Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at http://citywire.co.uk/wealth-manager/article/a759971

Odey pick Sports Direct gets bonus green light

by Danielle Levy on Jul 02, 2014 at 13:52

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 here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Sponsored Video: Bringing it all back home


As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

Investing for income in a changing environment


With talk on interest rates on the horizon, our latest roundtable debate covers income investing against a changing backdrop

More about this:

Look up the shares

  • Sports Direct International PLC (SPD.L)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

Look up the fund managers

  • Crispin Odey
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

Archive

On the road

Click here to find out more from the Audience Development team.

Read more...

How is regulation feeding the outsourcing trend?

on Jul 24, 2014 at 10:59

Sorry, this link is not
quite ready yet