Marks & Spencer is launching a scheme this week that will offer private shareholders the option of swapping part of their dividend payments for discount vouchers.
The scheme will allow tens of thousands of small shareholders to buy credit on an M&S Shareholder Card. Shoppers using the card to buy goods in stores will get 10% off up to the value of £1,000. This means a £900 dividend could be exchanged for a £1000 card.
Amanda Mellor, M&S group secretary and head of corporate governance, said: “Our private investors are also some of our most loyal customers and we’re continually looking at how we can best engage this important group of stakeholders. We’ve listened carefully to their feedback and believe that, in the new Equiniti scheme, we’ve identified a simple mechanic that rewards their investment in the company.”
Around 190,000 private shareholders will be notified of the new plan and letters are expected to be despatched from this week.
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