Thursday, March 17, 2005

Shed-loads of cash

The four founders of Shed Productions are set to pocket £5.5m each when shares in the company begin trading tomorrow, reports Media Guardian.
Shed's founders include the chief executive, Eileen Gallagher, and managing director Brian Park, who earned the nickname "the axeman" in a former incarnation as Coronation Street producer in the late 90s.

The other two beneficiaries of tomorrow's float will be creative directors Ann McManus and Maureen Chadwick, who worked with Park on Coronation Street before they hooked up to launch Shed in 1998.

Shed will place 25.5 million ordinary shares at 88p each on AIM, London's alternative investment market, valuing the company at £44m, which is at the top end of the predicted price range.

The company's four co-founders are each selling just over half their 25% stake in the company, meaning they will each net around £5.5m in cash.

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