Future (FUTR), the publisher everyone wants to own after it defied a tough media market to treble in value. Yet a notable exception has emerged in the surprising shape its own chief executive. Zillah Byng-Thorne, the 45-year-old who through quickfire dealmaking has boosted Future’s valuation to £1.4bn over an extraordinary 2019, has sold most of her shares, netting cash returns of more than £14.6m. She was the biggest beneficiary of a placing of 3.2% of Future that crystalised a total of £43.7m for a group of 19 current and former managers. Ms Byng-Thorne sold more than a million shares, representing 70% of her holding.
Primark faces the prospect of a shareholder revolt next week over a bonus scheme which could hand boss George Weston up to £7m. Associated British Foods (ABF) is under fire from shareholder advice group Pirc over a new long-term bonus scheme. Mr Weston would get a maximum of £7m in pay and perks if he hit all targets. Pirc warned that changes to long-term bonuses mean they could now exceed its recommended maximum, and called on investors to oppose the tweaks in a binding vote at ABF’s annual meeting next month.
Marston’s (MARS) sunk to an annual loss after slashing the value of poorly performing pubs by £43m. The company took the hit on properties which are struggling to turn a profit, sending it tumbling to pre-tax losses of £20m for the year to September. Marston’s warned last month that annual profits would be lower than expected, as increased spending on drinks was offset by a poor performance on food. Overall, revenues rose 2.9% to £1.17bn. Chief executive Ralph Findlay said the firm remains focused on cutting net debt by £200m by 2023 through a sale of assets.
