DOES KIRSH’S BID UNDERVALUE MINERVA?
AARON GUY COLLINS STEWART
“Minerva was a heavily indebted developer and had its struggles, but the value of its portfolio has now increased by ten per cent. The share price has bounced significantly recently making this bid seem low. There is a lot of equity chasing commercial property ahead of the recovery.”
JOHN CAHILL KBC PEEL HUNT
“Minerva has given a strong response to the takeover bid. The extend to which its net asset value has lifted is surprising and shows there is still upside to come. It’s obvious the bid is not sufficient, the question is whether Kirsh will raise it.”
CHARLIE MENEGATOS ACCENDO MARKETS
“With a potential rebound in the London property prices and rental yields set for 2010, there is a distinct possibility that the 50p per share offer may significantly undervalue the company when considered in context of projections for the next financial year and beyond.”