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Development Securities Investors Rebel on Pay, Sunday Times Says

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July 22 (Bloomberg) -- Development Securities Plc shareholders want to reduce executive compensation and are calling on the company to extend a buyback of stock, the Sunday Times reported, citing an unidentified investor.

The company, owner of the Manchester Arena music venue, trades at a 45 percent discount to its net asset value, the newspaper said. Investors may consider seeking a change of management after executives collected 2.6 million pounds ($4 million) in salaries and bonuses last year, according to the report.

To contact the reporter on this story: John Glover in London at johnglover@bloomberg.net

To contact the editor responsible for this story: Paul Armstrong at parmstrong10@bloomberg.net

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