Fashion giant Boohoo has handed shares to more than 400 of its employees.
The Manchester-headquartered group said the move was part of its Save As You Earn ('SAYE') share scheme for 20223. The scheme was open to all of Boohoo's employees, "giving them the opportunity to participate in the future growth of the company".
According to a filing with the London Stock Exchange, 440 employees took part and almost 13 million options over ordinary shares were issued, equating to 1.02% of the current issued share capital of the group.
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READ MORE: Mike Ashley's Frasers Group becomes largest shareholder in Boohoo
The options have a contract start date of December 1, 2023, and are exercisable between December 1, 2026, and May 31, 2027. They had an exercise price of 25p each, a 18.65% discount on Boohoo's share price when the market closed on October 3.
The move comes after Mike Ashley's Frasers Group further increased its stake in Boohoo. The retail empire, which recently became the company's largest single shareholder, upped its holdings from 15.1% to 16.5%.
Last year's SAYE share scheme saw more than 1,100 employees take part. The shares had an exercise price of 30p, representing a 17.16% discount.
In July this year, Boohoo handed shares that were then worth almost £6m to a number of its employees. The group awarded over 17.1 million shares to 46 of its staff as part of its Discretionary Share Award Plan.
