Wakefield, England, 2016-Aug-16 — /EPR Retail News/ — As announced on 27 June 2016, Beth Butterwick stepped down as Chief Executive of Bonmarché Holdings plc (“the Company” or “the Group”) with effect from 12 August 2016, and ceased to be an employee on the same date. The following information is provided in accordance with section 430 (2B) of the Companies Act 2006.
Mrs Butterwick will receive her salary and benefits, as outlined in the Group’s 2016 Directors’ Remuneration Report, up to this date. No further payments have been or will be made to Mrs Butterwick in connection with her resignation from office.
Mrs Butterwick was a participant in a Restricted Share Plan (“the scheme”) which had been put in place prior to the Company`s listing on AIM. Under the rules of the scheme, Mrs Butterwick had purchased 1,260,000 shares for a consideration of £104,000. The shares were subject to a vesting restriction whereby 20% of the shares vested annually over 5 years. The rules of the scheme provide that in the event of a participant tendering their resignation from the Company, any unvested shares must be sold back to the Company at the original purchase price. At the date Mrs Butterwick tendered her resignation, 40% of the shares were unvested. Accordingly, the Bonmarché Employee Benefit Trust will purchase on behalf of the Company, 504,000 shares for £41,760.
Full details of Mrs Butterwick’s remuneration in respect of the relevant part of the current financial year will be disclosed in the Directors’ Remuneration Report for the financial year ending 1 April 2017.
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Source: Bonmarché Holdings plc