Mantra Group executives Stephen Hobson and Tomas Johnsson to go in $1.2 billion sale to Accor

MANTRA Group will jettison two of its top executives, paying out almost $1 million between them, if the company’s $1.2 billion sale to Accor Hotels goes through next month.

Peppers Salt Kingscliff.

MANTRA Group will jettison two of its top executives, paying out almost $1 million between them, if the company’s $1.2 billion sale to Accor Hotels goes through next month.

In an announcement to the ASX, the company said chief financial officer Stephen Hobson and chief operating officer Tomas Johnsson would leave if shareholders approved the sale at a scheme meeting on May 18.

Under the scheme, Mr Hobson, who’s been with the company since last February, would receive $498,000, while Mr Johnsson, who joined Mantra more than nine years ago, would receive $480,000.

HIGHS AND LOWS OF OUR LISTED COMPANIES

Tomas Johnsson.

Stephen Hobson.

The pair would also receive their standard benefits payable upon termination of employment, the statement said.

“If the Scheme is not implemented, it is expected that each of Stephen Hobson and Tomas Johnsson will maintain their current roles in the Mantra Group,” it said.

“The Mantra Board continues to unanimously recommend that Mantra shareholders vote in favour of the Scheme.”

The sale of the Surfers Paradise-based hotel group to its Parisian counterpart was announced in October.

It received approval from the Foreign Investment Review Board and the Australian Competition and Consumer Commission in March.

Mantra Group CEO Bob East has not said what he’ll do if the sale goes ahead.

Accor’s offer of $3.96 in cash per share for the company has the support of its directors, but still requires approval from the Federal Court and shareholders.

The operator of the Peppers, Mantra and Breakfree hotel brands, Mantra has acquired 11 new properties in the past year and reported record revenue in its results for the first half of the financial year.

Mantra was trading at $3.94 at 4pm today.