When Philip Green and Stuart Rose were battling over Marks and Spencer, Mr Rose made a promise that some said was rash. At the time MS shares were languishing at around 350p, and Mr Green was offering 400p a share. In an effort to assure shareholders the company was worth a lot more, Mr Rose said that he would donate any profit he made from his 979,815 share option at the 400p level to charity.
Since then, the MS share price has rocketed and yesterday Mr Rose did the good thing. As a result, the Mvumi Secondary School in Africa is now Â£519,000 richer.
© Investment & Business News 2013