SIX executive directors of Woodchester Investments shared total remuneration of £1,616,000 in 1996, an average of £269.333 each, according to the group annual report. This was an increase of 10 per cent on average remuneration of £245.000 each in 1995 when six directors shared £1,470,000. The remuneration package was made up of salaries, performance related bonuses, benefits in kind and pension contributions.

Salaries for the six executive directors rose by 3 per cent to £1,125,000, an average of £187,500 each. Performance related payments to the six executive directors were 53 per cent higher at £262,000, up from an average of £28,500 each to an average of £43,667 each. Pre-tax profits rose by 22 per cent in 1996 to £44.3 million. Pension contributions at £161,000 cost the group 12 per cent more in 1996.

Fees paid to non-executive directors fell from £55,000 to £52,000, an average of £5,778 each. At the end of 1996, chairman and chief executive Mr Craig McKinney owned 2,601,035 Woodchester shares while he held options to acquire 759,986 shares at an average price of 157.74p each.

The annual report shows that the group has contracted to spend £5,580,000 to develop its European Service Centre in Dublin.

Through a twin share scheme created with the establishment of Woodchester Holdings, Woodchester Investments shareholders can opt to take their shareholders in three ways. Woodchester Holdings is fully owned by Woodchester Investments and was set up to allow Woodchester Investments shareholders to take their dividends in the most tax effective way.

Shareholders can opt to take a cash dividend with the normal tax credits from Woodchester Investments, a cash dividend from Woodchester Holdings with a one eighteenth tax credit or Woodchester Investments shares as a scrip dividend which carries no income tax liability. All Woodchester Holdings shares are twinned with Woodchester Investment shares.

Last month, Mr McKinney announced the appointment of advisers to seek bids for the group which is 54 per cent owned by French bank Credit Lyonnais. Chase Investment Bank and Goldman Sachs International were appointed joint advisers "to seek suitable purchasers". It is understood that indications of interest have been received from a number of potential bidders.