Our in-house poet, E J Thrippance (with apologies to Private Eye) has penned a few lines on the demise this morning of AIM-no-longer-listed Minoan (MIN) at the end of an eighteen-and-a-half year career of promising the earth and achieving nothing. Enjoy…..
Minoan (MIN) took until New Year’s Eve to announce the results of a GM at which Nomad Zeus did not bother attending. A number of shareholders present claim that the meeting was rigged.
AIM-listed Minoan (MIN) released the details of the rescue offer from DAGG after hours last night. As I had suggested, the offer involves stripping the subsidiary holding the proposed holiday resort in Crete from the company and a partial settlement of debts. In essence, if it all goes through, shareholders will be left with an empty cash shell.
AIM-listed Minoan (MIN) – suspended and at death’s door – confirmed this morning that it has indeed received the promised rescue offer from DAAG and will consider the terms and update by the closed of business on Wednesday.
AIM-listed Minoan (MIN) - at least over the weekend – was supposed to have updated on a possible rescue on Friday, by DAAG which itself had been (amongst other things) subject to the audited results from Minoan subsidiary Loyalward. Loyalward holds the would-be holiday resort in Crete and on Friday the results appeared at Companies House. But there was no update from Minoan.
News intra-day today was served up at just before 1pm by AIM-listed (for now) but suspended Minoan (MIN). As a holder, I held my breath opening it up – intra-day announcements, especially when teetering on insolvency, are not renowned for being universally positive. And so….
AIM-listed crock Minoan (MIN) – still suspended pending clarification – followed up on Tuesday’s much delayed FY24 numbers with Interims to April 30 2025 yesterday. The interims raise more questions and the company hangs on the edge of insolvency, the only hope being bailed out by DAAG which surely now will mean near-wipeout for shareholders at best.
It really pains me to say this as Christopher Egleton was a friend once upon a time. He was in fact at my most recent wedding, now almost twelve years ago and he was very ind at the lowest point in my life. But what is emerging at Minoan (MIN) is just horrific and a full investigation by AIM Regulation and the FCA is needed into where the money went (accumulated losses are now £75 million) and as to whether investors were deceived by act or omission in order to secure serial refinancings.
AIM-listed (for now, at least) Minoan has at last released its FY24 results – late, audited but with hefty qualifications – and all I can say is I’m utterly speechless. The Highlights are jaw-dropping:
In light of today's shocking news from Minoan (MIN), I gather that, in its death throes, the company is seeking a forensic examination of historic pay and expenses by ex-boss Chris Egleton, a man owning properties in England, Scotland, Greece and possibly elsewhere.
I cannot believe that many Minoan (MIN) shareholders will be shedding tears to hear that its directors, and possibly former directors now face the possibility of criminal sanction. Not for years of leading folks up the garden path with promises of imminent deals and an actual outcome of shareholder destruction. No, that is just par for the course on AIM.
Shares in Minoan (MIN) are today suspended as it cannot afford to publish its annual report. At best, investors will get diluted to buggery (again) by DAGG, at worst administration looms. Against that backdrop the AGM yesterday saw NED Grahame Cook up for election and shareholders said “feck you” and voted him off the board.
Businesses run out of money and fail to deliver. We can all accept that. Most businesses set up today will fail. And even on AIM, no sniggering at the back, most fail though some succeed massively. But with Minoan (MIN) where investors face either massive dilution, having been diluted to buggery already, or administration, there is a real sense of anger with folks feeling they were “groomed”. The email below is from one shareholder to another. It reads:
Reader PJ has posted a list of RNS statements made by Minoan (MIN) over the years. Ramptastic is the word. Others might suggest that outright porkies were told. The list is below, judge for yourselves. But it is only half the problem.
AIM-listed Minoan (MIN) announced a pretty dreadful RNS this morning, detailing how its secured lender, DAGG LLP, has refused to extend the loan and is now demanding approx. £1.2 million in settlement. It has also declared a default meaning that the interest rate rises from 10% a year to 22%. Minoan hasn’t the cash and warns that it won’t be able to release audited results (presumably because it is out of cash and DAGG wants £1.2 million) so the shares will be suspended from 1st May – or before, if measures to protect stakeholders are needed (ie administration). So what now?
As it prepares to celebrate 26 years since it was established to develop a hotels and leisure complex at Cave Sidero on Crete, Minoan has warned that, at best its shares will be suspended and shareholders will face mega dilution. It is still no closer to starting work on the ground in Crete than I am to shagging Cheryl Cole and it is very possible that, at any time, the fat Lady will be called on to brush up on her Greek.
AIM-listed Minoan (MIN), the hotel developer (very soon, I hope) in Crete, has offered another update on its financing. It reads well, but as ever with Minoan, the promise is one thing but delivery may be another. As a loyal shareholder, naturally I very much hope that what is offered comes to fruition.
AIM-listed Minoan (MIN) saw its long-awaited reconvened AGM and General Meeting to approve the issue of more confetti yesterday - all of which saw resolutions passed – and offered an update RNS in the morning.
