Laxey triples stake in British Land

BRITISH Land's rebel shareholder Laxey Partners appears to have dramatically strengthened its hand on the eve of its annual meeting by tripling its stake in the property company.

But British Land is questioning how Laxey has gone from holding 2.9% of the shares to 9% in three days. It has written to Laxey partner Colin Kingsnorth seeking 'clarification and explanation of certain matters raised in the notification of 12 July and previous responses given by Laxey'.

British Land is thought to be trying to find out where the shares have come from and if Laxey actually owns them or has merely borrowed them in order to have the voting rights for the meeting.

The management faces a crucial test of confidence as shareholders vote on three resolutions put forward by Laxey, a fund management company. Two concern share buybacks and the third suggests radical management changes including the role of joint chairman and chief executive John Ritblat.

The management has strongly advised shareholders to reject all three proposals.