The Prudential and other leading institutional shareholders in Novar (formerly Caradon) seem certain to defeat corporate restructuring proposals put forward by Active Value Fund Managers, the offshore fund run by Julian Treger and Brian Myerson, who are dubbed the 'Bermuda bandits' by some in the City of London.

The Active Value duo, who have also tilted at glassmaker Pilkington and Liberty's of Regent Street, control 10%, but seem likely to be outvoted at next week's EGM. 'If they want to run the company, they should make an open offer for it,' said Simon Brown, an analyst at Williams de Broe. 'They are trying to run a business where they own only 10%, but other holders are likely to find this unacceptable.'