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Ritblat junior sells at British Land

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Date: Tuesday 09 Dec 2003

LONDON (ShareCast) - British Land has begun making the news for reasons other than the state of the housing market, as the possibility of a BSkyB-style corporate governance row could soon be in the offing.

Speculation is mounting that the property company is preparing to promote Nicholas Ritblat, son of chairman and chief executive John, to the chief executive role.

John Ritblat has already announced his intention to quit the position by July 2004, but the appointment of his son could raise some questions over corporate governance at the company.

The row is even more appropriate given that Derek Higgs, the mastermind behind recent efforts to improve corporate governance in British companies, is on the nomination committee.

However Nicholas Ritblat didn’t let the ensuing row stop him selling more than 46,000 shares in the group, at 548p each, after exercising some options.

Chief operating officer John Weston Smith and fellow director Robert Bowden also divested large tranches of shares having exercised options.

Top Director Buys

Carlton (CCM)
Director name: Mr M P Green
Amount purchased: 570,000 @ 245.01p
Value: £1,396,557

Carlton (CCM)
Director name: Mr P C Murray
Amount purchased: 370,000 @ 245.01p
Value: £906,537

Rolls-Royce (RR.)
Director name: Mr Eaun Dugald Baird
Amount purchased: 102,700 @ 175.70p
Value: £180,444

Reed Elsevier (REL)
Director name: Mr Patrick Tierney
Amount purchased: 3,000 @ 3,266.70p
Value: £98,001

C A Coutts (CAH)
Director name: Mr W E Whitehorn
Amount purchased: 50,000 @ 87.50p
Value: £43,750

Fleming Mercantile (FMN)
Director name: Dr Sandy Nairn
Amount purchased: 5,000 @ 599.75p
Value: £29,988

Hidefield (HIF)
Director name: Mr Kenneth Judge
Amount purchased: 500,000 @ 5.75p
Value: £28,750

C A Coutts (CAH)
Director name: Mr G R Harris
Amount purchased: 25,000 @ 87.50p
Value: £21,875


Top Director Sells

British Land (BLND)
Director name: Mr J H Weston-Smith
Amount sold: 112,500 @ 548.30p
Value: £616,837

British Land (BLND)
Director name: Mr Robert E Bowden
Amount sold: 80,800 @ 548.30p
Value: £443,026

British Land (BLND)
Director name: Mr Nicholas S J Ritblat
Amount sold: 46,125 @ 548.30p
Value: £252,903

Hammerson (HMSO)
Director name: Mr S R Melliss
Amount sold: 11,500 @ 639.00p
Value: £73,485

A&J Mucklow (MKLW)
Director name: Mr Rupert J Mucklow
Amount sold: 25,255 @ 267.00p
Value: £67,431

Surface Transforms (SCE)
Director name: Mr Julio Faria
Amount sold: 25,000 @ 75.00p
Value: £18,750

Liberty International (LII)
Director name: Mr J I Saggers
Amount sold: 2,500 @ 659.00p
Value: £16,475

Surface Transforms (SCE)
Director name: Prof. David Clark
Amount sold: 20,000 @ 75.00p
Value: £15,000