UK-Based property company Liberty International, which has a 50% South African shareholding, yesterday lodged an appeal with the FTSE committee against a decision to reduce its investment attractiveness rating from 100% to 75% in the FTSE UK Index September 2003 Quarterly Review.

The company said that the appeal was lodged on the grounds that certain stakeholders which the FTSE committee excluded from the "free float" should not have been left out and should have stayed at 100%. The company said the rating issue did not affect Liberty International's FTSE 100 ranking as eligibility for the FTSE 100 Index was based on full market capitalisation.

Speaking from the UK, company secretary Susan Folger said the FTSE committee had included the 3% shareholders of Standard Bank and 5% shareholders of Liberty Group in the restricted shares category.

Folger said Standard Bank and Liberty Group's stakeholdings were portfolio investment holdings. "We are very hopeful that it will be reinstated to the full 100% investability weighting," Folger said.