Gordon Brown may not want to be drawn on a firm timetable for deciding Northern Rock's future, but shareholders may force the Prime Minister's hand.

RAB Capital and SRM Global, the hedge funds, will be among a mass of investors expected to descend on Newcastle next Tuesday for a crunch vote on their role in the decision-making over the stricken mortgage bank.

After RAB and SRM forced the issue, shareholders will be voting on whether the bank's board can sell off huge swaths of the business or issue substantial new equity without their approval.

While Mr Brown was hedging his bets today on whether the Rock would be sold to a private sector bidder or nationalised, RAB and SRM were both reiterating their argument that the bank is still capable of remaining a viable independent business.

Such is the strength of feeling about the fate of the Tyneside lender that the meeting is likely to be a volatile one.

If the hedge funds get their way, Rock shareholders will be in a position to block a rescue proposal by Sir Richard Branson's Virgin Group.

RAB and SRM currently favour an alternative package proferred by Olivant, an investment firm run by Luqman Arnold, the former Abbey chief.

Victory for shareholders would also mean the Government would probably have to force the Rock into administration if it wanted to overrule their preference — something that would be unpalatable for Mr Brown.

With Goldman Sachs in the background lining up alternative sources of funding for a buyer, it may still be an uphill struggle, but a private sector solution to the Rock's woes should not be ruled out.

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