Minerva Share Discussion Threads

[sami69] 01/6/2011 19:55

What's happening Baldy?

[fireplace22] 01/6/2011 19:49

If Kifin sells down to 17% and they (Jupiter) pick up 90% of the rest that gives them about 75% of the shares -enough to delist and cohabit with the remains of the Kifin holding happily ever after (for them)?

On the TO rule needing 75% to delist. Should they get say 65% and one of the remaining holders at say 11% agreed also to delisting. Does that mean they could still delist?

Not at all convinced we'll see our 130p now.

[n0rbie] 01/6/2011 19:37

So Jupiter got someone to sell them 12.5% of the company for below 120p. Interesting. I wonder who that was? Standard Life only have 7%, does anybody own more than that other than KiFin?! I can't find a list of shareholders.

[targatarga] 01/6/2011 19:16

If kirsh wants stock where will he get it cfd's or through the market....

[smurfy2001] 01/6/2011 19:04

Maybe someone sold the shares via a broker?

[sami69] 01/6/2011 18:43

Rns out - looks like if was our offeror not Kirsh with the 20m purchase.

Where have these shares come from as the volume traded has not been anywhere near?

[targatarga] 01/6/2011 16:01

baldeagle5 - can he just buy another 20 million in the market. Not sure of the conditions if a potential bidders already up to 29.99%...

[baldeagle5] 01/6/2011 15:47

Hold onto your hats lads - as ever a little premature with my days but its a coming, oh yes, its a coming!
I believe thats Kirsch buying by the way at 118p - looking to secure his position and will trigger a formal bid now.

[targatarga] 01/6/2011 15:28

someones rearranging the deck chairs..... getting ready to party?

[ak47high] 01/6/2011 15:26

Picked up another 20 million.....lol

[bisiboy] 01/6/2011 14:23

always a day late bound to be tomorrow.

[targatarga] 01/6/2011 14:09

sami69 - feels like it... gla

[sami69] 01/6/2011 13:53

Price creeping up slowly - is Baldy gonna come through for us again?

[ak47high] 01/6/2011 13:17

Yeah, have some faith john.....lol. Bald normally gets it spot on on the third or fourth attempt.

[fireplace22] 01/6/2011 10:37

O Ye of little faith!

[johnv] 01/6/2011 09:46

Bald, with your record of announcements, I think your safe from the FSA. (:

[baldeagle5] 31/5/2011 15:50

My source tells me an announcement due tomorrow.

[ianio5691] 31/5/2011 11:05

Spreads getting pretty tight 114.75 - 115..........

[baldeagle5] 29/5/2011 10:30

Let next week unfold...

[clarkey26] 28/5/2011 22:16

If you feel a Walbrook let is close, then wouldn't that blow any takeover at £1.20 or even £1.30 out of the water. Why would the BOD agree a takeover now if convinced they can let Walbrook in the near future, given your comments. Good call last week with your prediction.

[baldeagle5] 28/5/2011 19:33

Just let next week unfold and wait for the 130p counter from Kirsch to be reported. My understanding is that he expects that the consortia will then match the bid as per the terms that the Minerva BOD agreed to and he'll cash out.

As for bank approval to the covenant issues - as I said last week, this is a done deal.

Anyone car to bet a slice of most 'umble pie against me?! ;-)

[smurfy2001] 28/5/2011 19:11

Minerva, the property developer that counts the Walbrook building in the City of London as one of its developments, has received a £194m cash offer from a consortium including Jamie Ritblat's Delancey investment firm.

Delancey and the real estate fund manager Area Property Partners have put forward a possible offer of 120.5p per share – a premium of more than 20 per cent to Minerva's 99.25p closing price on Wednesday. Minerva's shares jumped 15 per cent to 113.75p when the announcement was made.

News of the bid comes after the company announced in January that it was in discussions regarding possible offers for the business, whose developments also include the Odeon Cinema building in Kensington and the Ram Brewery in Wandsworth.

Subject to certain conditions, Minerva's board said it expected to recommend the offer.

Mr Ritblat is well known in property circles and is the son of the former British Land chairman Sir John Ritblat. He took Delancey private in 2001.

Today, the firm, which counts George Soros among its investors, boasts a portfolio of properties that includes the Rolls building in Fetter Lane, in the City of London. Mr Ritblat's consortium, which made its approach through a special-purpose vehicle called Jupiter Properties 2011, may yet face competition, however, with a number of other property investors rumoured to be interested in the company.

Possible counter bidders include Apollo Global Management, the private equity firm which has been said to have had its eye on Minerva. Other potential suitors include the Whitehall property funds run by the Wall Street investment bank Goldman Sachs, and Limitless, a unit of Dubai World, which made an abortive cash offer for the group in 2008.

The Limitless proposal was followed by an offer from KiFin, a vehicle backed by the South African property magnate Nathan Kirsh, which also failed with 50p per share approach in late 2009.

[fireplace22] 28/5/2011 17:33

Lets not forget Limitless walked away from their 160p bid three years ago due to the banks intransigence. They (banks) have nothing lose the assets are effectively theirs.