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Thread: Top RAC staff in line for £300m float windfall

  1. #1
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    Apr 2012
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    Default Top RAC staff in line for £300m float windfall

    Scores of senior managers at the RAC are in line to share a £300m windfall if the breakdown recovery service pushes ahead with an expected float next month.

    The company is close to announcing plans to join the London Stock Exchange with an expected value of about £2bn. The move will trigger a handsome payout for between 60 and 70 top staff, who own a combined 15pc stake in the RAC, according to Companies House filings.

    The large equity slice was negotiated by chief executive Chris Woodhouse, the architect of its buy-out from Aviva by private equity house Carlyle three years ago. Mr Woodhouse stands to make between £40m and £50m, while chairman Rob Templemanís payout is expected to be around the £30m mark. The pair also have smaller personal holdings worth several million pounds apiece.

    The RAC, founded as the Royal Automobile Club in 1897, has more than 7m members and 4,000 employees.

    Based in Birmingham, it responded to 2.5m call-outs last year. It has already paid out several large dividends to Carlyle as profits have climbed every year under its ownership.

    http://www.telegraph.co.uk/finance/n...-windfall.html
    Anyone think this will improve the service?
    Anyone thinking of buying shares?

  2. #2
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    Aye! It's tough at the top Eh!I wonder if the head if the complaints department will get a bonus?

  3. #3
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    I'd like to know if this will affect my pension.

  4. #4
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    Why would it FJ?

  5. #5
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    Receive RAC pension as widow of former employee. Saw changes last time things moved round!

  6. #6
    Join Date
    Aug 2011
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    Cool

    Why should the Top Brass get such a massive and UNdeserved bonus.

    Those staff at lower levels should get and DESERVE the Lions share of any bonus. The people who are out in the Snow and the fog and freezing winter weather DEserve a massive bonus.

  7. #7
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    Cannot see why the share out should only be at management level. With the real workforce getting short shrift, does that explain why there are so many complaints about the RAC? Certainly not the recipe for a happy ship!

  8. #8
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    They get the money because they own parts of the RAC. It was them who brokered the sale from AVIVA to The Carlyle group in 2011, and they hold a large number of shares. If the company goes public, their shares will become more valuable.

    This is not a bonus, it is a reward for taking a risk, investing in the organisation, and making it attractive enough to sell shares.

  9. #9
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    FJ, if your pension started before 2011 and is administered by Aviva, then you've nothing to worry about. It no longer has anything to do with the RAC, or whoever it is sold to next!

  10. #10
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    Feb 2007
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    Cheers, Beelzebub - PHEW!!

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