Di­rec­tors score mil­lions of rands in shares

The Star Early Edition - - COMPANIES -

THE DI­REC­TORS of Lewis Group scored big yes­ter­day af­ter the fur­ni­ture and house­hold goods re­tailer were of­fered free shares worth mil­lions of rand un­der the com­pany’s long-term and short­term ex­ec­u­tive per­for­mance scheme.

In terms of the scheme, six ex­ec­u­tives were of­fered the right to ac­quire shares of the com­pany for no con­sid­er­a­tion sub­ject to the achieve­ment of per­for­mance tar­gets.

Lewis chief ex­ec­u­tive Jo­han Enslin scored 219 498 shares worth R7.15 mil­lion based on a mar­ket price of R32.57 a share. The other five di­rec­tors were given shares worth be­tween R3.2m and R5.4m.

Lewis said the share awards un­der this scheme would lapse should the ex­ec­u­tive ter­mi­nate his or her em­ploy­ment be­fore the com­ple­tion of the pe­riod of the award other than in the event of death, ill-health, re­tire­ment or re­trench­ment. Lewis’s Re­mu­ner­a­tion Com­mit­tee agreed to grant the ex­ec­u­tives a three-year award, that is a short-term award, un­der this scheme.

Lewis said the per­for­mance tar­gets were set by the Re­mu­ner­a­tion Com­mit­tee at the begin­ning of each of the three years and based on a weight­ing set for each ex­ec­u­tive of head­line earn­ings per share, the qual­ity of the debtors book, and gross mar­gin.

The group’s rev­enue for the year ended March 31 de­clined 3.3 per­cent to R5.6 bil­lion from the pre­vi­ous year. Head­line earn­ings de­clined from R552m to R355m, with earn­ings per share 35.6 per­cent lower at 400.1 cents.

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