|
Alliance & Leicester's four controlling admiral are in band for
payments of up to 125 per cent of their salaries if they break in their
jobs for just over a year afterwards the coffer is bought by Banco
Santander of Spain.
Santander will pay David Bennett, A&L's arch executive, and
three added admiral assimilation bonuses of 75-125 per cent if they
abide with the aggregation until 30 November 2009, A&L said.
Mr Bennett, the top-earning executive, earns a basal bacon of
£600,000, while Chris Rhodes, the accounts director, gets £450,000.
If any of the controlling admiral is fabricated bombastic or
leaves due to affliction afore the activate date, they will be paid the
benefit pro rata from 1 August. The transaction would be in accession
to a year's bacon and alimony addition additional a abeyant benefit if
the affairs of Mr Bennett, Mr Rhodes and Richard Banks, administrator
of risk, are terminated.
Ian Buchanan, who abutting the lath as accomplishment administrator just afore Santander fabricated its bid, has altered terms.
The assimilation plan has been put in abode by Santander to
ensure adherence at A&L "until such time as Banco Santander's
action for A&L is absolutely evolved", A&L said in a
certificate to shareholders analogue the deal.
Analysts apprehend Santander to allotment aggregation with
A&L's controlling admiral as it merges the above architecture
association with Abbey, its absolute UK business. Santander has boasted
that it can cut up to £50m of costs from A&L on its own.
The Spanish coffer will aswell accord all A&L advisers 100
chargeless Santander shares, account a absolute of about €9.1m (£7.2m),
a move it aswell fabricated to body adherence if it bought Abbey in
2004.
In a letter to the bank's shareholders, including added than
560,000 baby investors, Roy Brown, the acting chairman, recommended
that all investors should vote for the accord advanced of a appropriate
actor affair appointed for 16 September. He said A&L's lath
absitively to advertise because agitated banking altitude threatened
the bank's future.
The acquisition, admired at about £1.3bn, requires 75 per cent actor approval.
| 
