Share options for new Boohoo leadership team
Manchester online fast fashion retailer, Boohoo group said today (February 3) that options over a total of 8,293,104 Ordinary Shares of one pence each have been granted to group CEO Dan Finley and Stephen Morana, Group Chief Financial Officer.
In addition, the company has issued 275,864 ordinary shares of one pence each (New Ordinary Shares) to its Non‐Executive Directors as part of their compensation package.
Nil cost options over 1,000,000 Shares were granted to Dan Finley pursuant to the company’s Discretionary Share Award Plan, equating to 0.07% of the issued share capital.
This award forms part of his remuneration as Chief Executive of Debenhams prior to his appointment as Group CEO on November 1, 2024. The options vest in three tranches on June 28, 2025, June 28, 2026, and June 28, 2027.
In addition, nil cost options over 3,793,104 Shares were granted today to Dan Finley and 3,500,000 to Stephen Morana, equating to 0.52 % of the issued share capital.
These awards form part of the terms and conditions of their appointments as Group CEO and Group CFO.
Finley’s award becomes exercisable immediately. Stephen’s award, which was conditional on continued employment 12 months after his appointment as Group CFO on February 19, 2024, vests and becomes exercisable on February 19, 2025.
The awards will be satisfied by the company’s Employee Benefit Trust and there is no dilutive impact on shareholders.
Finlay and Morana are not participants in the company’s Growth Share Plan announced on March 8, 2023.
A total of 275,864 New Ordinary Shares were issued at an effective price of 29.00 pence under the terms of the Non-Executive Directors’ letter of appointment which requires compensation to be made partly in cash and partly in Ordinary Shares.
The New Ordinary Shares represent the share compensation due for the financial year ending February 28, 2025, and are subject to lock in provisions for as long as the recipient remains a director of boohoo.
Non-Executive Directors Iain McDonald, Tim Morris and Alistair McGeorge each received shares to the value of £20,000, while Kirst Britz and John Goold received £10,000-worth of shares each.
The online retailer has recently rebuffed attempts to shake-up the board by its biggest shareholder, Frasers Group, founded by Sports Direct founder Mike Ashley, who has been a vociferous critic of the company.
