The board of Capital & Counties Properties PLC [JSE:CCO] - known as Capco - on Monday reacted to an announcement by Candy Ventures that it (Candy Ventures) is in the early stages of considering a possible cash offer for Capco.

The board of Capco said in a statement that, at this stage, there has been no approach made to it by Candy Ventures or any other party.

Capco is listed on the London and Johannesburg stock exchanges, and owns Earls Court and Covent Garden in London. The Times reported on Sunday that Nick Candy, one of the property tycoons behind the One Hyde Park development in London's Knightsbridge is considering a takeover bid for Capco.

According to The Times, Capco has been in a dispute with the Hammersmith & Fulham council over its plan to build thousands of luxury homes at Earls Court.

"The board has full confidence in (Capco's) strategy and management to continue to deliver significant shareholder value. The company is well advanced in executing the separation of its two prime central London estates Covent Garden and Earls Court," according to the Capco statement.

Capco previously said it wants to separately list its main London properties.

"On October 20, 2019, Capco entered into a short period of exclusivity with an entity established by Delancey, on behalf of its client fund and APG, in relation to the possible sale of Earls Court. The board continues to focus on maximising shareholder value."

At this stage the board recommends shareholders take no action and said a further announcement will be made when appropriate.

By early afternoon Capco shares were trading up almost 10% on the JSE at R51.88 per share.