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Boohoo staff handed free shares in fast fashion giant

Online fast fashion giant Boohoo has handed shares to almost 5,000 of its employees, including its chief executive and chief financial officer. The AIM-listed retailer has… View Article

FASHION

Boohoo staff handed free shares in fast fashion giant

Online fast fashion giant Boohoo has handed shares to almost 5,000 of its employees, including its chief executive and chief financial officer.

The AIM-listed retailer has confirmed a a total of 15,441,664 ordinary shares of 1p each have been granted to employees.

The Manchester-headquartered company has said the move is part of its commitment to encouraging all employees to be shareholders in the business.

In a statement, Boohoo said a total of 4,924 employees were found eligible and applied for the 2021 Share Incentive Plan.

As a result, they have been granted 3,136 free ordinary shares each, representing approximately £3,600 at the purchase price of £[1.15] per ordinary share.

The free shares were awarded on 12 January 2022 and are subject to a three-year forfeiture period.

Chief executive John Lyttle and chief financial officer Neil Catto elected to participate in the 2021 SIP and were handed 3,136 shares each.

The move comes after Boohoo confirmed in November that a total of 1,387 of its employees are taking part in the Save As You Earn (SAYE) share scheme for 2021.

In a statement issued at the time, Boohoo said the scheme was open to all employees, “giving them the opportunity to participate in the future growth of the company via share option arrangements”.

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