QinetiQ float to land £2m windfall for legal director

QinetiQ general counsel and company secretary Lynton Boardman stands to reap a £2m windfall when the company lists on the London Stock Exchange next week.

Boardman is expected to sell 150,870 of his one million shares when the UK Government’s defence research agency lists as a public company. At the top price range of 205p per share, the sale would immediately net Boardman nearly £310,000.

According to figures published in QinetiQ’s prospectus, Boardman would retain 854,930 shares, valued at £1.8m if the stock hits top price ahead of its 15 February listing. He will also receive share options to the value of £120,000.

QinetiQ will publish the final offer price on Friday (10 February) according to a timeline set out in the prospectus. The huge interest in the stock could see the offer price rise higher than the published range of 165p-205p per share.

Boardman joined QinetiQ in 2002 from Syngenta, where he was the European, Middle East and Africa (EMEA) head of legal. He was previously a senior lawyer in AstraZeneca’s agrochemicals division.

The prospectus also sets out the remuneration packages of QinetiQ’s directors and management, listing Boardman’s total package for the 2004-05 financial year at £157,823, including a bonus of £37,100.

Boardman’s package is the lowest of the senior management listed in the document, some £56,000 less than chief financial officer Doug Webb’s package of £213,932.

QinetiQ chairman Sir John Chisholm, who stands to make £26m from his shareholdings, had a total remuneration package of £662,121, while chief executive Graham Love made £452,900.

The QinetiQ float has seen key roles for four City firms, with Herbert Smith advising the company. Simmons & Simmons has been advising longstanding client the Ministry of Defence, while Clifford Chance has reprised its role to advise private equity house The Carlyle Group. Freshfields Bruckhaus Deringer is advising the joint sponsors, global coordinators and bookrunners, Credit Suisse, JPMorgan, Cazenove and Merrill Lynch.

QinetiQ declined to comment.