Trafalgar House has warned that instead of paying a forecast 4.8p final dividend this year it expects to pay only 1.6p 'in the absence of unforeseen circumstances,' making a total of 6p a share. This emerged in the company's defence document against Hongkong Land's 85p a share partial offer. Sir Eric Parker, Trafalgar's chief executive, said if HKL acquired a 30 per cent stake it would be 'a blocking stake.' He also revealed that Trafalgar and Hongkong Land had discussed forming a property joint venture last winter. And the two sides have also talked about the future of Trafalgar's three London hotels, including the Ritz, which are up for sale.