L business with the loan to Hillside still outstanding but IMHO that should be treated as a sideshow with the CS development the star player. The market cap of the group stands at just £11M some 80% down on NAV of £44M approx, with the share price currently languishing at 5.5p. A market cap of £44M equates to a share price of 22p never mind the considered value of the CS devlopment which at £100M would take the share price to 50p. Plenty to the upside once momentum shifts from the T&L sale to the CS development in Crete. All IMHO though as the doubters would paint a different picture. And the next few months will hopefully answer any concerns or will they create more...................

So far in August buys 6.34M and sells 2.38M net of about 4M. Eating into shares in public domain of (I think) about 50M total available. Should think most are buying and holding awaiting good set of figures.How much more buying before mm's are short??

Apologies Wisha, all ok,I read it wrong, its been a long day!

I wish Wisha! The last para might be a little bit ambitious! Results hopefully will arrive tomorrow?

Judging by what happened yesterday the results won't come out until Fri pm! Share price will be about 4p+ by then! Will be interesting to find out how they have done in first 4 months of this year, will give an indication as to how profitable the ye 31/03/19 will be.

Koo owns 73%. Balance held by A & C Wells (I assume they still hold) 7.3%. Hargreaves Nominees 10% approx. Beaufort Nominees 6.5% approx. Balance 3%. Beaufort Nominees are stuck until liquidator releases them to share shack I think. Therefore leaves Hargreaves and balance which is about 13%. So not that many available and if there's a rush of buying, well who knows...……….

Looks like there is still time to buy. Results can come at any time on any day this week. Rerating of the market cap if they are good. Nearly six months of the current year have gone by so will be more interesting to hear about them and how the new contract is going. Shares in the public domain very limited only suggests one thing - any sustained buying and these will fly.

They have stated that revenue and profit will be better this year due to the MTRC contract starting to be invoiced in last quarter Jan-Mar 2018 about £500K invoiced. Then ye 31st March 2019 will have a full year's contribution from the MTRC contract which should be about £7M. If they can keep their other contracts going ye 31st March 2019 should show turnover of approx. £13M with a net profit of anything upwards of £2.5M. This should mean a rerating of the market cap and with very few shares in the public domain the share price has the potential to fly high! Continued buying into the results next week will affect the share price ever more so IMHO.

All trades today are shown as sells but were buys. More buying in advance of results which they said were an improvement on previous figures.

Market cap very low given that the results are going to be an improvement. Very few shares in public domain too and even less when one considers those 25M held with the administrator of Beaufort Nominees can't be traded yet. Leaves what Hargreaves hold as nominees approx. 40M plus a few more say 10M about 13% available by my calcs. If the figures are good and buying increases mm's should run dry pretty quick IMHO and that should mean the share price goes up in leaps and bounds. All IMHO though so could and may well be wrong.

Hello Truthfactory, Still all to play for IMHO but may soon be at the penalty stage.
you mentioned that Hillside have form in calling in loans on aim. Please could you be more specific on that one.
thank you