C&R's £50m buyback plan

PROPERTY company Capital & Regional hopes to placate shareholders disgruntled by its recent restructuring with a £50m share buyback. The offer to shareholders, through an open tender at 285p per share, would mop up over 22% of the shares.

Capital & Regional clashed with investors earlier this year after its decision to sell eight of its shopping centres into a fund to be owned jointly by Morley Fund Management and C&R.

Chief executive Martin Barber said: 'The board believes a tender offer is the most appropriate means of returning funds to shareholders as it gives them the option to participate or not.' C&R's shares rose 6 1/2p to 267 1/2p.