Rebellion over share options at Six Continents
Sunday 02 March 2003
Britain's largest shareholder group is urging members to reject Six Continents' executive share option schemes, potentially threatening the company's plans to demerge its hotels and pubs business.
The National Association of Pension Funds (NAPF) believes the schemes' performance targets are too low, payouts too high and that they lack transparency.
The NAPF is urging members to take action at Six Continents' extraordinary general meeting on 12 March, called to approve the demerger and return £700m to shareholders.
But this could play into the hands of Hugh Osmond, the pubs entrepreneur stalking Six Continents, which owns the Holiday Inn and All Bar One chains. Mr Osmond is expected to table a formal offer early this week. Mainly in shares, the bid will be made through his company, Capital Management & Investment, and will value Six Continents at around £5.7bn.
The offer and the "no" vote from the NAPF will put pressure on Six Continents' chairman, Sir Ian Prosser, to adjourn the EGM and buy more time to see off Mr Osmond.
Six Continents' executives plan a new round of shareholder meetings once Mr Osmond has made his bid. If three-quarters of them express an interest in Mr Osmond's offer, then Sir Ian will almost certainly cancel the EGM.
A spokesman for Six Continents refused to comment on a possible offer. On the share option schemes, he said: "We believe they are fair and contain sufficient performance criteria to stretch and incentivise employees to grow the business."
- 1 Rarest Beanie Baby bought for just £10 at car boot sale could be sold for £62,500 on eBay
- 2 Katie Hopkins and The Sun editor are reported to police for incitement to racial hatred following migrant boat column
- 3 Katie Hopkins has just written a piece so hateful that it might give Hitler pause – why was it published?
- 4 Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
- 5 Cancel Sky at your peril: man spends 96 minutes in chat but fails to get rid of service
Rarest Beanie Baby bought for just £10 at car boot sale could be sold for £62,500 on eBay
Katie Hopkins and The Sun editor are reported to police for incitement to racial hatred following migrant boat column
'Jihadi John': Isis executioner Mohammed Emwazi wanted to wage jihad in Somalia until his friends were betrayed and killed by al-Shabaab
Parma, Missouri: 80 per cent of town's police quit after first black mayor is elected
Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
iJobs Money & Business
£30 - 35k (DOE): Guru Careers: We are seeking a Pricing Analyst with experienc...
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£21000 - £24000 per annum: Ashdown Group: The Ashdown Group has been engaged b...
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, int...