On the 12th July 2004 the Board of Minerva plc announced that it had received an approach from a third party in respect of the whole of the Company´s issued share capital and that discussions with that party and others were at a preliminary stage.
Following the receipt of proposals from a number of interested parties, the Board of Minerva plc has resolved to terminate all such discussions.
Chairman Sir David Garrard said: 'After much consideration, the Board has decided that the proposals received did not fully reflect the value of the Company. We have a first class asset base comprising prime Central London investment property and major development opportunities. With the strength of the direct investment market for individual properties and the improving London letting market, we have a clear strategy for extracting value from the Group´s assets and the broadening of the portfolio so as to provide further opportunities to increase value for shareholders. Consistent with our stated philosophy, we will also take positive steps to maximize the value of our developments through a combination of pre-leasing and non-recourse finance. We have appointed N M Rothschild as financial advisor to Minerva plc with immediate effect.'