Hunters senior team to enjoy £9.5 million pay day after TPFG acquisition
Five members of its board, along with former Saracens chairman Nigel Wray, are to share the cash pay-out once purchase goes ahead.
Friday’s announcement that The Property Franchise Group (TPFG) is to buy rival Hunters will mean a significant pay day for the directors of Hunters.
This includes the five members of its board who are also major shareholders, all with more than 3% of the company’s stock.
The biggest pay day will be for businessman Nigel Wray (left), who invested in the company prior to its flotation in June 2015 and who, like the other shareholders, will receive 42p per share in cash.
He holds 5.7 million shares in Hunters, so he’ll be expecting a cheque for £2.41 million. This is in addition to the 950,000 TPFG shares he will also receive as part of the deal, which at the current TPFG share price are worth £1.65 million.
The other shareholders will receive similar deals or cash and shares. These include chairman and MP Kevin Hollinrake (above, third from left), who will get £1.88 million in cash, co-founder John Waterhouse (£1.78 million), CFO Ed Jones (£1.74 million), sales chief Martin Robinson (£881,400) and CEO Glynis Frew (828,400).
The offer represents a 24% premium on Hunters’ share price on December 3rd last year, when TPFG – which owns the Martin & Co and Ewemove national brands – made its first move to buy Hunters.
Richard Martin, TPFG’s Non-Executive Chairman, said, “Hunters, with its reputable brand, experienced management team, trusted franchisees and strength in residential sales, is complementary to our current offering. The Acquisition will enable us to continue to grow in the sector and, ultimately, deliver greater value to shareholders.”
