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| We are in negotiations with
Land Securities Trillium and the William Pears Group, for their joint venture
company to provide property services to BT. We are planning to grant long
leases on much of our specialised properties to that company and to lease back
these properties on a short-term basis. In the process, we expect to receive a
significant cash sum which will go towards reducing our borrowings. We
anticipate that the transaction will be completed during the first half of the
2002 financial year. The main continuing impact on our results from this
transaction is expected to be an increase in operating lease rental expenses,
partly offset by the beneficial impact on our interest costs and depreciation
charges. |
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