Dubai drops its bid for Minerva

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The stock crashed 40½p to 40p, valuing Minerva at just £64 million, after the Middle East state's property investment unit Limitless walked away from the 160p-a-share deal.

Limitless said that as a result of a breakdown in talks "it no longer intends to make an offer for Minerva".

It was a bitter blow for Minerva, which had pinned its hopes on the deal with Dubai. That prospect had buoyed its share price.

Minerva's biggest problem is that it is building developments into a falling market. Its two large City of London schemes — The Walbrook and St Botolphs — are largely unlet and the firm is carrying net debt of more than £400 million.

That resulted in a £231.9 million loss over the last year against a £18.7 million profit the year before.