Investors up in arms over Puricore bosses' pay

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The Independent Online

Leading investors in Puricore, a specialist in both endoscopy treatment in the UK and keeping fruit fresh in the US, are planning to vote against executive pay at the annual meeting this month.

Some shareholders are understood to be aggrieved at the "hugely-inflated" salary of its executive chairman, Michael Ashton, based on the $385,000 (£248,000) he received for just seven months' work last year, including a $100,000 bonus.

They are also said to be miffed at the much lower targets for the company's long-term incentive plan (LTIP) for seven executives.

Puricore's two core businesses provide products used to decontaminate endoscopes in UK hospitals and misting sprays that keep food fresher for longer in North American supermarkets.

But its share price has collapsed from 207.5p in 2009 to just 40.5p on Friday, partly dragged down by a debt conversion plan in January.

Under Puricore's previous LTIP, the company's stock had to reach £1.55 before management could pocket any payout.

Puricore has lowered its share price target to 51.6p for the first year of its new, three-year scheme and increased the amount executives can receive from a rise in the company's value.