A LARGE proportion of Woodchester Investments' shareholders are expected to opt for the scrip issue in lieu of the dividends. Last year around 60 per cent took the new shares but, with the scrip price 20p below the market price, this should be substantially higher this year. The deadline for taking up the shares is tomorrow.

Credit Lyonnais, the troubled French bank, which has a 53 per cent shareholding, is taking up the shares, according to industry sources. Talks on the sale of Woodchester are progressing, the sources added.