Jack Petchey, the 76-year-old property tycoon, is entitled to receive up to a stunning 28% a year return on £45m (€74.5m) worth of loan notes he has bought to help fund the Rothschild-engineered £300m management buyout at Frogmore Estates.

Independent directors have agreed to the highly geared public-to-private deal, but because of the remarkable terms of the offer, shareholders have to give their approval at an EGM.