Boohoo hands shares to 5,000 employees

By

Nigel TAYLOR

Published
Jan 16, 2022

Fast fashion giant Boohoo has handed shares to almost 5,000 of its workers as part of its commitment to “encouraging all employees to be shareholders in the business”.

The AIM-listed digital retailer said a total of 15,441,664 ordinary shares have been granted to employees.

In a statement seen by BusinessLive, Boohoo said a total of 4,924 employees were found eligible and applied for the 2021 Share Incentive Plan (SIP).

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 and are subject to a three-year forfeiture period.

Boohoo shares were worth slightly less than the purchase price as of Friday trading. But they were higher than £4 each in June 2020 and if they can recover to similar levels, those taking part in the share plan could see their holdings skyrocketing, especially if they take part in future share grants.

Chief executive John Lyttle and chief financial officer Neil Catto, elected to participate in the 2021 SIP and were also handed 3,136 shares each, bringing the former’s total number of shares to 188,172 and the latter to 79,735.