Dissidents block bid for Secure Retirement

DISSIDENT shareholders led by Rupert Lowe, head of futures and options at Morgan Grenfell, have succeeded in blocking the reverse takeover of Secure Retirement, a Business Expansion Scheme company, by Sir Emmanuel Kaye's Pegasus Holdings, writes Jason Nisse.

Mr Lowe argued that the deal, worth pounds 5.33m, would cut the value of Secure, which develops sheltered housing for elderly people, from 72p a share to 57p.

He said the deal would provide security for a pounds 2.5m unsecured loan to Pegasus by Sir Emmanuel's investment company, Hart Ventures, which is also Pegasus' largest shareholder.

At an extraordinary meeting of Secure yesterday, the deal was voted down on a show of hands after the proxy votes were shown to be neck-and-neck.

Afterwards, Mr Lowe was invited by Secure's chief executive, Richard Reynolds, to nominate a director to join Secure's board.

Secure now faces the problem of realising its assets to pay back its investors in a difficult market.