Owners directors questioned

Investors yesterday questioned directors of Owners Abroad about the pounds 1.5m compensation paid to Howard Klein, Roger Allard and Geoffrey Stone who resigned from the board of the holiday company last summer after a profits warning, writes John Shepherd.

However, Michael Julien, who replaced Mr Klein as chairman, said that while he had inherited the contracts, the company did not pay out as much as it might have done. On trading, he said the winter programme met expectations and market share had been held.

The company had overcome uncompetitive first-edition pricing on summer holidays and its market share, below 10 per cent before Christmas, recovered to 14 per cent in January and February.

Owners shares, down 6p before the meeting, ended 1p lower at 117p.