L&M chief to net pounds 846,000 on bid

LONDON & MANCHESTER'S group chief executive, Tom Pyne, is to net some pounds 846,000 from the sale of shares and options in the wake of last week's pounds 750m agreed takeover of the insurance company by Friends Provident, the mutual.

The other boardroom bid beneficiary is David Newman, whose holding will be worth pounds 571,470. Former transport secretary John MacGregor's 1,048 shares are worth pounds 6,288. Among other staff, 66 participating in the employee scheme share a profit of around pounds 400,000. Friends' 600p a share offer represents an 18 per cent premium to the price the day before the offer was announced.