Former Tesco Ireland boss Maurice Pratt has missed out on a E6m shares windfall, following an 11th-hour decision by the drinks and snack foods group Cantrell & Cochrane to abandon plans for a flotation on the London and Dublin stock markets. Pratt, one of Ireland's best known retailers, was headhunted from Tesco last year to become chief executive of C&C and lead the flotation. Had it gone ahead, he would have been allocated shares worth E4.4m and stood to benefit from share options that could have realised a further 12.25m. The company had planned to list its shares on the markets this week at between E2.60 and E3.60, which would have valued it at E1.1bn. But lack of sufficient investor interest, plus market turmoil, led to the flotation being called off two days before it was due. Pratt blamed "the unprecedented volatility" of the stock markets. Management was still convinced that flotation was the right option, he said, "but we need the right timing and circumstances". Analysts say it will be at least a year before Cantrell & Cochrane can consider going to the market again. The cancellation is a setback for the company, which has debts of around E700m. {{NEWS }}

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