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Odey pick Sports Direct gets bonus green light
by Danielle Levy on Jul 02, 2014 at 13:52
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.
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on Jul 24, 2014 at 10:59