Charles Parkinson. (0575708)

A PROPERTY investment and outsourcing firm with links to Guernsey’s Treasury and Resources minister has rejected a multi-million pound takeover bid from its major shareholder.
US hedge fund Fortress was reported to have bid £250m. for Mapeley, but that offer was declined by bosses, according to director Charles Parkinson, pictured.
‘The directors received an indicative conditional bid, but that did not lead to an offer of firm negotiation,’ he said.
Mapeley has just reported a pre-tax loss of £53.8m. in the six months to June, against a profit of £30.2m. last year.
Total asset-value dropped to £2.23bn. from £2.31bn. at the end of 2007.
Mr Parkinson said the loss was due to a revaluation of the company’s property portfolio.
He also pointed out that income from operations had increased substantially to £63.1m., compared with £27.5m. for the same period last year.
Contrary to reports from the Financial Times, Mapeley directors were not considering a share buy-back, said Mr Parkinson.
‘The company has traded very successfully and the board has decided to pay to pay a significant dividend instead.’