AIM-listed Bulgarian Property Developments this morning warned its shareholders that if they did not accept Joe Lewis’s £17.3m cash offer they could be left with a minority share in a private company

The company's came after last week’s announcement by Lewis’s company, Windsorville, that its 16p a share offer had become unconditional having gained the support of 52.4% of shareholders and would push to delist the company from AIM.

It said: ‘The board continues to believe that the offer fundamentally undervalues Bulgarian Property Developments.

'However, given that Windsorville now owns or has received acceptances for more than 50% of the issued share capital of Bulgarian Property Developments, it is likely that Windsorville will, in due course, be able to exercise direct control over the company, including the constitution of its board of directors and consequently matters such as property disposals and dividend payments.’

The offer has been accepted by 16.83% of shareholders, which added to its existing 35.56% stake, gives Windsorville a 52.4% stake; he needs 75% acceptance to delist the company or instigate a compulsory purchase of the remaining shares.

Windsorville's offer, which represents an 83% discount to the company’s net asset value of 50.6p a share, has been extended until 26 March.