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Online beauty retailer THG has announced it is to gift shares to 500 of its employees.
The Manchester-based firm said it will reward the selected members of staff below executive level subject to “achievement of various targets”.
THG said an application has been made to the Financial Conduct Authority (FCA) and the London Stock Exchange (LSE) for 24,806,893 ordinary voting shares of £0.005 each to be admitted to trading on the LSE and to be admitted to the FCA’s Official List. Admission of the Ordinary Shares is expected to become effective on 14 June 2022.
The Ordinary Shares are being issued to VG Corporate Trustee Limited, acting as trustee of the THG Employee Benefit Trust.
THG said in a statement: “Consistent with the Company’s strong track record of incentivising employees, and in order to continue to attract and retain world-class talent, awards are being made to over 500 employees below Executive level, which are subject to the achievement of various targets. Subject to satisfaction of such targets, a third of the Ordinary Shares are expected to vest on 31 December in each of 2022, 2023 and 2024.”
The news comes weeks after it was revealed THG announced it has rejected a takeover bid of over £2bn from the investment companies Belerion Capital Group Limited (Belerion) and King Street Capital Management L.P. (King Street).
The announcement comes as the board confirms it is in the early stages of considering a possible offer from Nick Candy, owner of venture capital firm Candy Ventures.
The proposal is for the entire issued and to be issued share capital of THG, although the group said there is no certainty that any offer will be made.
