A former Tenet Group adviser has slammed the firm for not giving him the chance to sell his stake when 7 per cent of the business was recently sold to four life offices.
Last week, Money Marketing revealed that Standard Life, Aegon, Aviva and Friends Provident had bolstered their collective stake in Tenet from 83 per cent to 90 per cent. Each insurer now has a stake of just over 20 per cent. But former Tenet adviser Ian Gotts has attacked the firm for not offering him the chance to sell his shares as part of the transaction.
Gotts paid £50,000 for 500,000 shares in 2000 and is desperate to sell his stake, which he believes could be worth £500,000, after a car accident forced him to take early retirement. He left Tenet in 2008.
Last week, Tenet said the inc-rease in the life offices’ collective stake reduced shares belonging to management but would not confirm which directors had sold their shares.
The board includes Conservative Lord Hodgson of Astley Abbotts and chief executive Simon Hudson.
Gotts says: “I had to pack in work due to ill health but I am unable to sell my shares. Why have they given special preference to directors and not normal people? I am in a situation where I am disabled and was hoping to enjoy the benefits of a long-term investment. Why was this transaction not open to the rest of the market? It is grossly unfair and they know it.”
A Tenet Group spokesman says: “While we have sympathy with Ian’s position regarding his shareholding, we are unable to provide any further comment beyond that already given as this was a private transaction.”