HBOS's takeover by Lloyds TSB has released more than £1m of shares for the top two executives at a property fund spun off from HBOS at the top of the market.

Invista Real Estate Investment Management, the country's biggest listed property fund manager, revealed late last week that the takeover of HBOS, which owned 55% of the AIM-listed company, had triggered a change-of-control clause causing Invista share options to vest.

At Friday's closing price of 34.5p, the payout in April will be worth £664,321 to Duncan Owen, the chief exec-utive, and £531,456 to his deputy, Philip Gadsden. Guy Eastaugh, the finance dir-ector, would receive shares valued at £328,532, with Mark Lawson, the company secretary, getting almost £50,000.

The Independent