The London Stock Exchange has censured City Site Estates for not seeking the approval of shareholders for the £30m sale of Priory and Cannon House, two office buildings in Birmingham.
City Site agreed the sale to MEPC in July and completed the transaction without convening a meeting of shareholders to approve the deal.
The site constituted roughly 30% of the company’s total assets.
- Financial Times 31/10/97 page 28
- The Times 31/10/97 page 27
- The Daily Telegraph 31/10/97 page 33, page 33 (City Comment)
