Manchester United loanee Axel Tuanzebe has been praised for giving Stoke City "more security" since arriving on loan from the Reds in the January transfer window.
08.03.2023 - 21:23 / manchestereveningnews.co.uk
Boohoo's shareholders have staged a major revolt against its new £175m bonus plan.
After being announced last month, the Manchester-headquartered fashion giant asked shareholders to back the proposals at a general meeting earlier today (March 8).
However, the vote saw significant opposition with 37% of votes cast against it. The new plan will see bonuses handed out over a period of time if Boohoo's market capitalisation reaches £5bn.
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In a statement, Boohoo said: "The Remuneration Committee will reflect on feedback gathered throughout the consultation process regarding the Growth Plan, and will continue to engage with shareholders with regard to the group's remuneration policy to ensure that shareholder views are considered."
When the plan was unveiled on February 16, Boohoo said it had been forced to rethink its bonus plan after a "unique and unprecedented set of macro-economic and market headwinds experienced over the last three years".
The Manchester-headquartered group said there is now "little or no value" in the existing Growth Share Plan or the current Management Incentive Plan after its market capitalisation "significantly decreased".
As a result, it added they "no longer operate as an effective incentive mechanism for this critical population who are responsible for driving business performance and delivering boohoo's strategic objectives".
At the time, Boohoo's market capitalisation stood at £591.67m after its shares closed at 46.65p each on Tuesday, February 15.
That was a rise of more than 33% so far this year but from a historic low of 33.89p reached on December 28, 2022.
Under the new plan its shares would have to rise to £3.95, a
Manchester United loanee Axel Tuanzebe has been praised for giving Stoke City "more security" since arriving on loan from the Reds in the January transfer window.
Manchester United will hope for a strong end to the season and more silverware for the trophy cabinet but attention is already turning to the summer and what comes next.
Here are your Friday morning Manchester United headlines.
Manchester United's pre-season tour to the United States of America can be the ideal opportunity for Donny van de Beek to stake his claim for a place in Erik ten Hag's first-team squad next season.
Sitting in a hospital room, Callum Shallcross says he ‘dissociated from reality’.
Brokeback Mountain is transitioning into a stage adaptation on London’s West End.
BAFTA-nominated Mike Faist and Oscar-nominated actor Lucas Hedges will star in a London stage adaptation of Annie Proulx’s best-selling novel Brokeback Mountain.
Chris Brown has been criticised for inviting a Love Island star up onto the stage at one of his recent concerts and grabbing her by the throat. The singer, 33, has been performing across the globe over recent months on his Under The Influence world tour, with dates in UK cities such as London, Glasgow and Manchester. He performed three shows at Manchester's AO Arena recently, and during one concert he invited a female fan onto the stage as he sang hit track Take You Down - something he's been doing at most of his gigs on the tour.
Manchester City will face Bayern Munich in the quarter-finals of the Champions League.
It's three years since the first winter edition of Love Island hit our screens, and one Islander from the 2020 series looked completely different as she was picked out from the crowd by American R&B star Chris Brown during his current tour. Natalia Zoppa, who was coupled-up with Justin Bieber lookalike Luke Mabbott after arriving during the Casa Amor stage of the ITV2 dating contest, was brought on stage by the Run It! singer for a special performance at Manchester's AO Arena.
Brits all across the country will be able to get a hefty amount of time off if they take advantage of bank holidays in May and April.
Plans to ‘cram’ 11 new homes into ‘every square inch’ of a vacant former bank have been criticised by councillors. Manchester-based Lower Estates Ltd wants to convert the old Barclays branch, in Edgeley, Stockport, into an HMO, or ‘house in multiple occupation’.
Cristiano Ronaldo once again cut a frustrated figure in his latest outing for Al-Nassr despite their 3-1 victory over Abha to reach the last four of the King Cup.
Stacey Solomon has admitted that she "can't function" as she gave an update to her fans on social media on just how hard being a mum of five really is.
The joyful moment Gorka Marquez was supported by daughter Mia was shared as his latest show came to Manchester. As Strictly Come Dancing professional Gorka tore up the floor in Firedance at The Bridgewater Hall on Saturday night, his fiancee Gemma Atkinson and their three-year-old Mia were cheering him on.
An ambulance was knocked onto its side closing a main road for a number of hours this morning (March 12). The collision happened between two cars and the ambulance around 8am in Mottram in Longdendale.
Snow plunged the M62 into chaos overnight as drivers got stuck for up to SEVEN - hours and some even abandoned their cars in the blizzards.
Iconic Northern quarter independent shop Oi Polloi is set to close. Owners of the store, retail giant JD Sports, are planning a rebrand for the premises.
Plans to replace a massive self-storage warehouse that was destroyed in a huge fire have been submitted. A blaze ripped through the Armadillo self-storage site on Earl Road in Cheadle, Stockport, after breaking out in the early hours of Saturday, February 26 last year.
The cost of living crisis is causing many to tighten their belts and cut back on luxuries like eating out at restaurants.