IRELAND: C&C Group management gets Magners incentive
C&C Group's new management team, led by ex-Scottish & Newcastle chief John Dunsmore, is to receive extra bonuses if it can succeed in resurrecting Magners.
C&C said in a circular to shareholders on Friday (28 November) that it plans to issue 16m new shares to an Employee Benefit Trust. Of the new shares, 12.8m will be for the new management team.
If performance targets are reached, a company spokesperson told just-drinks today (1 December), "John Dunsmore will get just under EUR7m (US$8.8m)".
Half of the shares issued will be subject to strict performance criteria, and namely that C&C's share price moves higher than EUR2.50 for 20 days out of 40 consecutive trading days within the next five years, according to the company's circular.
That would compare to a closing price of EUR1.15 on 7 November, which will be the issue price for the new shares.
C&C will hold an AGM to allow shareholders to vote on the proposed share plan on 18 December.
Sectors: Beer & cider
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