Sports Direct staff to receive shares payout

More than 2,000 Sports Direct employees are in line for bonuses worth more than £70,000 in August.

Its Preliminary report 2013 disclosed that the retailer’s 2009 bonus share scheme will mature in August 2013.

It will award these employees a payout worth 75% of their salary in shares priced at £1.25.

It is estimated that a shop assistant on a salary of £20,000 per year will receive 12,000 shares worth more than £70,000, based on Sports Direct’s closing share price of 638p on 18 July.

The payout of the awards is based on specific profit targets being met in 2009-10, 2010-11 and 2011-12.

Eligible employees received 25% of their base salary in shares at £1 per share in August 2012.

Dave Forsey, chief executive officer of Sports Direct, said: “There is no doubt that the organisation’s results were in the large part down to our employees and their hard work.

“The employee bonus share schemes have continued to drive this performance and we are pleased that eligible employees will be rewarded in August as the second and final part of the bonus share scheme vests.”

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The report also stated that the retailer auto-enrolled employees into a master trust defined contribution (DC) pension scheme to comply with auto-enrolment legislation from its staging date of 1 May 2013.

The scheme, The People’s Pension, is provided by B&CE.