Hints and tips:
...The US-listed private equity group is to pay $200m for a majority stake in Discover Exploration, a venture launched in March by former Cove executives Michael Blaha, John Craven and Michael Nolan....
...John Craven, Michael Blaha and Michael Nolan together pocketed about £50m from the sale of Cove Energy to PTT Exploration of Thailand following a protracted auction battle with Royal Dutch Shell....
...Michael Blaha, Cove’s executive chairman and co-founder, may regret that the auction did not yield more....
...Commenting on the Offer, Michael Blaha, Executive Chairman of Cove, said: “The Board believes that the recommended cash offer from Shell Bidco provides very significant value to Cove Shareholders....
...The payout for Mr Blaha would be £15.6m. Additional reporting by Michael Kavanagh...
...The conclusion of the deal would lead to a combined pay-out of more than £30m for John Craven, chief executive, and Michael Blaha, executive chairman of Cove, which acquired the interest in 2009....
...Mr Blaha’s 450,000 shares and 7.7m share options are valued at £13.5m. Michael Nolan, finance director, holds 1.36m shares and 2.73m share options, which are together worth £7.1m....
...Any increase in the price tag for Cove will lead to higher pay-outs for John Craven, Cove’s chief executive, and Michael Blaha, its executive chairman, who were in line to receive more than £30m if Shell...
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