THE American investments group Putnam has emerged from nowhere to become Greencore's biggest shareholder with a 10 per cent stake, according to the Greencore annual report. Previously, Putnam did not have a stake above the 3 per cent disclosure level.
Other institutions which have substantially increased their Greencore holdings over the past year include Kleinwort European Privatisation Investment Trust, which now has 3.5 per cent, and Scottish Provident with 3.4 per cent. Neither of these two institutions previously had a stake above 3 per cent.
Bank of Ireland Asset Management has been the biggest seller of Greencore shares over the year, selling 3.1 million shares as its stake fell from 9.6 per cent to 5.4 per cent.
Executive directors of Greencore received total remuneration of just over £1.1 million in the year to the end of last September, a rise of £27,000 on the previous year.
But while four directors - Mr Gerry Murphy, Mr David Dilger, Mr Kevin O'Sullivan and Mr Ben Power - shared the £1.09 million paid in 1994, Mr Murphy was only with Greencore for eight months in the most recent financial year, leaving at the end of May 1995 to join National Freight Corporation in Britain.
According to the Greencore annual report, the performance element of the executive directors last year increased from £275,000 to £284,000.
Greencore is offering its shareholders a scrip dividend alternative to the cash dividend on the basis of one new share at 539p each for every 70 shares already held.
Greencore has also arranged for a low cost share dealing service for its small shareholders.
