Minerva defeats rebel investor

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The Independent Online

Minerva's largest shareholder, KiFin, has failed in its attempt to oust the property group's chairman and chief executive despite a high-profile campaign in recent weeks.

KiFin, which is controlled by the South African billionaire Nathan Kirsh, holds a 29.5 per cent stake in the group. It had accused management of leaving the company in a "perilous state", having run it for five years "without any meaningful ownership". It also complained about what KiFin claimed was inadequate reporting and transparency. Ahead of yesterday's emergency general meeting, Minerva said that KiFin was trying to gain control without paying for the group, and that it wanted to impose KiFin's Philip Lewis as chief executive.

Shareholders sided with management yesterday, with nearly two-thirds voting against the motion to remove Salmaan Hasan as chief executive.