CLOTHING retailer Quiz has revamped its share options for nearly 90 staff, including finance boss Gerard Sweeney, to reflect the collapse of its share price in the last year, writes Scott Wright.
Shares in Quiz, which floated in the summer of 2017, have tumbled from a high of 201.2p in July 2018 to 14.7p as the firm has been buffeted by difficult trading conditions on the high street.
Bosses launched a strategic review after issuing a profits warning in March, with the firm going on to report a 97 per cent fall in annual pre-tax profits to £200,000 in June. And last night it said its board and remuneration committee had approved the surrender of certain share options in issue and the grant of new options with a lower exercise price.
Quiz said the surrender of the existing options relates to 808,479 ordinary shares with an exercise price of 161p each, and options over 140,350 ordinary shares with an exercise price of 188.25p.
Quiz has granted new options over 1,760,971 ordinary shares with an exercise price of 0.3p each. It said its remuneration committee believes the move aligns incentivisation with current share price levels, with the new options ensuring that a “large number of key employees remain appropriately incentivised to enhance shareholder value.”
Shares closed up 2%, or 0.3p, at 14.7p.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules here