THE Greycoat property group, rescued from receivership by a massive

#86m cash-raising exercise is calling on shareholders for another #47m.

That is accompanied by a statement which shows a sharp fall in losses

after tax in the year to March from #168m to #40m. The dividend is again

passed but payments will resume ''when it is prudent to do so''.

Greycoat said it is ''now well placed to take full advantage of its

investment and development potential''.

Last December's rescue was led by Julian Treger and Brian Myerson of

the UK Active Value Fund who both joined the board.

The latest rights issue is on the basis of three new shares at 13p for

eight already held. Debt at end-March was #249m.

The company is also planning a share consolidation from September 30

on the basis of one new Ordinary share of 20p for every 10 of 2p. It is

developing its investment portfolio by acquiring from McAlpine the 50%

of Greycoat London it does not already own for #18.2m.