MM Prop Consultancy Assessment

RNS Number : 0966J

Frasers Group PLC

22 April 2022

 

Date: 22 April 2022

FRASERS GROUP PLC ("Frasers Group" or "the Company")

MM PROP CONSULTANCY ASSESSMENT

In line with the Group's RNS of 29 September 2021,  it is necessary for MM Prop Consultancy Limited and Frasers Group to finalise the terms on which any relevant prior consultancy services agreements will terminate prior to Michael Murray's appointment as CEO on 1st May 2022. The Board has now completed its assessment of the unsettled value created by MM Prop Consultancy Limited to the Group, with the assistance of independent third party experts.

MM Prop Consultancy Limited is entitled to up to 25% of any value created by services provided to the Group. MM Prop Consultancy Limited has agreed to waive contractually due amounts, including part crediting previous payments under this agreement, such that the Group receives a 40% discount as part of the finalisation and cessation of the consultancy agreement. The final payment to be made by the Group to MM Prop Consultancy Limited following the application of this discount is £20.9m.

The board commented,  "The agreement with MM Prop Consultancy Limited has delivered significant financial and strategic value for the Group and its stakeholders. We are delighted that Michael will now drive us forward in our elevation journey, which we are already making strong progress with."

Michael Murray commented, "I am very excited to be leading Frasers Group in its next chapter and am confident we are going to take the Group to new heights with the progress we are making in our elevation strategy. I want to ensure we continue to serve our consumers with the World's best Sports, Premium, and Luxury Brands so that we can continue to deliver for our colleagues, shareholders and partners."

Ends

Frasers Group plc Thomas Piper, Company Secretary LEI:  213800JEGHHEAXIJDX34	T. 0344 245 9200 E.  [e-mail]

Chris Wootton, Chief Financial Officer	T. 0344 245 9200 E.  [e-mail]

Ronnie Laffar, Head of PR & Communications

T. 07585886189 E.  [e-mail]

 

END

 

 

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