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HBOS takeover: Hornby's swoop on Black Thursday
THE spotlight last night fell on HBOS chief executive Andy Hornby's £2million shares.
It was initially reported they were part of the new job he will take up when he joins the enlarged bank after the Lloyds TSB boss takeover.
But it has been revealed that Mr Hornby snapped up a great deal of the shares on March 20 – dubbed Black Thursday – when HBOS was rocked by a share-price slump.
As HBOS faced a Northern Rock-style liquidity issue, Mr Hornby led the way in what the bank said was a "demonstration of confidence" in the stock, splashing out more than 400,000 on 92,812 shares – bought with his annual cash bonus.
Finance director Mike Ellis joined him, buying 10,257 shares, along with other executive directors and top senior managers.
News of the value of Mr Hornby's shares prompted rumours they were secured as part of the deal.
But Paul Fincham, spokesman for HBOS, insisted his shares were treated in the same way as those owned by the bank's other shareholders.
He said: "He directly owns one million HBOS shares. He has built up his holding over many years.
"As a substantial private shareholder in his own right, he has seen the same significant decline in the value of his holdings as any other shareholder.
"The shares Andy Hornby holds will be treated in exactly the same way as any other HBOS shareholders under the terms of the proposed acquisition of the company by Lloyds TSB."
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Saturday 11 February 2012
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