Property is now South African billionaire Natie Kirsh’s primary focus. His battle with Minerva may have propelled him into the headlines, but his interests range far wider, writes Damian Wild
Two front covers, both from the South African business magazine Financial Mail but more than 20 years apart, tell you all you need to know about Natie Kirsh, the bête noire of Minerva’s executive board.
The first, entitled “The man who fell to Earth”, showed Kirsh as Icarus, falling out of the sky. The second, earlier this year, featured an altogether more serene photo of the 78-year-old billionaire, accompanied by the cover line: “Rising from the ashes: how Natie Kirsh lost his empire in South Africa, only to build a bigger global one.”
The business success, the unwillingness to accept defeat and the undimmed ambition that the headlines highlight show that Minerva found itself in a fight with the wrong man.
Kirsh’s current profile in the UK is based on his role as an agitator. Having built up a 29.9% stake in Minerva, his attempts to take over the company last autumn failed. He seethed quietly on the sidelines until last week, when he called for an emergency general meeting.
Kirsh says that his motive is merely to seek “appropriate disclosure and transparency” from Minerva’s board. And he insists that he has no desire to acquire full ownership of the company.
His track record suggests that he has little appetite for public company structures. And he is on the record as saying that he wouldn’t want to consolidate Minerva’s £600m debts onto his “unblemished” balance sheet.
But Minerva is only part of Kirsh’s empire. He owns 15% of the Australian REIT Abacus, where – by all accounts – he and his property man, Philip Lewis, enjoy a more constructive relationship with the board.
His current fortune has been earned from his cash-and-carry business, Jetro, one of the largest private businesses in the US and worth some $3.5bn (£2.3bn). It was a deal with financial services group Sanlam that turned sour in the mid-1980s that cost him his last one and prompted the Icarus image.
He also has a stake in Israel’s Magal Security Systems, which provides the perimeter fence for Buckingham Palace and which is also subject to investor upheaval. This time, though, Kirsh is on the other side of the fence, defending existing management.
He has a reputation for loyalty and delegation, seeking to surround himself with wise heads. Senior colleagues tend to stay very briefly or forever.
Those who have worked with Kirsh describe him as being cerebral and a quick decision-maker who knows how to take considered risks. Like many entrepreneurs of his generation he is, of course, competitive, philanthropic and known for not suffering fools gladly.
And he keeps good company. When Sol Kerzner received an award at the Props lunch earlier this year, among those paying tribute by video link were Kirsh and one Nelson Mandela.
