Shareholders reject proposal to break up Greycoat's assets

Shareholders in Greycoat yesterday rejected a resolution calling for the sale of all the embattled property company's assets.

The break-up proposal, which had been put forward by UK Active Value, a fund which speaks for 10.6 per cent of Greycoat, was defeated by 68.4 million votes to 3.6 million.

"This result shows an overwhelming majority against UKAV's proposal," said Michael Beckett, Greycoat's chairman. "We can now get back to work without this costly distraction."

Mr Beckett claimed "95 per cent support for our management and its strategy", even though shareholders owning 54.8 per cent of Greycoat's equity voted against the resolution, with 2.9 per cent in favour.

UKAV did not vote on the proposal and Brian Myerson, who runs the fund, did not attend the meeting.

Mr Myerson had already indicated he would abstain in the vote after reaching a deal with Greycoat's management to sell one of its trophy properties, Embankment Place in central London. Greycoat claims the sale of the building has been planned for many months.

Before the vote Mr Beckett revealed that cost of holding the EGM and its adjournment was about pounds 300,000, equivalent to a 20 per cent increase in the dividend. "Even more significantly it has been an enormous and costly diversion of management time and effort," he said.

Despite yesterday's vote, Greycoat's future remains uncertain. Last month Moorfield Estates, a rival property group about a quarter of Greycoat's size by market capitalisation, tabled proposals for a pounds 214m takeover bid, which Greycoat is resisting.

Moorfield wants to demerge two of Greycoat's biggest investment properties - Embankment Place and 123 Buckingham Palace Road, also in central London - into a company with a separate listing.

Last month Greycoat rejected outline proposals sent by Moorfield.

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksA special investigation by Andy McSmith
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Client Services Assistant

£18000 - £20000 per annum: Recruitment Genius: A Client Services Assistant is ...

Ashdown Group: Junior Application Support Analyst - Fluent German Speaker

£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...

Ashdown Group: Training Coordinator - Financial Services

£32000 - £38000 per annum + benefits: Ashdown Group: A highly successful, inte...

Recruitment Genius: Business Development Executive - Affiliates & Partnerships

£20000 - £35000 per annum: Recruitment Genius: This multi-award winning foreig...

Day In a Page

No postcode? No vote

Floating voters

How living on a houseboat meant I didn't officially 'exist'
Louis Theroux's affable Englishman routine begins to wear thin

By Reason of Insanity

Louis Theroux's affable Englishman routine begins to wear thin
Power dressing is back – but no shoulderpads!

Power dressing is back

But banish all thoughts of Eighties shoulderpads
Spanish stone-age cave paintings 'under threat' after being re-opened to the public

Spanish stone-age cave paintings in Altamira 'under threat'

Caves were re-opened to the public
'I was the bookies’ favourite to be first to leave the Cabinet'

Vince Cable interview

'I was the bookies’ favourite to be first to leave the Cabinet'
Election 2015: How many of the Government's coalition agreement promises have been kept?

Promises, promises

But how many coalition agreement pledges have been kept?
The Gaza fisherman who built his own reef - and was shot dead there by an Israeli gunboat

The death of a Gaza fisherman

He built his own reef, and was fatally shot there by an Israeli gunboat
Saudi Arabia's airstrikes in Yemen are fuelling the Gulf's fire

Saudi airstrikes are fuelling the Gulf's fire

Arab intervention in Yemen risks entrenching Sunni-Shia divide and handing a victory to Isis, says Patrick Cockburn
Zayn Malik's departure from One Direction shows the perils of fame in the age of social media

The only direction Zayn could go

We wince at the anguish of One Direction's fans, but Malik's departure shows the perils of fame in the age of social media
Young Magician of the Year 2015: Meet the schoolgirl from Newcastle who has her heart set on being the competition's first female winner

Spells like teen spirit

A 16-year-old from Newcastle has set her heart on being the first female to win Young Magician of the Year. Jonathan Owen meets her
Jonathan Anderson: If fashion is a cycle, this young man knows just how to ride it

If fashion is a cycle, this young man knows just how to ride it

British designer Jonathan Anderson is putting his stamp on venerable house Loewe
Number plates scheme could provide a licence to offend in the land of the free

Licence to offend in the land of the free

Cash-strapped states have hit on a way of making money out of drivers that may be in collision with the First Amendment, says Rupert Cornwell
From farm to fork: Meet the Cornish fishermen, vegetable-growers and butchers causing a stir in London's top restaurants

From farm to fork in Cornwall

One man is bringing together Cornwall's most accomplished growers, fishermen and butchers with London's best chefs to put the finest, freshest produce on the plates of some of the country’s best restaurants
Robert Parker interview: The world's top wine critic on tasting 10,000 bottles a year, absurd drinking notes and New World wannabes

Robert Parker interview

The world's top wine critic on tasting 10,000 bottles a year, absurd drinking notes and New World wannabes
Don't believe the stereotype - or should you?

Don't believe the stereotype - or should you?

We exaggerate regional traits and turn them into jokes - and those on the receiving end are in on it too, says DJ Taylor