Cross Oak Inns plc - The Tax Shelter Report

Hugh William Whitbread
Epicurean Brasseries Limited
Epicurean Brasseries (Whitacre Heath) Limited
Aldenham School Enterprises Limited*
Hanover International plc*
Hanover International Hotels Limited*
Smiles Brewing Company Limited*
Smiles Trustees Limited*
Smiles Holdings Limited*
The Aldenham School Company*
The Taverners Trust plc*
5.2 The following agreements have been entered into between the Company and the Directors:
5.2.1 By an appointment letter dated 3 June 2004 between the Company and Peter Eyles, Peter Eyles
was appointed as a Director with an entitlement to receive director’s fees at a rate of £1,500 per
annum, payable quarterly in arrears, exclusive of VAT. This fee is subject to review on 1 January
each year. The appointment is for an initial period of 4 years and is terminable (i) by resignation;
(ii) by ordinary resolution of the Company; (iii) in the event that the Management Agreement is
terminated for any reason; or (iv) if Peter Eyles ceases to be a director of Cross Oak Limited.
5.2.2 By an appointment letter dated 3 June 2004 between the Company and Dinah Young, Dinah
Young was appointed as a Director with an entitlement to receive director’s fees at a rate of
£1,500 per annum, payable quarterly in arrears, exclusive of VAT. This fee is subject to review
on 1 January each year. The appointment is for an initial period of 4 years and is terminable (i)
by resignation; (ii) by ordinary resolution of the Company; (iii) in the event that the Management
Agreement is terminated for any reason; or (iv) if Dinah Young ceases to be a director of Cross
Oak Limited.
5.2.3 By an appointment letter dated 24 September 2004 between the Company and Anthony
Richmond-Watson, Anthony Richmond-Watson was appointed as non-executive Chairman with
an entitlement to receive director’s fees at a rate of £12,500 per annum exclusive of VAT. This
director’s fee is subject to review on 1 January each year. This agreement is for an initial period
of 12 months and is terminable on 3 months’ written notice by either side.
5.2.4 By an appointment letter dated 24 September 2004 between the Company, Peter Drown and
Vantis, Peter Drown was appointed as non-executive Director. His services are being provided
by Vantis who will invoice the Company at a rate of £15,000 per annum exclusive of VAT. This
fee is subject to review on 1 January each year. This agreement is for an initial period of 12
months and is terminable on 3 months’ written notice by either side.
5.2.5 By an appointment letter dated 24 September 2004 between the Company and Robin Privett,
Robin Privett was appointed as non-executive Director with an entitlement to receive director’s
fees at a rate of £5,000 per annum exclusive of VAT. This director’s fee is subject to review on
1 January each year. This agreement is for an initial period of 12 months and is terminable on
3 months’ written notice by either side.
5.2.6 By an appointment letter dated 24 September 2004 between the Company and Billy Whitbread,
Billy Whitbread was appointed as non-executive Director with an entitlement to receive director’s
fees at a rate of £5,000 per annum exclusive of VAT. This director’s fee is subject to review on
1 January each year. This agreement is for an initial period of 12 months and is terminable on
3 months’ written notice by either side.
5.3 The aggregate remuneration and benefits in kind payable to the Directors in respect of the
period ended 17 September 2004 was £nil. The aggregate amount of remuneration and benefits
in kind payable to the Directors is estimated at £10,125 in respect of the financial period of the
Company ending 31 December 2004 and £40,500 in respect of the financial year of the
Company ending 31 December 2005.
5.4 None of the Directors has any unspent convictions.
5.5 None of the Directors has been the subject of any public criticism by any statutory or regulatory
authority.
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