Unigate deal could net 2m for Hillsdown chiefs

07 April 1999

Unigate deal could net £2m for Hillsdown chiefs

FORMER directors of Hillsdown Holdings could net £2m if Unigate succeeds in buying the Terranova foods business demerged from Hillsdown.

Terranovas chief executive Terry Stannard has a clause in his contract giving him at least two years salary if the company is sold before October.

Mr Stannard was a director of Hillsdown before Terranova was demerged last October following failed takeover talks with Unigate.

The companys annual report and accounts reveal that three other directors received £1.4m compensation last year after agreeing to step down.

Investors received shares in two new companies: Terranova, the chilled foods division, and Fairview, the housebuilding arm.

Unigates 125p offer for Terranova has been rejected as too low but analysts believe a higher bid will follow.

• Unigate renews Terranova attack,
  FWi, 19 March 1999
  
  

• Terranova rejects £230m Unigate bid, FWi, 16 March
  1999
  
  

• Terranovas first results as independent, FWi, 11
  March 1999

  
  

• The Daily Telegraph 07/04/99 page 29, page 31 (City Comment)