Management with 50% of voting rights waits for market return
Peter Woods’ Esure’s management team, which holds 30% of the company but half the voting rights, has decided to remain part of the Lloyds Banking Group and float when the market picks up, the Telegraph reports.
Wood passed over a clause in his contract last year that would have allowed him to trigger a flotation or sale of Esure. HBOS would have been given first refusal of the stake.
A spokesman for Mr Wood confirmed that he would not be seeking a flotation at the moment.
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