REGENT Fund Management says it will resist pressure from rebel shareholders to dismantle Pioneer Industries International, the investment holding company. David Curl, fund manager at Regent, said yesterday it would unveil a plan to boost Pioneer's share price by developing a more focused portfolio. Mr Curl said: 'We are all in it to make money and we think it can be done without tearing the company to bits.' Regent bought a 13.64 per cent stake in Pioneer last month and speculation was rife they would join hands with rebel shareholders to break up the company which trades at a 50 per cent discount to its net asset value. Regent executives met the management of Pioneer late last week and told them they would not force a sale of the company's assets. Mr Curl said: 'We wanted to introduce ourselves and let them know it was a friendly acquisition. All we want to do is let the stock go up.' A group of rebel shareholders, led by Vincent Intrieri of Liverpool Limited Partnership, own about 5 per cent of Pioneer and are unhappy the company trades at such a heavy discount. They are demanding the immediate sale of some of its assets, especially its $2.2 billion holding in Bangkok Bank. Pioneer chairman Anthony Gaw threatened legal action against the rebels and said the proposal would destroy the company. Regent agrees. Mr Curl said the money received from the sale of the Bangkok shares would be depleted by taxation and was better left as collateral to help the company raise money. Although Regent is known for its aggressive trust-busting against the Thai-Asia fund and China Assets (Holdings), it stresses a conciliatory approach with Pioneer. Mr Curl said: 'We are dealing with a company not a fund. We are not managers. We consider ourselves experts at restructuring things. 'We think we understand why the market buys and sells certain stocks.' He said the Pioneer management realised steps must be taken to boost the share price, including the need to become more focused. He said: 'It is a little bit unfocused as a company in terms of what its assets are. It is a melting pot without a real theme to it.' He said Regent had taken the holding for the long term and was prepared to wait for the share price to appreciate. 'We are not the kind of investors that need the thing to work out in the next six months, if it takes two years then that is how it works.' The stock trades at $6.05. Mr Curl said: 'We could see this thing going to ten bucks.'