Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address
  Print      Mail a friend       More announcements

Monday 23 August, 2010

KiFin

Note to all shareholders of M

RNS Number : 4414R
KiFin
23 August 2010
 



23 August 2010

 

NOTE FROM KIFIN LIMITED TO ALL SHAREHOLDERS OF MINERVA PLC

("Minerva" or the "Company")   

 

Your Vote Counts at the General Meeting of 8 September 2010

 

Transparency, Corporate Governance and the long term viability of the Company

are vitally important

 

Shareholders are the 'owners' of companies and have the right to voice their concerns

 

As you are well aware, KiFin Limited ("KiFin"), Minerva's largest shareholder, is proposing resolutions for you to vote on, that require the Company to disclose vital financial information on the refinancing of its debt, to remove the Chairman and the CEO and to elect two new directors who will work alongside the board to appoint a new CEO with the requisite property experience to secure the Company's future.

 

We believe that Minerva's management needs to be changed and unless shareholders initiate this process, the present Board will not.

 

Against this backdrop, we are heartened that The Financial Reporting Council, the UK corporate governance regulator, last month released its Stewardship Code for institutional investors.  This code sets out guidelines which aim to improve the quality of corporate governance at public companies through promoting better dialogue between shareholders and company boards.  It encourages greater transparency and for investors to take responsibility for overseeing the companies they own. In calling for this General Meeting we echo exactly those sentiments and aim to achieve exactly what they propose.

 

Last week, and only with a shareholder vote pending, the Company did release part of the financial information which KiFin had previously requested.  However, without the full information we requested, it remains impossible to assess the value and viability of the business. 

 

Your Company's management constantly says that "KiFin wants control without paying a premium". This is not the truth. We would not want control because we would be terrified at the thought of KiFin having to consolidate almost £1 billion of Minerva's debt onto its own balance sheet. Equally, we do not want the responsibility of refinancing Minerva. We will therefore never raise our shareholding beyond 50%.  Two out of eight seats on the Board DOES NOT represent control.

 

KiFin quite simply is unhappy with the way the Company is presently run and requires a chairman and CEO that are open to engagement and dialogue with ALL shareholders.

 

After five years under the stewardship of Oliver Whitehead and Salmaan Hasan, a chairman and CEO who have control without any meaningful ownership, the Company is in a perilous state.  The undeveloped and/or unlet properties at Croydon, Odeon Kensington, St Botolphs, Walbrook and Wandsworth are all fraught with unresolved issues and problems.  This is not to mention the Company's inadequate financial reporting and hype about profits, which does not in any way reflect the fact that there is insufficient cash flow, the life-blood that the Company needs in order to survive.

 

Additionally, one does not need to be a rocket scientist to see how hugely over leveraged Minerva is.

 

The limited and inadequate detail of the refinancing now available shows that Minerva is in dangerous territory, far more so than when the shares fell to 7p after the executive led Board rejected the Limitless bid of £1.60.

 

Management has already missed several potential tenants for the Walbrook and, unless a tenant is found soon, the Company will need to raise fresh cash, as the remaining assets, with little equity value in their present condition, are unsaleable at a price that reflects their potential worth.

 

We want Minerva plc to have a new management team that conforms with corporate governance best practice, provides shareholders with transparency and full disclosure of key financial information and to ensure that it has a clear strategy and is professionally managed.

 

YOUR VOTE IN SUPPORT OF THE RESOLUTIONS IS A VOTE TO IMPROVE THE MANAGEMENT OF MINERVA, ENGAGEMENT WITH ALL SHAREHOLDERS AND TO ENSURE GOOD CORPORATE GOVERNANCE

 

WE, THE SHAREHOLDERS, ARE THE OWNERS OF THE COMPANY AND IT IS OUR DUTY TO ENSURE IT IS RUN PROPERLY

 

For further information:

 

KiFin Limited

Michael Segerman

msegerman@guardiantrust.ch

 

Financial Dynamics:                                                                                  +44 (0)20 7831 3113

Stephanie Highett/Richard Sunderland

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCLFFIFTLIFFII