The resolution to remove Malcolm Basing and Cyril Theret from the board will be voted on at the company's annual meeting on 29 June. Amara Dhari Investments and private shareholder Simon Chapman tabled the motion in protest over the planned sale of Plus SX for £1.

Plus CEO Theret and finance director Nemone Wynn-Evans will share £423,000 in compensation if the sale of the stock exchange businesses is completed, while advisors to the bid will pocket £960,000 in fees.

Chapman and his backers are angered by the executive package and are calling on the board to hold out for a better offer from Icap or consider alternative bidders.

The Plus Markets board, which last week rejected a tentative rival offer from Gulf Merchant Bank, says that an attempt to reverse the Icap deal could threaten its coveted exchange status as the business rapidly runs out of cash and is unable to meet its regulatory capital requirements.

The turmoil at the group comes as the business reports a slight decline in revenues for the year-ending 2001 and a loss before tax of £2.56 million. At year-end the company had £2.38 million cash in the bank.