Credit Suisse sells 7% of Canary Wharf shares

By This Is Money
Updated: 18:00 EST, 26 September 1999

 

Original investors in Canary Wharf are taking the first opportunity to shed shares since last April's flotation, it emerged today, as Credit Suisse First Boston said it was selling 50.7 million, or 7.4% of the entire issued share capital.

The sale, prevented by a lock-up agreement until 30 September, includes blocks of shares belonging to the Glick family, Edmond Safra, the banking entrepreneur, and 700,000 shares held by management. CSFB estimated the discount would be within about 5% of today's price, down 1p at 390p.