The flotation offers lucrative incentives for First Active's senior management team. Group managing director, Mr John Smyth, group deputy managing director, Mr Tony Shanahan, and group operations director, Mr Paul Reville, have each been granted options to purchase shares in the future at the offer price of £2.25 each.

Mr Smyth can purchase 350,000 First Active shares at that price, Mr Shanahan can subscribe for 250,000 shares and Mr Reville has options to purchase 175,000 shares. With £2.25 seen as the rock-bottom level for First Active's share price, any appreciation in the share price will immediately translate into profits for the directors.

"We have a common interest with shareholders," Mr Shanahan said yesterday. Under the terms of the flotation they are precluded from exercising their options for three years.

Other senior management at First Active will also receive options, although on a smaller scale, under the Employee Share Option Scheme. While staff have been offered a special discounted loan package to buy shares.