Sports Direct has called a shareholder meeting to seek approval for a new bonus share scheme that includes founder Mike Ashley.
In April, it had to call off plans that would have gifted Ashley £70m-worth of shares. A similar plan was also scrapped in 2011.
Under the new scheme, eligible employees – including executive directors, and therefore Ashley – stand to benefit from up to 25 million shares, equivalent to 4.2% of total share capital, if Sports Direct’s EBITDA reaches £480m for the 2016 financial year, £570m for 2017, £650m for 2018 and £750m for 2019.
Sports Direct chairman Keith Hellawell said: “The board and the remuneration committee have responded to the feedback from shareholders to develop a long-term share incentive scheme that will continue to motivate employees, and that also recognises and rewards the substantial contribution made by Mike Ashley.
“Based on the stretching performance targets established, this scheme has the potential to create a further increase in shareholder value.”
The new meeting will be held on July 2.