MACKIE International's chief executive, Mr Pat Dougan, took a pay cut from £229,000 in 1994 to £179,000 in 1995, according to the Mackie annual report. Mr Dougan and his family interests have recently reduced their combined stake in Mackie from 26 per cent to 13 per cent, realising £4.8 million.

The Newton UK Smaller Companies Fund has increased its shareholding in Mackie from 4.16 per cent to 5.2 per cent following the purchase of 100,000 shares. The shares were bought last Friday when Mr Dougan and his family interests and Mackie's chairman, Mr Roger Looker, sold 1.4 million shares at 380p sterling each.