Why Shell and BP Shares Aren't Surging Is a Mystery to me. But You Might Want to Invest in Case the Dam Bursts
AIM-listed Cretan holiday resort developer Minoan (MIN) released interims numbers to 30 April yesterday morning. Today we have a placing raising £350,000 in cash (before expenses) and a further £99,600 in lieu of certain liabilities. The matters of interest, of course, are not the numbers but progress with regard to monetising its assets at Cavo Sidero. Has there been any movement?
AIM-listed holiday resort in Crete outfit Minoan (MIN) released its FY20 results to October 2020 on Friday – deadline day – and the news is that whilst losses have dropped and the company’s debt has eased a little, the sunlit uplands of monetising its asset in Crete is still not in view. Hardly a surprise, I suppose, but it is still disappointing to have to continue waiting for an eternity.
AIM-listed holiday resort developer in Crete Minoan (MIN) updated the market this morning….and announced yet another placing, albeit for a small amount, £187,000 (courtesy of Peterhouse) at 1.1p per share and a small debt-for-equity swap worth £70,000 also at 1.1p, with one warrant for two new shares taken at 1.4p. But it is the update which offers a little bit of hope here.
Minoan (MIN) “is pleased to announce the successful reorganisation of its only secured borrowings, the cancellation of warrants and rights to future warrants and a small pre funded placing to provide further working capital”...
AIM-listed Greek resort outfit Minoan (MIN) has released news this morning of the refinancing of its pre-existing debt which used to be held by Hillside. The old lenders have gone and, mercifully, so have the stranglehold terms that came with the deal and in comes a new lender in the form of a outfit called DAGG LLP. The cost has been high, but the end result makes this well worth it.
Like AIM-listed Scancell which I finally gave up on as it joined the Covid-19 bandwagon, AIM-listed Minoan has been a disastrous tip. I suppose one reason I am hanging on is that whilst the shares have continued their downward path, there has been some progress – however painfully slow – towards monetising the Cavo Sidero resort in Crete and at the current 1p per share there seems little point in selling now. This morning Minoan served up FY19 results.
Yesterday morning AIM-listed Cretian holiday resort hopeful Minoan (MIN) served up an update with a familiar ring to it: more shares, more warrants and the long hoped-for asset sale was pushed out. All very depressing, but I wonder if there is light at the end of the tunnel for shareholders...
Minoan Group (MIN) has announced results for its half year ended 30th April 2019 and that it’s “further progressing its project in Crete as well as entering into new discussions which are intended to lead to the realisation of shareholder value. The election of an avowedly business friendly government is extremely encouraging”…
OK, we’ve heard it all before! But this morning’s interim results from AIM-listed Minoan (MIN) do seem to suggest that things are at last moving in terms of monetising the holiday resort in Crete. Much has changed over the last year or so, but much remains the same too.
Updating on Minoan (MIN) with the shares at 1.9p earlier this month, we noted that, although the track-record suggests to be cautious and there may well be some further equity dilution to come, the potential for the shares to soar on a Crete project deal meant we continued to consider they merited at least a small, speculative position. Now “a proposal which the directors believe will provide the company with sufficient liquidity to service its short term cash obligations and to strengthen its balance sheet… believe… will greatly assist the group in its ongoing discussions and negotiations with third parties”…
In many ways the announcement of more confetti from AIM-listed Minoan (MIN) is a big disappointment. After all, it has an asset worth many times its market capitalisation, several multiples of the enterprise value and is also carried on the books in the recent (audited) full-year results at heavy multiples of market cap and EV. And we are told that there are interested parties who want a piece of the action – so why not just sell it? Well, it is more complicated than that...
Minoan (MIN) has announced results for its year ended 31st October 2018 and that “the group has recently received an approach and is in discussions to create a joint venture on one of the five hotel and villa sites... 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”…
AIM-listed Minoan (MIN) has released its annual results to October 2018 and there does at last appear to be some sign of tangible progress in monetising its holiday resort project in Crete. My buy tip for 2018 has so far been embarrassingly bad, for which I can only apologise. But this morning’s results have some snippets which show that things are moving in the right direction and I still sense that we might see the original buy price (6.25p) taken out.
AIM-listed Minoan (MIN) this morning announced that three directors have put their hands in their pockets and bought shares costing a total of £100,000. That is a significant enough sum and normally would encourage me to buy more, but the trade dates reported are 3 December 2018! Why has it taken so long to report - surely this is a breach of AIM rules! Er, not so fast…..….
AIM-listed Minoan (MIN) has offered up some good news to its investors in that 11.325 million options due to expire today and which are not expected to be exercised will not be extended. Of course, the news I would like to see is the monetisation of the Cavo Sidero asset but given that the future dilution has come down (for a change!) this is a small piece of good news.
Well, we all knew that AIM-listed Minoan (MIN) was going to place as it told us so when the sale of the travel and leisure division was announced. The issue price of 2.5p is disappointing in the wake of the share price when the T&L sale was announced, but does not look so bad in the context of a share price on its knees at around 2.25p early last week. Be thankful for small mercies, then.
Tom Winnifrith writes: Held at the offices of morally bankrupt, journalist smearing, lawyer bastards Pinsent Masons, aka an ethics free zone, the AGM from Minoan (MIN) contained a statement from boss Christopher Egleton which can best be described as “unusual”...
AIM-listed Minoan (MIN) has updated the market on its Greek resort in Crete, Cavo Sidero, on the day of its general meeting at which it hopes to gain approval for the disposal of its travel and leisure division. There are some indications of some good news to come, but this morning’s statement reads pretty defensively as those shareholders turning up to the GM prepare to cast their votes.
Minoan Group (MIN) “is pleased to announce” that it has entered into a conditional agreement for the sale of its travel business – emphasising it will “allow the directors to concentrate their efforts on optimising the value of the group's project in Crete and its monetisation for the benefit of shareholders”. However, the shares are currently significantly lower, at around just 4p…
AIM-listed Minoan (MIN) has this morning finally announced the sale of its travel and leisure business. Hooray – that only took nine months! In many ways the deal is perhaps a bit better than I had feared, in terms of dilution (the good), but the end result will be that Minoan is still left with £0.9 million of debt (the bad) and with the warrants associated with the loan now dropped to just 3.5p exercise the shares are off by a whopping 30% to just 3.9p and the company tells us it will have to raise more cash (the ugly).
A flurry of activity last week saw shares in AIM-listed Minoan (MIN) propelled from 5p to almost 6p, with bulk of the rise on Friday. We know that news on the sale of the travel and leisure business is expected “imminently” and that news on the Cavo Sidero project in Crete could come soon. So does the market know something?
An update this morning from AIM-listed Minoan (MIN) regarding the sale of its travel and leisure division and reduced boardroom fees offers investors good hope that the sale is now, at long last, progressing. This is good news which I suspect will unlock the development of Minoan’s main asset – the Cavo Sidero project in Crete – and I am looking forward to the coming weeks with anticipation.
Well that was a damp squib: AIM-listed Minoan (MIN) announced its interims as expected this morning, but disappointingly there was no confirmation of the travel & leisure sale, nor of what will happen with Cavo Sidero. We are again left waiting – although not for long, I hope. There were, however, one or two little tit-bits in there to offer at least some encouragement.
I am ever more convinced that there is some big news coming from AIM-listed Minoan (MIN) and that it could well be this coming week. We have been told the sale of the travel and leisure business is on the way, and that the company expects to settle the Hillside loan which has been extended (yet again) to a long-stop date of the end of August. But we have also been told a general meeting will be required.
Updating on Minoan Group (MIN) previously, we noted a loan from Hillside doesn’t seem a problem, with the company in constructive discussions to further extend to reflect the expectation of a successful sale of its Travel business in the near future. Now a “Loan Facility Extension” announcement…
AIM-listed Greek resort hopeful Minoan (MIN) has announced yet another extension to its loan from Hillside. The terms are largely the same, but a further 1.7 million warrants at 6p are being issued, and the loan is now on demand, with a long-stop date of 31st August. This is in relation to the announcement last week that the sale of its travel and leisure business is on the way. With a long-stop date of 31st August, one might assume that at long last something is going to happen!
AIM-listed Minoan (MIN) announced yesterday morning that the sale of its travel and leisure division looks set (at last) to progress to an exchange of contracts, and a General Meeting will be called to approve the transaction. We are also told that the Hillside loan facility is expected to be settled and that the sale will provide the funds so to do. This is all very good news, although it has taken heading for seven months to get this far with the sale. Those with a glass half full might complain of evaporation….
AIM-listed Minoan has updated the market this morning on some important matters, some trivial matters, and hasn’t mentioned another (why not?). I’m not overly-impressed, but does it change my “buy” stance?
OK, it is only half a bernie but shares in Minoan had been doing well of late. Now it has done a placing at 6p (the shares were 8p yesterday), welcoming new joint broker Cornhill Capital to the Minoan Team. Apparently this is all good news and Christopher Eagleton is pleased to have raised the funds. So that's alright then. Never mind the 25% discount....
Less than a week to go to the UK Investor Show and it promises to be far and away the best yet. If you’ve not booked a ticket you’d better hurry up – they are running out fast. Lob in the promo code SP10 and you’ll get a freebie investor class ticket – you can’t say fairer than that! Looking down the list of companies present, I have already compiled a list of who I want to see and also what I am doing on the day.
AIM-listed Minoan (MIN) is one of my two share suggestions for 2018, and I hold the shares myself. This morning it released its FY results to last October: we had been promised them in March, but clearly the concept of under-promising and over-delivering simply hasn’t landed in this particular boardroom. However, there seems to be progress and although still promising jam-tomorrow, it does look as though the fleet of delivery lorries may be on the way (although from an unknown distance away).
Things are, at last, happening at Minoan (MIN) in a way that will create value for shareholders.
No-one could ever accuse AIM-listed Minoan (MIN) of doing anything quickly, but this morning’s announcement appears to suggest that things are finally moving. It is still speculative (both in terms of whether two deals happen, and how long they’ll take) but the shares are a buy.
AIM-listed Minoan (MIN) has followed up last week’s Trading and Financial update (covered by me HERE and by HotstockRockets HERE) with news of two fundraising and corporate news. The tin-rattling first: it has placed out 5 million shares at 6p to raise £300,000, and as I speak W H Ireland is running an accelerated bookbuild to raise up to a further £1 million. Meanwhile, the company says it has received credible approach which may (or may not) lead to the sale of its Travel and Leisure business. (Hooray for Mystic Deputy Sheriff!)
An intra-day announcement on the like of “Update - Trading & Financing” is usually not good, but a 1:41PM Friday such announcement from Minoan Group (MIN) is of its travel and leisure division having “continued its growth trajectory” and a loan facility extension.
AIM-listed Minoan MIN) has issued a Trading & Financing Statement at 1.41pm. Happily, it does not look like a howler - good news there! Sadly there is no deal involving Cavo Sidero - we will have to wait a bit longer for that. But we do get an update on its loan to Hillside and on trading at its travel agency, and we are told the preliminary results are expected to be in line with market expectation.
I hold shares in AIM-listed Minoan (MIN), the ownership of which has proved a mighty frustration for years and years – first we had the almost interminable application for the resort at Cavo Sidero which was finally won and all appeals have now ended. But now we are waiting for the company to cash in….how long will that take?
Minoan (MIN) has announced results for its half year ended 30th April 2017, with Chairman Chris Egleton emphasising “following the dismissal of the Appeals against the Presidential Decree granting Outline Planning Consent for its Project in Crete, and the continued increase in the profitability of its travel business, the Group is about to enter the most rewarding period in its history”…
As we predicted exactly one week ago here, Minoan (MIN) will not - as some Bulletin Board savants had suggested - have to repay the £5 million loan it got in October 2013 from Hillside International Holdings at close of play today. Minoan clearly did not have the cash.
AIM-listed Minoan (MIN) announced on Friday that it has extended its loan deal with Hillside. So much for that having presented a problem, then! The extension given Minoan another 6 months on the same terms, barring the dropping of the price on 10 million warrants to 8p (from 13p) – perhaps a bit pricey, but the company now has a fairly clear period ahead to capitalise on the Cavo Sidero site, on which it got final clearance as announced on Monday last week.
It has taken more than two decades and exposed the Greek planning system for the total joke that it is but Minoan (MIN) now has the all clear to go ahead and develop the spectacular Cave Sidero site in North East Crete.
Shares in Minoan (MIN) were up a smidgeon Friday but have been heading the wrong way all week. At the time of writing they are 7.5p-8.5p - a spread wide enough to drive a bus through. Market makers really do take the piss on occasion if not most of the time. Anyhow is anything wrong? Let's deal with the various rumours sent to us by email.
AIM-listed travel agent and wannabe Greek holiday resort developer Minoan (MIN) announced a small bolt-on acquisition this morning….and a placing. Oh, and an update on its debt facility due to expire at the end of June. It is disappointing to see a placing (at 9p), but in the general scheme of things it is a relatively small amount so the pill is sugared to some extent.
AIM-listed wannabe holiday resort developer Minoan (MIN) has tested the patience of even the most saintly of saints for years and years. It has a plan to build a resort in northern Crete which has been going through Greek permitting and legal processes which make our own UK planning environment look as nimble as an Olympic gymnast. Of course, the misery has been about to come to an end for years, but perhaps now the green light really is imminent. Is it worth a punt?
In this video from the storming success that was the 2017 UK Investor Show, Tim Hill of Minoan Group (MIN) is at the podium. And make sure that you keep April 21 2018 free for next year's UK Investor Show.
One of the advantages of taking a trip to an event such as the sell-out soaraway success that was this year’s UK Investor Show is the opportunity to meet and speak directly to the very people running the companies in which you might invest or already be invested. I took my opportunity to chat with AIM-listed Minoan (MIN) – a share I’ve held for so long I can’t remember when I first bought it.
We wake up to discover reports across the Greek press that the appeals against the Presidential Decree granting land use approval, for its cave Sidero Project in Crete have been rejected by the Greek Supreme Court. Minoan (MIN) says that it has not yet seen an announcement from the Greek Supreme Court but that it will update the market once one is issued.
Minoan (MIN) has been something of an AIM uber-dog for many years. It is a stock that I have tipped with success once and with lack of success more than once. Its failure to deliver on gaining planning consent on its Cave Sidero site in Crete over more than a decade is perhaps why its shares languish at 6.25-6.5p. But 2017 will be THE year.
On Friday 16th September Minoan (MIN) confirmed that the final court hearing had taken place. So when will we get a decision?
First the bad news from Minoan (MIN) - a profits warning on the Travel & Leisure side. What is shocking here is the speed at which things have gone awry. Bear in mind that half year numbers were released on 14 July. So in that vein the company states well under two months later:
At this stage financials are not the key driver but for what it is worth Minoan (MIN) published its results for the six months to 30 April on Bastille Day claiming to be making progress in both divisions: Greek property at Cave Sidero and Travel & Leisure.
Minoan (MIN) had announced that the final hearing which would - we all expect - dismiss the final appeal against the Presidential Decree for the Cave Sidero site was to be on 4 July. But this is Greece. We are now told:
Most recently updating on Minoan (MIN), we noted the lodging of appeals following the issue of a Presidential Decree granting land use approval for the company’s leisure resort project in Crete. It has now updated on the appeals hearing date.
Minoan (MIN) disappointingly announced after hours Tuesday that two appeals have been lodged following the issue of the Presidential Decree granting land use approval for its project in Crete.
Okay this reasearch from Equity Development is paid for and so it is unlikely to be headlined "screaming sell" but I happen to think ED is among the better of the paid for researchers (its all relative) and this report on Minoan (MIN) is logicaly coherent. It sets targets for the shares, now 9p, of 21p (short term), 41p (medium term) and 61p long term.
Minoan Group (MIN) has announced results for its year ended 31st October 2015 and updated on the recent “transformational event” of the issuance of a Presidential Decree granting land use approval for its resort project in Crete.
We hope you took our advice to average down and FYB with Minoan (MIN) at a 6.5p offer a couple of weeks ago. The shares are now 12.75p to 13.25p because as we predicted here the bubbles have come good. Minoan on Friday announced:
On 24 February we reported here that Minoan (MIN) was on the verge of getting final sign off on its Cave Sidero project in Greece urging you to buy the shares at 6.5p. We hope you did as...
It has only been waiting for this for about 24 years but the word on the street is that Minoan (MIN) now has all bar one signature needed for go ahead for its company breaking Cave Sidero development in Crete. And that last signature is a formality.
Shares in Minoan (MIN) fell to 6.5p yesterday on the back of a Greek press report whch appears to be false. It reads:
Minoan Group (MIN) has updated that on its proposed leisure & tourism project in Crete it “has been advised that the process for approving the presidential decree, which resembles an outline planning consent, is now reaching its final stages” and that joint venture and some share option terms have been amended.
With no operational news flow since we last updated in July, shares in Minoan Group (MIN) slid back recently towards 6p. However, they are now again moving ahead, with the company understanding that the process of the draft presidential decree for its Cave Sidero resort project in Crete being endorsed by the relevant Ministers prior to being issued by the President “is now under way”
Minoan Group (MIN) has announced results for the six months ended 30th April 2015 and that it is looking forward to building on progress made.
Minoan Group (MIN) has announced that the draft new Regional Plan for Crete includes, for the first time, its proposed resort project among the planned significant investments in Crete…Good News!
Minoan Group (MIN) has announced results for its year ended 31st October 2014 and that“the coming months promise to be very exciting”. Indeed they will be. Greece!
Noting share price movement (from a Monday close of 7.375p to a current 10.75p-11p) and media comment, Minoan Group (MIN) has confirmed that “a Plenum of the Greek Council of State (the highest court in Greece) has unanimously approved the draft presidential decree, with no dissenting opinions” for the development plan of its luxury resort project in Greece.
Minoan (MIN) shares have taken a Christmas beating thanks to Greece where the buffoons in charge have contrived to ensure that the country faces another General election in late January. The market has over-reacted and that makes the shares at 10.25p (a market cap of £17 million) the first HotStockRockets share tip of the year 2015.
Having had a full legal translation, Minoan Group (MIN) has announced that “the committee of the General Secretaries of the relevant Greek Government ministries has approved the draft of the Presidential Decree in respect of Minoan's project in Crete. This approval is the pre-cursor for the final approval of the Presidential Decree”.
We tipped this one on HotStockRockets at an 11.75p offer about a month ago. Minoan (MIN) shares are now 13.75p -14.25p after an announcement this morning which indicates that the world’s laziest nation (Greece) is finally pulling its finger out on planning permission for Cave Sidero. Hooray, ouzos and a 35 hour week with guaranteed full State pension at 52 all round.
Yesterday Minoan (MIN) announced its results for the six months ended 30th April 2014 – significantly noting that the growth in the trading performance of its travel & leisure business continues and that with its Greek “project in Fast Track and all the necessary reaffirmations of support in place both from the Local Municipality and the Greek Government, we are progressing talks over the summer with a number of third parties who have expressed an interest in participating in the project once the Presidential Decree has been granted”. But I was a tad disappointed. Here’s why.
Well it is payday. That is one reason to celebrate of course. But there are a few other things bubbling away in the world of shares.
Minoan (MIN) shares slipped back this week on reports in the Trade Press saying there would be no final sign off for Cave Sidero until Christmas. The reports quoted Chairman Chris Egleton. We have confirmed with him that he was misquoted.
On 19th May shares in Minoan (MIN) traded at 16.375p on the AIM Cesspit. Then they started slipping and slipping and closed yesterday at 13.625p. Today a placing is announced at 12p. What do I conclude? That crony capitalists in the City are not content with buying stock at a discount but that they also engage in insider dealing. They break the law. Will the FCA do anything to stop the fuckers? What do you think?
I have not written about Minoan (MIN) for a few weeks but my recent Greek trip prompts me to make a couple of observations. Bullish ones for the record.
Having announced last week that the Regional Government of Crete had voted in favour of the Strategic Environmental Assessment for its Cavo Sidero resort development, Minoan Group (MIN) has updated on the now published details of the decision. This looks good for shareholders.
News last week of another big step in the permitting process for Cave Sidero in Crete was accompanied by some very strong financial results for Minoan. This has prompted researcher Equity Development to rejig its numbers and set a target price of 32p for the stock, now at 16.5p. Analyst Conor Fahy writes:
An action packed 24 hours in the world on Minoan (MIN) – first results which live up to expectations and then another positive update on the long awaited Cave Sidero planning application. Whatever next?
Minoan (MIN) has not yet issued a formal announcement, either an RNS or via the Glasgow Herald, but it seems as if it has got the local thumbs up for its company making Cave Sidero project according to Greek Press Reports.
Normally companies comment on current trading when issuing annual results in an RNS. But AIM listed Minoan (MIN) seems keen to get the news out…via the Glasgow Herald.
I have used Minoan (MIN) before as an example of how market makers operate. When I pointed this out before (HERE) I was told that they provide liquidity. No, they just manipulate share prices to ensure that they make enough money to pay for the cocaine and hookers this weekend. The transparency is obvious.
Is Minoan (MIN) about to secure final planning consent to get the go ahead for its company making development at Cave Sidero. If the Greek Press is to be believed (we know, there is no need to say it), the answer looks as if it could be yes.
Is the bid offer spread and the movement on that spread a reflection of underlying buy/sell demand in a stock? You would have hoped so but it is not. Market makers move prices to suit their book not to reflect underlying demand. My case study here is Minoan (MIN).
Last week on HotStockRockets we published an overview of where Minoan (MIN) was and why we thought the shares would hit 15p in short order. It has not taken long for the predictions to start to come true. The shares are now ahead at 10p -10.75p but there is a lot more to come and soon.
Shares in Minoan (MIN) trade at a 10p mid after an update on Wednesday. We are ahead of our 6p and 8p offer price tips but this is not one to sell as there is more to come and soon.
We do not really do tips of the year at HotStockRockets since our timeframe is three months. We thus offer three selections today with the caveat that we expect to tell our readers on HotStockRockets to bank gains well before the start of spring. The third tip for today is Minoan (MIN) at 11.5p (mid).
A recent trip to Athens left the Closet Chartist relying on a string of taxi’s for transportation – just in case anyone from Golden Dawn happened to be around, either in the street or public transport.
Following today’s trading update from Minoan (MIN) commissioned researcher Equity Development has published an upbeat note on the shares which now trade at 10.25p valuing Minoan at £16 million. I underline a couple of key points.
Given the state of the Greek economy, and even the way that the prospect of Grexit has not been finally ruled out, being positive on any aspect of entrepreneurialism in the Southern European nation in the recent past has felt like an exercise in wishful thinking. But…
Shares in Minoan (MIN) are up sharply today and have been hectically traded. What is going on? As ever we are delighted to bring you tomorrow’s RNS today.
Hot Stock Rockets tipped AIM listed travel, leisure and Greel Property group Minoan (MIN) at 6p here on 17th October with a Christmas price of 10p. The shares are now 6.875p in the middle but we re-tip it strongly today on the basis that something may be afoot in Greece. Our target price may be far too low on that basis.
Minoan (MIN) has been such a stockmarket dog for so long that it could announce that it has won the Euro roller jackpot lottery four weeks on the trot and most folks would not care. But that’s the opportunity because it has today announced big news.
Getting through the Greek planning system is like wading through treacle as AIM listed Minoan (MIN) has found to its cost over two decades on its Cave Sidero site in Crete. But Greek blogs are today reporting progress on its Fastrack (ho, ho, ho) application progress.
AIM listed travel leisure and property group Minoan (MIN) has not been one of my better share tips from my days at t1ps but news out this week points the way to it being, potentially, a great recovery play for 2013. At 8.375p the company is now valued at £12.6 million. That does look far too low for me and this is why.
I need little reminding that I tipped AIM listed Minoan (MIN) at 87p back in January 2007. The shares are now 10.5p (even after some interesting news today). This has been a stinker but is now starting to come right and the shares really are very cheap indeed. And here is why.
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