Saga of the 'very happy bunny' who's missing out on £150m

Peter De Haan, a member of the family which founded the Saga travel and insurance business, said yesterday he was "a very happy bunny" despite the fact that he will miss out on a £150m windfall when the company is sold later this year.

A special clause entitling him to the payment should Saga pass out of family control was written into an agreement drawn up when Mr de Haan sold his remaining 25 per cent stake in the business to his brother Roger in 2002.

However, the so-called "anti-embarrassment" clause expires at the end of next month, while Saga is not expected to be sold off until the end of the year, either through a flotation or a sale to a private equity group. A syndicate of Candover, Hg Capital and JP Morgan is competing against a joint bid from Cinven and Aviva.

Mr de Haan insisted there was no dispute with his brother Roger, even though the two men hired leading City advisers to represent them in negotiations over the anti-embarrassment clause. Describing relations as "cordial", Peter said he was due to meet his brother next month at the wedding in Kent of Roger's eldest son Josh. "They are buying the booze from the wine company I own so things should be all right," he added.

He said he still had "significant sums of money" to come from Saga which were well in excess of the £32m his preference shares are expected to net him in dividends over the next four years. The sum is thought to be nearer £50m.

"When my brother began the sale process last year, I did think 'goodie, goodie, that could be worth £150m' but the clause is going to run out too soon. I still have significant sums to come which aren't in dispute at all so I am a very happy bunny."

Mr de Haan was speaking as his privately owned technology business Optus Systems launched a £10m fund to acquire software companies specialising in accounting and insurance systems.