BT's top brass, Sir Iain Vallance, Sir Peter Bonfield and plain Phillip Hampton, would be well advised to tape record today's exclusive tête à tête with six of their top shareholders to discuss the company's £10bn reconstruction plans. They must also rather hope that BT shares do not suddenly jump around after the meeting. The authorities take a dim view of companies that hand over price-sensitive information to a privileged few, rather than release it to all unfortunate BT shareholders.

If any odd price movements do take place, the Financial Services Authority will be on to it, confirms a spokesman for the regulator: 'If there was anything suspicious about the share price, we would go back to the company and ask it to prove that no price-sensitive information was given over.'