SAAD Investments says it will back unequivocally Berkeley Group’s restructuring plan.
The backing of the investor, which has a 12.6% stake, will be a significant boost to the plans which could see Berkeley’s management team scoop a £100m payout.
Berkeley insiders say they are confident the restructuring plans will succeed despite opposition from several investors, including Scottish Widows. The shares fell 5p to £11.50.
References: The Times (Compact) 18/08/04 page 36, page 37 (Commentary), page 38 (Need to know)
