Minerva rejects calls for chief executive to resign
UK DEVELOPER Minerva has rejected proposals from its largest shareholder KiFin to remove its chief executive and make changes to its board, which it saw as an attempt to gain control of the company.
Minerva’s board has voted unanimously to reject the proposed changes made by KiFin, an investment company launched by South African entrepreneur Nathan Kirsh to bid for Minerva, which included the removal of Salmaan Hasan as chief executive and appointing two new directors, the London office developer said yesterday.
“The Board considers that these proposals from KiFin represent a continuation of its attempts to gain control of the company without paying a premium to shareholders for that control,” Minerva said.
In January KiFin saw its 50p per share offer lapse after it received just 0.08 per cent shareholder acceptances. Its shares closed 1.7 per cent down.