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Targetfollow, led by founder Ardeshir Naghshineh, issued a statement yesterday saying he agreed to terms with a "high-quality institutional consortium" to invest 150 million pounds in the company.

However, according to sources close to talks, Lloyd's, which is more than 700 m from ￡ Targetfollow, does not support the proposals and provides always moving forward with a high court pleadings week next on the question of whether the real estate company is placed in the administration.

Targetfollow is reached Covenants on its debts and Lloyd's must approve any injection of capital, but it is understood that the Bank considers the consortium terms are "not feasible" and would need to take writedowns .the' offer is 'far' in that the Bank considers appropriate sources.Lloyd said ' S has refused to comment.

Targetfollow is due to the Court next week after that has been given two weeks to find an investor rescue earlier this month.

￡ 150 M from the consortium proposed program would acquire a part of the debt of the Lloyd's and provide working capital to the Targetfollow.M.Naghshineh said: "I believe that this consortium addresses the issues raised by the Bank with the company for 12 months and will pave the way for the Bank and the company move from what has been a very difficult period." "

Lloyd's manages approximately ￡ 30bn problème.Le slowdown in sector property debt led to the Bank to the injurious losses during the crisis financière.Derniers Calyon ventures, property arm of joint-venture of HBOS, show that its investments fell in value by 590 million from ￡ 345 million to ￡ last year.

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