Buried away in the latest Wightlink accounts (page 22/23) are a couple of paragraphs that reveal that Wightlink directors were paid a £1,875,000 bonus for the sale of 50 per cent of the company’s share and 50 per cent of shareholder debt.
This was paid by the company in June 2019.
Including their salaries, the accounts report they received £3.167m in the two year period ending March 2020.
Highest paid director – nearly £2m in two years
What is described in the accounts as the ‘Highest paid director’, was alone paid a £1.2m bonus as a ‘contractual payment’ in relation to the same sale of 50 per cent of the company’s share and 50 per cent of shareholder debt.
This brought this person’s ‘aggregated emoluments’ to £1.912m in the two years ending 28 March 2020.
The ‘Highest paid director’ is not named. Keith Greenfield is the boss at Wightlink. We’re waiting to hear back from Wightlink as to whether he’s the ‘Highest paid director’ or not.
What was the money for?
The company’s accounts says:
“The highest paid director’s remuneration includes a contractual payment of £1,200,000 in relation to the sale of 50 per cent of the share capital of the company’s ultimate parent undertaking, Arca Topco Limited, and 50 per cent of the shareholders debt of the company’s fellow group undertaking, Arca Holdco Limited, to Eaglecrest Maring Bidco Limited. This was paid by the company in June 2019.”
Relating to the directors more generally the company’s accounts says:
“Directors’ remuneration in the current period includes £1,875,000 paid in relation to the sale of 50 per cent of the share capital of the company’s ultimate parent undertaking, Arca Topco Limited, and 50 per cent of the shareholders debt of the company’s fellow group undertaking, Arca Holdco Limited, to Eaglecrest Maring Bidco Limited (52 week period ended 30 March 2019: £nil). This was paid by the company in June 2019.”
Copy of the accounts
