Ashley holds 57.71% of
The company said that Ashley's invitation to participate in the scheme reflected the fact that he has received "no remuneration for his substantial contribution to the company since its initial public offering in
Ashley was originally cued up for share options worth more than
The new share scheme will grant no-cost options over 25 million shares, upon the achievement of certain earnings before interest, tax, depreciation and amortisation targets.
The performance targets are EBITDA of
Under the previously proposed bonus scheme, options would be granted on an EBITDA of
In the financial year 2013 the company made EBITDA, excluding exceptional costs and some other charges - including the costs of previous company share bonus schemes, of
"Based on the stretching performance targets established, this scheme has the potential to create a further substantial increase in shareholder value," said Chairman
The executive directors who are eligible to participate, including Ashley, will not exercise their rights to vote on the resolution. The general meeting to approve the new scheme will take place
The company also said Monday entered into a new four-year multi currency revolving credit facility, including a leverage covenant that means its net debt to ebitda ratio cannot exceed 2.5 times during the term of the facility.
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