LONDON Jan 20 Former BP chief
executive Tony Hayward, financier Nathaniel Rothschild and
former banker Julian Metherell will share a 158 million pound
($244 million) payout after exercising a right to a 6.67 percent
stake in Genel Energy, the oil group they founded last
The founders of bid vehicle Vallares, renamed Genel Energy
after acquiring a Kurdistan-focused group of the same name, will
receive 18.7 million new Genel shares by exercising their
founders, or 'B' shares, for which they paid 15 million pounds.
The founders also invested 85 million pounds in Vallares at
its founding, on the same terms as other investors who stumped
up 1.35 billion in a bet the partners could find undervalued
emerging markets oil assets.
The founders could do better still. They also have 'C'
shares that entitle them to 15 percent of any gains above a 25
percent hurdle rate over four years.
Genel shares have fallen to 845 pence from an issue price of