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Property developer Minerva makes £232m loss

Property developer Minerva slumped to a £232 million loss over the past year, but bosses said the company had strong cash reserves to provide security.

Minerva which made a profit of £18.7 million last year said in its full year results to 30 June that it has cash reserves of £117.4 million, slightly down from £125.5 million the previous year.

Discussions are said to be on-going with Dubai-based Limitless World, which made an offer to buy the UK developer in July.

Minerva’s net asset value per share of 187.7 pence is down from 327.9 pence the previous year. Limitless has offered 160 pence per share, which it described as a final offer on 21 July.

Minerva said there can be no certainty that an improved offer will be forthcoming. A further announcement will be made when appropriate.

Minerva chief executive Salmaan Hasan said: “Despite the challenging market conditions, Minerva remains well positioned. We have a robust balance sheet, funding in place for our key developments and a strong cash position to undertake our projects and move the business forward.”