Directors in Domino’s Pizza have pledged more than one-fifth of the company’s shares as collateral for personal loans, the pizza delivery chain revealed yesterday. The biggest slug was pledged by Nigel Wray, a non-executive director of the company, who has pledged just over 11 per cent of its shares against a personal loan.
Colin Halpern, a non-executive vice-chairman, has put down 6.5 per cent of the company’s shares as collateral for another borrowing, while executive chairman Stephen Hemsley has about 2.2 per cent of the company pledged against a personal loan. A spokesman for Domino’s declined to comment on what the cash was needed or used for, adding “it is not the company’s place to comment on personal finance matters.”
The revelations, coming ahead of Friday’s deadline for all such share collateral deals to be disclosed publicly by companies, emerged a day after the interdealer broker Icap said its chief executive Michael Spencer had pledged more than 90 per cent of his holding in that company against a loan. Sage, Savills, F&C, Grainger, Rathbone Brothers all made similar disclosure about director loan pledges yesterday, as did Wetherspoon, whose chairman Tim Martin has however now repaid a Royal Bank of Scotland facility he had secured against shares in the brewer.Reuse content