C&C chief executive Mr Maurice Pratt is poised to make more than €1 million while retaining shares worth around €2.8 million when the drink and snacks group floats on the stock market later this month. Jane O'Sullivan, Markets Correspondent, reports.
Mr Pratt, who joined C&C from Tesco two years ago, is one of 10 members of the senior management team who stand to make significant gains from the flotation.
C&C, whose brands include Bulmers cider, Tayto crisps and Ballygowan mineral water, is taking advantage of returning investor confidence to float on May 14th.
The top 10 managers at the group are set to share €11 million between them as they sell part of their stake in the company.
C&C's chairman Mr Tony O'Brien is likely to be the biggest beneficiary of the flotation, making around €2 million from the sale of 30 per cent of his stake.
He will retain a €4.7 million shareholding in C&C after the flotation, although he will not be allowed to sell this for 360 days. Mr Pratt (48) is best known to the public as the face of Quinnsworth, having featured in the supermarket group's advertising campaigns throughout the 1980s.
In addition to making up to €1.2 million, depending on the success of the flotation, he will hold on to around €2.8 million worth of shares. He will also be subject to a lock-up period of 360 days.
Other beneficiaries of the proposed flotation include C&C's finance director, Mr Brendan Dwan, who will make around €1.2 million from the sale of his stake, while also retaining €2.8 million worth of shares.
Company management are not the only ones expected to benefit from the flotation, however.
The company's 2000 employees are set to share around €21 million through the company's save as you earn scheme. This will be distributed according to length of service.
C&C, which was forced to abandon a planned €1 billion flotation in 2002 amid weak stock market conditions, expects to be valued at around €800 million when it comes to the market later this month.
In addition to its famous brands, the company distributes a number of leading international brands in Ireland, including 7UP, Pepsi, Volvic and Evian. It also has a liqueur division which includes products such as Carolans and Tullamore Dew.