Boohoo gifts employees shares worth £3,600 each

Fast-fashion giant Boohoo has handed shares worth £3,600 each to almost 5,000 of its employees, including its chief financial officer Neil Catto and chief executive officer John Lyttle.

The online retailer announced that a total of 15 million ordinary shares have been given to employees at the price of 1p per share.

A total of 4,924 Boohoo employees were deemed eligible and applied for the 2021 Share Incentive Plan.

Each of the successful applicants has been given 3,136 free ordinary shares per person at a cost of £313.60, representing a value of around £3,600 at the typical purchase price of £1.15 per ordinary share.

READ MORE: Boohoo dampens profit forecasts amid rising shipping costs

The company awarded the shares on 12 January 2022 and they are subject to a three-year forfeiture period.

Boohoo bosses Catto and Lyttle are also receiving a number of free shares, 79,735 and 188,172 respectively. These represent respective values of £91,695 and £216,397, at the same purchase price of £1.15 per ordinary share.

The fast fashion group has said the move is in line with its ongoing commitment to encourage all employees to be shareholders in the company.

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