ANGRY shareholders in PlaneStation, the owners of London Manston Airport, are campaigning for the re-instatement of ousted boss Oliver Iny.

They have launched an action group Pssilentmajority to "call the board to account" and protest about an apparent change in corporate strategy since Mr Iny's departure.

They are annoyed with the company's board for getting rid of Mr Iny, a colourful entrepreneur who has inspired fierce loyalty from individuals and displeasure from some City institutions.

The protesters claim that directors bowed to pressure from the Prudential, which holds a 15 per cent stake in PlaneStation.

Shareholders are particularly annoyed because the changes came shortly after shareholders backed a refinancing deal.

The action group says there are around 44,000 private shareholders holding 40 per cent of the company. It wants to "co-ordinate private shareholder support for the reinstatement of Oliver Iny and maintenance of the firm's existing strategy" and call an extraordinary meeting.

Group spokesman Stephen Lock, a London-based media and political advisor, said that many shareholders lived in Kent and bought shares to support the company's plans to develop Manston.

He claimed that shareholders feared that the company would be broken up and they had not been "sufficiently canvassed" about the firm's future.

A statement issued by Mr Lock said: "The action group plans not only to lobby the Board of PlaneStation but to co-ordinate private shareholder opposition to any break-up plans that the new management team might be planning.

"Action group members believe that any break-up plan might be profitable for the Prudential, which instigated the removal of Oliver Iny by putting pressure on the board, but would represent significant losses for private investors."

City investors were disillusioned with Mr Iny's performance at Wiggins Group, complaining that the share price had languished while the company went through a number of crises. At one time, its shares were suspended.

The change of name to PlaneStation was made to make a symbolic break with the past, emphasising the company's new focus on developing airports, with property development - previously its core business - taking a less prominent role.