Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Odey pick Sports Direct gets bonus green light

Odey pick Sports Direct gets bonus green light

Shareholders in Crispin Odey's favoured retailer Sports Direct defied a shareholder revolt over a £200 million bonus scheme by voting in favour of the measures.

In spite of calls from the Association of British Insurers to vote against the 2015 bonus scheme, around 60% of shareholders voted in favour. A total of 39.5% voted against the measures, suggesting dissatisfaction.

This represented the fourth attempt to push for a bonus for founder Mike Ashley.

The approved scheme links a bonus for Ashley to a company-wide scheme that would hand around 3,000 permanent staff 25 million free shares, worth around £180 million at the current share price of 730 pence if the firm doubles earnings before interest, tax, amortisation and depreciation (Ebitda) by 2019. 

Odey Asset Management is understood to be Sports Direct's second largest shareholder. Founder Crispin Odey (pictured) has expressed support for Ashley to receive a bonus.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Related Fund Managers

Crispin Odey
Crispin Odey
88/149 in Equity - Europe (Performance over 3 years) Average Total Return: 30.95%
Citywire TV
Play Picton: the UK property hotspots for rental income

Picton: the UK property hotspots for rental income

Picton Property Income CEO Michael Morris reveals how he is planning to ride the ‘ripple effect’ as UK economic growth spills out from the capital across the country.

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

This week Brewin Dolphin's head of research talks to Mike Riddell, fund manager at Allianz Global Investors, about the forces driving bonds markets in a tumultuous week for markets.

Play Henderson's Hermon: how to be defensive in smaller caps

Henderson's Hermon: how to be defensive in smaller caps

Hermon, who manages the Henderson Smaller Companies trust, talks about he will tackle a 'challenging' 2016.

Your Business: Cover Star Club

Profile: 'what we are doing at Mosaic is Darwinian'

Profile: 'what we are doing at Mosaic is Darwinian'

The changes in financial services over the last few years may leave some destitute warns Marco Sambucci of Mosaic Money Management

Wealth Manager on Twitter