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Ex-BP boss, partners to share $244 mln Genel payout
January 20, 2012 / 7:55 AM / 6 years ago

Ex-BP boss, partners to share $244 mln Genel payout

LONDON, Jan 20 (Reuters) - 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 year.

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 1,000 pence.

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