McAleese investors are plotting an alternative restructuring proposal that could leave up to 20 per cent of the transport group's equity with existing shareholders after teaming up to demand a new board.

McAleese shareholders have been angered by the company's proposed restructuring plan, which includes a $26 million convertible notes issue, because it will significantly dilute most investors' holdings but give chief executive Mark Rowsthorn, who currently owns 29 per cent of the company, a stake of up to 65 per cent.