A director of Guinness Peat Group has withdrawn his support for a plan to separate its business in Australia and list it as a stand-alone company.
The demerger is part of a restructure plan that has stimulated heated debate among shareholders since it was made public last week.
Tony Gibbs announced on Friday he does not support the plan and believes most shareholders feel the same.
Mr Gibbs also said he would also like to see the company sell or float its thread business, Coats, and return the proceeds to shareholders.
