Natie Kirsh this afternoon lost his latest attempt to force through management and financial disclosure changes at London developer Minerva.

At an extraordinary general meeting, the South African billionaire’s Kifin vehicle lost all four resolutions, having earlier withdrawn two. It had hoped to remove chairman Oliver Whitehead and chief executive Salmaan Hasan and to force the company to reveal more about his finances.

Kifin gained only a small number of votes from Minerva’s shareholders, ranging from 0.5% to 3% on top of its own 29.5% holding. This meant that Minerva secured more than 60% support on all the resolutions that were voted on.

“Our views about the company’s management, disclosure, financing and almost non-existent cashflow remain uppermost in our mind and wewill not be afraid to highlight these concerns if necessary.”

Kifin

Minerva chairman John Matthews welcomed the results: “The board is pleased that shareholders have voted against the resolutions and notes the level of support from independent voting shareholders.

“Our priority remains delivery of full value for all shareholders. We hope now to do this without any further unnecessary distractions.”

Kifin said: “We remain a committed investor owning 29.5% of Minerva and will continue to take the responsibility of being the company’s largest shareholder very seriously. 

“Our views about the company’s management, disclosure, financing and almost non-existent cashflow remain uppermost in our mind and we will not be afraid to highlight these concerns if necessary.”

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