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06 Sep 2011
JJB SPORTS hopes to continue its recovery through an incentive programme, announced just months after it entered its second insolvency process in as many years.
The sports retailer has released an equity incentive plan aimed at its directors and senior managers.
Further reading
Earlier this year KPMG insolvency practitioners achieved a company voluntary arrangement (CVA) for the retailer. A CVA usually repays a portion of debt over a period of time, while allowing the business to continue trading. A CVA must be voted for by more than 75% by value of creditors to be pushed through.
The latest incentive scheme will see directors receive an aggregate 20% of any growth in the company once its market capitalisation surpasses £96.5m.
As part of the CVA, JJB Sports creditors will share in the future financial success of a sports retailer.
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Visitor comments Add your comment
CVA Incentive
It is a good thing that management and creditors share in any upside as a CVA will only work if everyone has a stake in it succeeding. JJB Sports had to use this tactic to ensure that the landlords supported it as it was the second CVA in as many years.
Posted by: KSA Group, 09 Sep 2011 | 09:20