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Minoan – Hillside loan extension (again….)

By Nigel Somerville | Thursday 12 July 2018

Disclosure: I own shares in one or more of the stocks mentioned. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

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!

Settling the debt from the T&L sale means that it will have to come after details of the proposed sale have been released, for the company has already told us that it will require a general meeting. With suitable notice periods for the GM, I would expect details of the sale to be released by around the end of this month. So this looks like very good news indeed, and I look forward to the news of the sale in due course.

As to what comes after that, I can’t help thinking that further moves could be afoot. We already know that a “credible party” made an approach with a view to acquiring a significant stake in the Cavo Sidero project back in March. Despite a promise to provide shreholders with an update in due course, we’ve heard nothing on that since.

I would suggest that if a potential deal was no longer on the table we would have been told by now, and that leaves me suspecting that there is still a potential deal on the table. What that deal may involve (or not) I don’t know, but my suspicion is that it is contingent on the sale of T&L. Since we have already been told the sale needs a general meeting, I wonder if the GM may have one or two further parts involving bringing in a partner – and we already know that management changes are planned post-sale from the FY17 results statement. We shall see…..but it could be more exciting than many fear.

Overall, I remain optimistic that the end of my (and everyone else’s) frustrations may finally be closer than ever, and that a dramatic re-rate may be on the cards within weeks. So I maintain a BUY stance – with the caveat that considerable patience may still be needed.

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