FTSE 250 movers: TR Property soars on share conversion plans
Wed 26 Sep 2012
LONDON (SHARECAST) - TR Property Investment Trust, a UK-based investment company, saw its shares leap after it announced plans to propose a conversion of the entire share capital of its Sigma shares into ordinary shares. The Sigma share class was approved in July 2007, but now the company wants to merge the underlying portfolios to produce an enlarged single share class, which it anticipates will have deeper liquidity.
Meanwhile, shares in waste management group Shanks plunged after it said it now expects results for the year to March 31st 2013 to be slightly below the current range of expectations after market conditions in the UK and Dutch solid waste markets deteriorated significantly in the first half. Although the group said it is delivering benefits from the investment programme and cost reduction plans, it warned these will not be enough in the short term to offset the challenging conditions in the Solid Waste markets.