Moneybox directors in line for flotation windfall

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The Independent Online

Three directors of Moneybox, the cash machine business, will share a £700,000 windfall when it is spun off on AIM next Thursday in a move expected to value it at £94m.

Paul Stanley, the chief executive, will pocket £480,000, while Kevin Beerling, the finance director, and Kieron Abernethy, the operating officer, will each receive £100,000 as a one-off bonus. The payments were disclosed yesterday in Moneybox's prospectus, which also revealed that the flotation will crystallise multimillion-pound fortunes for two other directors. Vincent Isaacs, whose Ambient group owns 60 per cent of Moneybox, will own 7.24 per cent of the cash dispenser group, worth about £8m. Andrew Newbauer, whose G2 payment processing business is being acquired by Moneybox, will have a 10.2 per cent shareholding, worth about £11m.

Moneybox, which installs and operates cash machines in petrol stations, convenience stores and pubs, has raised £47.5m, of which £21.8m will go back to the company. Apax Partners, the venture capital group that is selling down its 30 per cent stake in Moneybox, will receive £17.5m. Most of the company's remaining equity is held by SNS, a Dutch bank, and Sandaire, the private equity group.

Mr Stanley said Moneybox, which operates 2,500 machines in the UK and 400 in Germany and the Netherlands, plans to use the proceeds from the flotation to hit the acquisition trail.

Separately, Dignity, the funeral group that buried members of the Kray gangster family, said it planned to raise about £150m when it seeks a stock-market listing next month. It expects to sell its shares at between 230p and 270p, which would give it a market capitalisation of around £200m at the mid-point of the indicated range.