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Land Securities buys back further £14.6 million convertibles
New York, June 14 - Land Securities plc said it bought back a further £14.6 million of its 6% convertibles bonds due 2007.
Following the repurchase, carried out through Cazenove, there are £60.177 million of the 6% convertibles outstanding, the company said.
The buyback follows repurchases announced June 13 of £24.808 million, June 12 of £8.03 million, June 11 of £15.236 million, June 7 of £15.9 million, June 6 of £12.091, June 5 of £8.4 million, May 30 of £15.727 million, May 29 of £10.979 million and May 28 of £22.474 million of the 6% convertibles and June 11 of £3.203 million and May 28 of £12.054 million of its 7% convertible bonds due 2008.
Land Securities said it may repurchase further convertibles if they are available at attractive levels.
On May 22, the company said it would redeem its 7% convertibles at par plus accrued interest on June 27.
Bondholders can convert their holdings at a price of 640p per ordinary share up until the close of business on June 20.
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