New investor rage for Cedric Brown

CEDRIC Brown, the former British Gas chief villified as a 'greedy pig' for a 75% pay rise, faces angry questions from shareholders in his stock market comeback vehicle, Atlantic Caspian.

Brown has been chairman of the oil and gas exploration company since 1998, three years after he was pilloried over his pay deal.

Valued at £35 million in its last accounts, the company is now delisted and technically insolvent with just £300 in the bank and £8 million debts.

Investors, who have seen their shares frozen since May, will be asked on Wednesday to vote on a plan handing 91% of the firm to a Cypriot investment vehicle in exchange for an £8 million loan note it bought from chief executive Charles Helvert.

The shares were suspended in April after the resignation of the firm's adviser, Corporate Synergy, and the firm was delisted after its failure to appoint a successor within 28 days.

Steve Barron, chairman of a shareholder action group, said: 'We have lots of questions.'