New investor in Greycoat

A FRESH stake-builder has emerged in Greycoat, the debt- laden property group. Julian Treger and Brian Myerson have accumulated a 6 per cent shareholding through their UK Active Value Fund, which specialises in recovery situations on behalf of about 50 private investors.

Mr Treger led last year's revolt of preference shareholders in TVS Entertainment, which won much improved terms from the US bidder, led by the Rev Pat Robertson. Mr Myerson, a bond broker, owns 20 per cent of Liberty, the printmaking and retailing group. Advisers to Greycoat said there would be no large- scale tinkering with the terms of the controversial rescue bid for the company by Postel, the pension fund group.

Dissident holders of the preference shares, who are hoping for an improvement in their terms, waited all last week for the document detailing terms of the bid to arrive from NM Rothschild, Greycoat's merchant bankers. But the bank said on Friday that there had been a delay, because of the complexity of the deal, and the document should be with shareholders this week. It cautioned them against expecting any fundamental improvement to the terms.