O&Y used Stanhope
Sunday 05 July 1992
The shares are worth slightly more than pounds 9.2m, a fragment of the pounds 137m O&Y paid when it bought its 32.6 per cent stake four years ago.
A 9.8 per cent stake in Stanhope's partner Rosehaugh, which, like O&Y, is in the hands of its bankers, is worth just pounds 700,000. The move will leave Stanhope feeling increasingly vulnerable to concerted action by its own bankers.
It has been discussing a restructuring of the group in the event that it falls foul of its banking covenants as a result of collapsing property values.
There is speculation that the banks involved in the rescue of Rosehaugh may prefer to see a portion of the company's interest payments rolled up into equity in its main asset, its half stake in the Broadgate complex in the City, which was developed jointly by Rosehaugh and Stanhope.
- 1 Rarest Beanie Baby bought for just £10 at car boot sale could be sold for £62,500 on eBay
- 3 Katie Hopkins has just written a piece so hateful that it might give Hitler pause – why was it published?
- 4 Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
- 5 Cancel Sky at your peril: man spends 96 minutes in chat but fails to get rid of service
Rarest Beanie Baby bought for just £10 at car boot sale could be sold for £62,500 on eBay
Katie Hopkins and The Sun editor are reported to police for incitement to racial hatred following migrant boat column
'Jihadi John': Isis executioner Mohammed Emwazi wanted to wage jihad in Somalia until his friends were betrayed and killed by al-Shabaab
Parma, Missouri: 80 per cent of town's police quit after first black mayor is elected
Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
iJobs Money & Business
£30 - 35k (DOE): Guru Careers: We are seeking a Pricing Analyst with experienc...
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£21000 - £24000 per annum: Ashdown Group: The Ashdown Group has been engaged b...
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, int...