Management Incentive Plan (9850D)
24 5월 2012 - 3:01PM
UK Regulatory
TIDMASC
RNS Number : 9850D
ASOS PLC
24 May 2012
24 May 2012
ASOS plc ("ASOS" or the "Company")
Management Incentive Plan
As disclosed in the Company's 2010 and 2011 Annual Report and
Accounts, with effect from 1 April 2009, the Company implemented
during 2010 a three year Management Incentive Plan ("MIP"), the
performance period for which ended on 31 March 2012.
The purpose of the plan was to incentivise and reward the
management of ASOS for superior performance through the achievement
of challenging growth targets and to align the interests of
management with those of shareholders in the Company.
To this end, the MIP provided executive directors and certain
senior employees of the Company the opportunity to demonstrate
their commitment to and belief in the future plans for the Company
by investing their own money to buy subordinated shares issued in a
subsidiary company, ASOS.com Limited, to be exchanged in two equal
tranches, on 30 September 2012 and 30 September 2013, into ASOS
shares in a set ratio, subject to the Company's performance against
the conditions of the plan.
During the term of the MIP, the management team of the Company
has been extremely successful in generating real returns for
shareholders. On 31 March 2012, ASOS's market capitalisation was
GBP1.37bn, up from GBP218.5m on 31 March 2009, an increase of over
500%.
The MIP set interdependent growth in earnings per share ("EPS")
and total shareholder return ("TSR") targets.
Under the EPS performance target, the maximum performance
required an annual compound growth rate in EPS of 42% per annum
over the period of the MIP. As at 31 March 2012, this target had
been met.
The shareholder return (TSR) condition required the comparison
of the TSR on an investment in the Company with the TSR on a
notional investment in all of the companies in the FTSE All Share
General Retailers Index (the "Index") during the life of the MIP.
Maximum performance under the MIP required that the ASOS TSR be in
the top of the top decile relative to the Index. Over the period,
the ASOS TSR was 472.6%*, at the top of the top decile compared to
the Index and the TSR condition was also therefore met in full.
On 23 May 2012, based upon the recommendation of the
Remuneration Committee of the Company, the Company approved the
exchange of subordinated ordinary shares in ASOS.com Limited, which
are held by the participants as follows, to a total of 4,000,822
ordinary shares with a nominal value of 3.5 pence each in ASOS plc
("Ordinary Shares"):
Ordinary Shares Ordinary Shares Total number of
vesting from 30 vesting from 30 Ordinary Shares
September 2012 September 2013 to be received
under the MIP
------------------------ ----------------- ----------------- -----------------
Nick Robertson 744,792 744,792 1,489,584
------------------------ ----------------- ----------------- -----------------
Nick Beighton 365,094 365,094 730,188
------------------------ ----------------- ----------------- -----------------
Jon Kamaluddin 305,217 305,217 610,434
------------------------ ----------------- ----------------- -----------------
Robert Bready 394,302 394,302 788,604
------------------------ ----------------- ----------------- -----------------
Other senior employees 191,006 191,006 382,012
------------------------ ----------------- ----------------- -----------------
Application will be made for the 4,000,822 Ordinary Shares to be
admitted to trading on AIM. These new Ordinary Shares will rank
pari passu with the existing Ordinary Shares of the Company and the
new Ordinary Shares are expected to be admitted to trading on AIM
on 31 May 2012. These new Ordinary Shares will remain subject to
the applicable terms and conditions of the MIP, and participants
will not be free to deal in those shares, until the respective
release dates in September 2012 and September 2013.
* The Total Shareholder Return is calculated using the average
closing share price from 1 March 2009 to 31 March 2009 and from 1
March 2012 to 31 March 2012
For further information:
ASOS Tel: 020 7756 1017
Greg Feehely, Head of Investor Relations
College Hill Tel: 020 7457 2020
Matthew Smallwood/Justine Warren/Jamie
Ramsay
JPMorgan Cazenove Tel: 020 7742 4000
Luke Bordewich/Gina Gibson
Numis Securities Tel: 020 7260 1000
Alex Ham
This information is provided by RNS
The company news service from the London Stock Exchange
END
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