Ronson in AGM battle with target Crest

PROPERTY magnate Gerald Ronson has primed the guns of his Heron Corporation for a battle tomorrow with Crest Nicholson, the housebuilder it wants to buy for up to £481m.

Heron, which owns 23.4% of Crest, said today it would vote against two resolutions at tomorrow's annual general meeting put forward by the board, headed by chairman John Matthews, that could dilute Heron's stake and force it to pay more should it proceed with a formal offer.

One resolution would let Crest's board grant shares over the coming year worth up to 5% of the total in circulation without giving existing shareholders pre-emption rights. The other would give the board power to buy back shares worth up to 5% of its shares in issue.

Heron also urged fellow Crest shareholders to 'encourage the board' to give it access to Crest's books.

Three weeks ago Matthews refused Heron access after rejecting its proposal to pay cash of up to 430p a share for the housebuilder.