Victoria offers management long term share options
Victoria has given 17 of its senior managers share options totally 1.25million shares which they cannot fully cash in until 2025.
The managers will be able to exercise the options in June 2014, provide they are still employed by the group.
At that date they will be able to sell half of the shares to pay tax related to the issue and pay for the shares at 5p a share. The balance must be held until June 2025.
The group says the scheme has three key objectives:
Motivating and rewarding the managing directors of each group business for medium-to-long term performance that creates wealth for shareholders;
Retention. Victoria's higher margins and stronger cash flow are directly due to the decisions, energy, and leadership of its key management. We want them to stay;
Simplicity. We wanted a plan that could be easily understood by all. Shareholders should know exactly how their money is being spent, and the managers need to easily understand how they benefit if they achieve their objectives.
The scheme came after the group previously announced that sales had returned to about 85% of pre-coronavirus forecasts and it expected this to rise as more UK retailers opened.