Warner issues warning to investors

Warner Estates, which manages properties worth £1.2bn across the country, yesterday warned investors its shares are likely to be worthless even it can successfully reach a deal with its three main lenders.

The company said it is in discussions with Barclays and Lloyds and that loans from Royal Bank of Scotland are being negotiated by Blackrock, which is managing part of the bank's property loan portfolio.

The shares fell 1p to 3p.