Media Release - Employee Share Scheme

RNS Number : 6950F

Sports Direct International Plc

19 May 2017

 

19 May 2017

SPORTS DIRECT INTERNATIONAL PLC

("Sports Direct" or the "Company")

Media Release

Employee Share Scheme

Sports Direct today announced that eligible employees participating in the Company's 2011 share scheme will be guaranteed a minimum future bonus that is equivalent to at least £4 per share.

Chief Executive Mike Ashley told staff yesterday that employees participating in the existing share scheme would qualify for the cash guarantee if they choose to hold onto their share awards until September 2018, provided they are still with the Company at that time.

Around 14 million shares are due to vest with circa 3,000 eligible employees later this year. Sports Direct had previously announced in December 2016 that those employees would be entitled to receive bonuses equivalent to £3 per share, even if the Company's share price was below £3 at that time.

Under the terms of the new guarantee, in the event the market price of Sports Direct shares in September 2018 is under £4, and participating employees have not already elected to vest their share awards, the Company will make up the difference between the market price and £4 by way of a flexible cash bonus of the amount of the difference between the sale proceeds realised and £4 per share.  The £3 minimum value will still apply until September 2018.

Chief Executive Mike Ashley said: "The people at Sports Direct are magnificent and we will continue to make them our priority as we move forward to make a positive difference."

Ends.

KBA PR                                    Keith Bishop

T. 0207 734 9995 E. [e-mail]

 

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