Buyout would slash Cook's salary
Wednesday 29 January 1997
Mr Cook is also waiving his entitlement to a pounds 1.5m "golden parachute" - described by him as a "pittance" - and abandoning a generous bonus scheme that doubled his basic pay.
Details of Mr Cook's revised contract are contained in an offer document sent out yesterday to shareholders by Steel Castings Investments, the buyout vehicle backed by venture capital group Electra Fleming.
It shows that Mr Cook will be paid an annual salary of pounds 200,000 if the buyout succeeds. In return, he will swap his 4.6 per cent stake in William Cook worth pounds 3.7m and reinvest it by taking a14 per cent holding in Steel Castings. Electra Fleming will own 78.5 per cent of the new company, while 20 senior managers of William Cook are also investing.
"Mr Cook's interests and those of Electra Fleming will be properly aligned," a spokesman for the buyout group said.
Steel Castings' cash offer of 425p a share values William Cook at about pounds 80m and tops Triplex Lloyd's cash and shares offer worth 384p last night.
Corporate governance and Mr Cook's salary has formed the centrepiece of Triplex Lloyd's attack on William Cook. Triplex has still to decide whether to raise its bid for a second time.
The posting of the offer document means the 60-day bid timetable clock begins ticking again William Cook's shares are tightly held with just half a dozen institutions owning about two-thirds of the company.
Newcastle manager taunted again as his side loses to Stoke
- 1 Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
- 2 Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
- 3 The Simpsons death: Creator Al Jean would 'kill himself' before a character like Homer or Lisa
- 4 British man raped while urinating in bushes at Oktoberfest beer festival in Germany
- 5 Pope Francis assures atheists: You don’t have to believe in God to go to heaven
Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
Isis an hour away from Baghdad - with no sign of Iraq army being able to make a successful counter-attack
Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
British man raped while urinating in bushes at Oktoberfest beer festival in Germany
George Clooney and Amal Alamuddin wedding: The famous congratulate actor and human rights lawyer after Venice nuptials
Isis, we are told, is a 'clear and dangerous threat to our way of life'. I’m sorry, but I just don’t buy it
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
'Women, walk wherever you want' posters taken down in Stamford Hill following 'unacceptable' signs separating men and women
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Should gay sex be illegal? 16% of Britons think so
- < Previous
- Next >
iJobs Money & Business
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...
£300 - £330 per day: Ashdown Group: SQL Developer (Stored Procedures) Watford...