Newly floated Bridgepoint will also pay M&S chairman £200,000 a year in remuneration for role
The chairman of Marks & Spencer, Archie Norman, has received a fee of £1.75m to join the board of Bridgepoint, the newly floated private equity company.
Bridgepoint only revealed the large payments to Norman and other new directors on Wednesday deep into a prospectus document detailing the company’s initial public offering (IPO), which has taken advantage of huge demand for private equity investments despite its controversial business model.
Other insiders at Bridgepoint received an average payout of £2.3m as they sold shares amid strong demand for the company stock. Bridgepoint shares rose in value by 29% on their first day of trading, adding to the wealth of those who had retained a stake in the London-headquartered company.
Read more/Source: The Guardian
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