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Bonanza options at Millfield

Directors and top managers at Millfield have been handed huge share and bonus packages.

The top-level staff at the mega-IFA have been given over 7.3 million share options following the merger with Inter-Alliance.

Chief executive Paul Tebbutt will pick up one million shares, with three-quarters as super options, awarded when the share price of the company reaches 118p. The current price stands at around 31.5p.

Finance director Harry Roome has been awarded 525,000 shares, with 350,000 as super options, while group sales director Bryan Beeston gets 516,000 shares, with 350,000 as super options and operations director Michael Duncan get 480,000, with 320,000 as super options.

Fifty per cent of the share options can be exercised if the market price of Millfield’s ordinary shares is 60p and the remaining half can be exercised at 80p.

A statement to the Stock Exchange says: “The board has decided to award options at this time given that the integration of the Inter-Alliance and Millfield businesses has made substantial progress and it now wants to provide incentive arrangements to the group’s directors and key managers.”

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