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."
- 2 California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
- 4 Charles Kennedy 'had better judgement drunk than many sober politicians' says Ian Hislop
Amber Peat: Body found in search for missing 13-year-old who ran away after argument with her parents
California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
Sepp Blatter resigns: FBI are investigating outgoing Fifa president, claims report
Alton Towers crash: Four guests seriously injured as Smiler ride carriages collide
Charles Kennedy dead: A guy once asked the Lib Dem leader who his favourite Muppet was and his letter response was wonderful
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Church of England 'one generation away from extinction' after dramatic loss of followers
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...
£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...