British Land slams shareholder Laxey

WITHIN hours of a crucial vote, British Land attacked the credibility and methods of dissident shareholder Laxey Partners, revealing that it has borrowed 90% of the shares with which it will vote at today's annual meeting.

British Land yesterday asked Laxey to reveal how it came to triple its stake in the company from 2.9% to 9% over three days last week when normal trading reflected no such movements.

Laxey chairman Colin Kingsnorth admitted he had borrowed 41.7m of the 46.6m shares he had declared an interest in. He told the board there was no set length of time for the trade but 'it is market etiquette to hold the borrowed stock for at least a week'.

British Land chairman John Ritblat is furious but will not be able to stop Laxey voting against him.