Liberty wins appeal against FTSE decision

Posted On Wednesday, 22 October 2003 02:00 Published by eProp Commercial Property News
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UK-Based property company Liberty International, which had a 50% South African shareholding, has won its appeal against a FTSE Committee decision to reduce its investment attractiveness rating in the FTSE UK Index September 2003 Quarterly Review.

Len van NiekerkThe FTSE Committee announced yesterday that it would restore Liberty International's investability weighting from 75% to 100% at the next quarterly review from December 22, subject to there being no further change to Liberty International's shareholding structure that would affect its free-float shares.

The appeal was lodged on October 6 on the grounds that the company believed certain stakeholders that the committee excluded from the free-float shares should not have been left out and the rating should have stayed at 100%.

The rating issue has not affected Liberty International's FTSE 100 ranking as eligibility for the FTSE 100 Index was based on full market capitalisation.

At the time, 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.

She argued that Standard Bank and Liberty Group's stakeholdings were portfolio investment holding.

Andisa Securities' property analyst Len van Niekerk said it had been generally accepted that the matter would go in Liberty International's favour.

"I am not too surprised," he said.

Van Niekerk said Liberty International's share price was fairly valued at 6,60p.

"Closer to December you could see some tracker funds buying up," he said. Tracker funds constitute about 2,5% of Liberty's shares.

Last modified on Friday, 09 May 2014 15:23

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