Minerva Share Discussion Threads

[smurfy2001] 20/5/2011 16:28

Indeed, good news, weekend will be interesting IMHO!

[sami69] 20/5/2011 16:28

At least it's not for bits of the company "possible offer for the entire issued share capital"

[smurfy2001] 20/5/2011 16:24

Huge spike to 115 on my charts.

Could we see offers exceeding the rumoured 110p l wonder.

[dr knowledge] 20/5/2011 16:05

The Board of Minerva notes the report in today's edition of Property Week magazine and confirms that it is in advanced discussions with a number of parties regarding a possible offer for the entire issued share capital of the Company. There can be no certainty that an offer will be forthcoming or as to the terms on which any offer would be made. A further announcement will be made in due course.

ADVANCED! About time. ;-)

[topinfo] 20/5/2011 16:05

DJ Minerva PLC Response to press speculation

TIDMMNR

RNS Number : 0371H

Minerva PLC

20 May 2011

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF ANY RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION

20 May 2011

Minerva plc

Statement regarding recent press speculation

The Board of Minerva notes the report in today's edition of Property Week magazine and confirms that it is in advanced discussions with a number of parties regarding a possible offer for the entire issued share capital of the Company. There can be no certainty that an offer will be forthcoming or as to the terms on which any offer would be made. A further announcement will be made in due course.

Enquiries:

Greenhill & Co. International LLP [phone]

Brian Cassin Edward Rowe

[targatarga] 20/5/2011 10:01

looks like the action has began....

[smurfy2001] 20/5/2011 09:29

fireplace, indeed, that was my point (badly put though), i.e., offer price is looking likely not to be much higher.

Held these since 15p and all i'm getting back is potentially 110p, less than the peak share price :-(

[fireplace22] 20/5/2011 09:24

smurfy, Difficult to see how it could be on fire given the mooted offer price of 100-110p, add in the doubt of a bid appearing at all and you get about where we are now.

[smurfy2001] 20/5/2011 09:15

Well well well....

Yes doubting the offer price but the shareprice isn't exactly on fire either.

[targatarga] 20/5/2011 08:43

hopefully news in the press this weekend then....

[sami69] 20/5/2011 08:38

I would hope so FP22 - Would standard Life have been accumulating recently around 90p if upside was 10p? I doubt it...

[fireplace22] 20/5/2011 08:19

The share price would seem to be indicating something different to property week's assessment?

[sami69] 20/5/2011 07:34

Would be gutted with £1 offer.. lets hope final bid is at least £1.20

[fireplace22] 20/5/2011 07:12

Thanks for that sami69. It makes you wonder if it's worth hanging onto these now for another 5-10% thats if the TO should happen at all.

[sami69] 20/5/2011 07:02

From PropertyWeek

Apollo, Orion and Delancey with Area in race for struggling London developer


Four of Europe's top opportunistic real estate fund managers are locked in a £1bn battle for listed London developer Minerva. Leon Black's private equity firm, Apollo Global Management, Aref Lahham, Van Stults and Bruce Bossom's Orion Capital Managers, and Jamie Ritblat's Delancey in partnership with Area Property Partners are the three bidders for struggling Minerva, Property Week can reveal.

A preferred bidder is expected to be picked soon in a sale process that began in January. A deal will equate to an enterprise value of £1bn – Minerva's shares will cost nearly £200m to buy and its debt is more than £800m.

It is understood that the three parties have bid between 100p and 110p a share for Minerva' shares, which reflects a sizeable discount to the company's net asset value of 140p a share at the end of 2010.

The discount reflects the big risks in taking over Minerva. The developer has a huge pile of debt, of which £131m needs refinancing this year. One source close to the bidding process said the offers made by the three parties would reflect their relative views of the leasing market in the City of London.

Minerva's two largest buildings, the Walbrook and the St Botolph building, both in the City, have 686,000 sq ft of empty space between them, so the bidders' views on the speed at which they might let the space and the rent they might achieve are key. Even when a preferred bidder is chosen, a takeover is by no means certain.

The winning party would have to get change-of-control consents with Minerva's five lending banks – Deutsche Postbank, HSH Nordbank, Nationwide, Lloyds Banking Group and Landesbank Berlin – which would likely involve a repayment of part of their debt, sources say.

It would also need to reach agreement with Minerva's management team, led by chief executive Salmaan Hasaan, on their future employment, and with the company's largest shareholder, South African billionaire Natie Kirsh, who owns 29.5%.

Kirsh, whose shares are held by his Kifin vehicle, could choose to sell to the winning party, enter into a partnership or outbid it. In addition to the Walbrook and St Botolph office buildings, Minerva is in the process of selling its upmarket residential scheme, Lancaster Gate, which overlooks Hyde Park, where around two-thirds of the units have been sold.

Among future development opportunities are the Ram Brewery site on the River Thames in Wandsworth, the Odeon Kensington site and the 6 acre Croydon estate.

[sami69] 19/5/2011 16:15

should be some good news coming otherwise I'm sure Kifin would have had something to say by now.. not like Nathan Krish to keep quiet?

[smurfy2001] 19/5/2011 15:58

Something brewing chaps, l smell a takeover

[supercow] 19/5/2011 14:56

Well Blackrock are reducing their short.. > Still have 15k @ 97p WINS

[ianio5691] 19/5/2011 14:24

Wouldn't mind if it were Walbrook though....

[fireplace22] 19/5/2011 14:18

I hope we're not going to be let down at this stage by news of a mere letting. Clean cut bid please, no strings no partial sell off.

[ianio5691] 19/5/2011 14:03

15000 left at 97....someones buying. It's a leaky old ship - news soon I hope.

[targatarga] 19/5/2011 13:58

feels like there are a few delayed buys in the wings....