boohoo Group PLC has confirmed the availability of its Annual Report and Accounts for the year ended 29 February 2024, as well as its Notice of Annual General Meeting on the company's website. Shareholders who requested paper copies have also received the documents. The Annual General Meeting is scheduled for 20 June 2024 in Manchester.
The company's AGM Notice includes Resolution 3, which pertains to the adoption of the boohoo Incentive Plan 2024. This plan will combine the existing annual bonus and 2022 LTIP into a single incentive plan, offering a blend of time and performance-based awards. The plan aims to provide clearer line of sight for participants and a more effective retention tool while maintaining a strong link to shareholder value creation through share deferral.
The AGM Notice also outlines related party transactions in connection with the adoption of the Incentive Plan. If approved, awards under the plan will be made to certain directors, including John Lyttle, Mahmud Kamani, Carol Kane, and Stephen Morana. These awards are considered related party transactions and are subject to shareholder approval at the AGM.
The Independent Directors, after consulting with the company's Nominated Adviser, Zeus Capital Limited, have deemed the terms of the Related Party Awards fair and reasonable in the shareholders' interest. Zeus considered various factors, including the restructuring of historic bonus and LTIP opportunities, the long-term alignment of executives with shareholder interests, and the commercial assessments of the Independent Directors.
For further information, shareholders and interested parties can contact boohoo group plc or its financial advisors, Zeus Capital, Jefferies, and HSBC. Headland is the company's financial PR adviser.
In summary, boohoo Group PLC has released its Annual Report and Accounts, AGM Notice, and related party transactions, including details of the boohoo Incentive Plan 2024. The company's AGM is set for 20 June 2024, and shareholders are encouraged to review the provided materials for a comprehensive understanding of the proposed resolutions and related party transactions.