UPDATE 2-Warner Estate posts year loss, lender talks continue

* Adjusted NAV 8 pence/share vs 557p a year ago

* Yr pretax loss 297.1 mln stg, vs yr-ago loss 123.5 mln

* Says talks with lenders progressing

* Shares plunge 45 percent by 0805 GMT

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LONDON, July 31 (Reuters) - Property fund and asset manager Warner Estate Holdings (WNER.L) posted a March-year pretax loss of 297.1 million pounds ($490 million) on Friday and said talks with lenders were progressing after its worst ever year.

Its adjusted net asset value per share was reduced to just 8 pence at end-March from 557p a year ago. Warner said in a statement it had adequate resources to continue operating for the foreseeable future, but until talks with Royal Bank of Scotland, Bank of Scotland and Barclays saw new facilities in place, "uncertainty over the ability of the company and/or individual group companies to continue as a going concern must remain". Chairman Philip Warner said the year to end-March was possibly the worst in the firm's history, citing the banking crisis, economic recession, real estate sector malaise and falling property prices.

"It is the latter that has had most impact on the group's net asset values and hence put pressure on our financing, although over the period we have maintained a substantial level of income," he said in a statement.

By 0805 GMT, Warner's shares had plummeted 45 percent to 21.75 pence.

Shareholders' equity fell 301 million pounds to just 4.2 million. Of that drop, 231 million pounds was on the falling value of property assets, with a further 46.8 million pounds related to losses on the sale of investment properties.

Warner said while refinancing was the group's primary objective, it would still "seek to grow our asset management business and build on our underlying profitability".

At the balance sheet date, Warner had net debt of 285 million pounds, from 347 million a year earlier. At July 30, net debt was 238 million.

Warner had also booked a loss of 123.5 million pounds in the previous year. ($1=.6067 pounds) (Reporting by Andrew Macdonald; Editing by Will Waterman)