British Land has announced plans to redeem a £323m convertible bond five years early.
This could theoretically force the company to eventually sell all or most of its assets, says the Financial Times.
However, the newspaper says although the buy-back is welcomed for its symbolic implications, it falls short of shareholders expectations.
Credit Suisse First Boston upgraded the company from “hold” to “buy” and its price target from 543p to 654p.
Investors expect strong full-year figures when they are posted at the end of this month.
Forecasts are for £136m pretax profits before exceptionals, up from £119m last time. The shares closed up 28.5p to 628.5p, almost a three-year high.
Financial Times 17/05/02 page 28
The Times 17/05/02 page 28 (Stock Markets)
The Daily Telegraph 17/05/02 page 37
The Independent 17/05/02 page 26 (Market Report)
