View from City Road: List of options for Greycoat

What does Greycoat's board think it is playing at? Last Friday shareholders in the troubled company rejected rescue proposals from the Postel pension fund. Given that the board, and in particular Greycoat's chairman, Geoffrey Wilson, had made it clear that it considered the only alternative to the Postel plan to be a winding up and fire sale of its buildings, that response by shareholders can only be seen as a vote of no confidence.

Mr Wilson, however, has not resigned; nor have his colleagues. Neither have they produced any proposals of their own. Rather they seem to have been plunged into gloomy passivity. What about a rescue rights issue? What about the sale of a landmark building?

According to Greycoat, one reason the Postel plan was favoured by the management was that it was the only serious proposal to come forward. The suspicion remains that was the only one treated seriously by the board, because it was the only one to keep the company and management intact.