Complaints on Greycoat plan

NM ROTHSCHILD, the advisers to Greycoat, the debt- laden property company, have held a meeting with the the Association of British Insurers (ABI), to hear its complaints over the terms of a proposed rescue bid for the company by Postel.

Holders of the preference shares feel that they are being unfairly treated in the rescue plan. They have been asked to waive their dividends and take a 60 per cent drop in nominal value without compensation, which they claim is a worse deal than that offered to ordinary shareholders and bondholders.