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.