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.
