Last checked at 7 Oct 2020 07:00
Frasers Group Plc
("Frasers Group" or the "Company")
Media release
The Board of Frasers Group has urged shareholders to vote at today's AGM in favour of a company bonus scheme that could be worth in excess of £100m.
The bonus scheme would be open to the vast majority of workers, who would potentially receive either cash bonuses or share awards if the Company's share price hits a specified target within a certain period.
The scheme would consist of two sub-plans, as follows:
§ Cash bonuses of up to four weeks salary for eligible and qualifying workers as a reward for their loyalty and hard work, or
§ Share awards to those 1,000 eligible and qualifying workers who most demonstrate outstanding performance (known as the 'Fearless 1,000'). Up to ten of these performers would each receive share awards potentially worth around £1m*. Other members of the Fearless 1,000 would receive share awards potentially worth between £50k and £500k.
Cally Price, the Frasers Group Workers' Representative to the Board, commented: "Our workforce is our lifeblood. I hope that all shareholders will recognise our efforts by voting to give my colleagues and I the opportunity share in the future success of the company."
If approved today, the scheme will run for four years and will crystalise if the Company's share price reaches and stays above £10 for 30 consecutive trading days during the performance period. Further details can be found in Appendix A of the Notice of AGM at https://www.frasers.group/financials/2020-agm .
David Daly, non-Executive Chairman of Frasers Group commented: "This scheme strikes the right balance between rewarding as many of our people as possible, whilst also potentially paying life changing sums to those who make the most outstanding contributions. These are challenging times but we believe that a £10 share price is a realistic target as our elevation strategy continues to go from strength to strength."
Ends.
* Indicative value of Award Shares at £10 per share.
Frasers Group Plc T. 0344 245 9200
Tom Piper, Company Secretary E. investor.relations@frasers.group