Rebel investors in Gresham House will tomorrow requisition an extraordinary meeting to oust the board of the 150-year-old listed investment trust. Sunday Times

Parkwood Property Investments, backed by Robert Maxted, has been plotting the hostile move under the codename Project Silver and has amassed a 29.9% stake in the business.

The group has written to shareholders claiming the management has resisted attempts to discuss how to maximise its property portfolio.

The row centres on a site in Speke, near Liverpool’s John Lennon airport. Gresham said in September that it had agreed to sell its Speke interests for either £61m or 85% of the market value, conditional upon planning consent for unrestricted retail development.

Parkwood claimed the terms were based on unrealistic assumptions and that the announcement was 'materially factually incorrect'. Gresham overstated the potential sale price since unrestricted planning consent was unlikely, Parkwood added.

Stirling denied misleading shareholders or announcing inaccurate information based on unrealistic assumptions. Open retail consent would be difficult but not impossible, he said.