Rebel Albion shareholders are set to press ahead with their High Court action to stop chairman Jeremy Peace’s controversial shares plan.

The group, led by Birmingham solicitor David Billings, hope to ask a judge for an injunction early next week blocking Peace’s consolidation of Baggies shares.

Billings was due in London today for a meeting with barristers as a band of small shareholders try to block the scheme, which was passed at last week’s AGM thanks to Peace’s majority stake.

They hope to gain an interim injunction next week, forcing Peace to put the consolidation on ice.

But it could take several months for the full case to go before the High Court.

Billings said: “The proposed injunction has already been drafted and I have a conference with counsel today. We are just trying to get a few final things organised.

“We are looking to lodge it with the court as early as next week. Those are my instructions. I am just the lawyer in this, although I do have a few shares in the club myself.

“I am acting for people with many more shares than I have but there are also a lot of smaller shareholders who are worried that they will lose their stake in the club as a result of this plan.

“My instructions are that we are going to appeal to the court for an injunction.”

Billings said the people he represents own around 50 per cent of the shares not owned by Peace.

They include a number of wealthy West Midlands businessmen, who have offered to fund the court action. It is expected to cost at least £25,000.

If an interim injunction was granted it would call at least a temporary halt to the consolidation, which was due to be completed by the end of November.

It could also land Albion with considerable legal costs as Peace is certain to fight the injunction.