SHAREHOLDERS IN drinks group C&C unanimously approved a move to issue 16 million new shares worth up to €18.4 million as part of a compensation scheme for its new senior executive team.

Investors holding 79.9 per cent of the stock of the maker of Bulmers cider voted in favour of the joint share ownership plan.

Three former executives of its rival in the British cider market Scottish & Newcastle - chief executive John Dunsmore, chief operating officer Stephen Glancey and strategy director Kenny Neison - will also invest €1.5 million in the cider and spirts group.

Mr Dunsmore replaces Maurice Pratt, who stepped down from his position in October.

Urging shareholders to vote in favour of five resolutions required to put the scheme in place, chairman Tony O'Brien said: "We wanted John Dunsmore and his team much more than they wanted us."

John Chamney, the former export director of C&C's spirits business, raised a number of issues after the first resolution was put to the floor. Describing the new team as the "three highwaymen", Mr Chamney said that while they hadn't "brought masks and cloaks, they have shown themselves to be very good at negotiating on their own behalf".

He questioned the three-year vesting period for their shares, the €2.50 target share price set for the new team and the fact that they were not relocating to Ireland.

Addressing shareholders, Mr Dunsmore said business in Ireland was a lot tougher than in Britain and was likely to get "a lot tougher in the next 12 months".