Boohoo Group PLC has announced the withdrawal of Resolution 3 from the agenda of its upcoming Annual General Meeting (AGM). The resolution proposed the adoption of the boohoo Incentive Plan, but after engaging with certain shareholders, the company has decided not to implement the plan at this time. The withdrawal of Resolution 3 does not affect the validity of the Notice of AGM or any proxy votes already submitted for the remaining resolutions.
In addition, the Executive Directors have waived their entire bonus entitlement for the financial year ended 29 February 2024. The Company has also published a restated disclosure of the Directors' single-figure total remuneration for the year ended 29 February 2024 on its website. The directors' interest in shares has been detailed, including shares held personally, under option, and under various plans.
Furthermore, the notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them have been provided. This includes details of the surrender of options granted over ordinary shares by Mahmud Kamani, Carol Kane, and John Lyttle, the Group Executive Chairman, Group Executive Director, and Group CEO, respectively.
The transactions were conducted outside of a trading venue, with a surrender of 1,933,701 options granted over ordinary shares by each of the mentioned individuals. The details of the transactions have been disclosed in accordance with the requirements of the UK Market Abuse Regulation.
The Company will consider further engagement with shareholders on the matter of the Incentive Plan in the future. The AGM arrangements remain unchanged, and the restated disclosure of the Directors' single-figure total remuneration has been made available on the Company's website for reference.