Land Securities ‘considering merits of a rights issue’

Michael Hunt

Land Securities, owner of The Strand, located in Bootle, Liverpool, St John's and Clayton Square shopping centres in Liverpool city centre, has today said it was considering a rights issue following rights issues by rivals Hammerson and British Land.

The company, headed by chief executive Francis Salway, said in a statement to the Stock Exchange, issued in response to recent press speculation, that it was considering launching a rights issue this week.

The statement said: "Land Securities Group notes the recent press coverage in relation to a possible equity capital raising. The Board confirms that discussions have been held to consider the merits of a rights issue and any decisions will be communicated to shareholders through the proper channels at the proper time."

Hammerson has beaten its rivals to the cash trough by raising £584.2m from a deeply discounted rights issue last week.

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