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Magic Mike's Millionaires!


spygirl
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Sports Direct shop floor staff in line for bonuses worth up to £1m as new plan cleared

Almost all 30,000 Sports Direct and House of Fraser staff are now in line for bonuses - varying between 4 weeks' salary and £1million

https://www.mirror.co.uk/money/sports-direct-shop-floor-staff-22807843

 

But the payout will only be triggered if shares more than double within the next four years to at least £10 and for a sustained period. Shares in the group closed on Tuesday at 360.8p.

Frasers insisted the share price target was "realistic".

 

David Daly, chairman of Frasers Group, said: "This scheme strikes the right balance between rewarding as many of our people as possible whilst also potentially paying life-changing sums to those who make the most outstanding contributions.

"These are challenging times but we believe that a £10 share price is a realistic target as our elevation strategy continues to go from strength to strength."

 

Mr Daly (irony!)  a total shyster was on the radio, pitching this deal. Low end Ea/car salesman doesnt full convey how dodgy he sounds.

 

https://www.hl.co.uk/shares/shares-search-results/f/frasers-group-plc-ord-gbp0.10/financial-statements-and-reports

Not.A.Fucking.Chance.

 

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ah that is his exit strategy, every employee is now a pumper (pump'n'dump), while he queitly cashes out, then pays the staff bonus with debt and leaves, whilt someone else gets to hold the baby.

He just receuited every employee into the plan to do their bit in making it happen, c'mon everyone, over pay for your cheap tat sports clothes shares.

Edited by Odin
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  • 2 weeks later...

It might work or might not. Have they spelt it out to employees that can buy shares to help it along? 

I think most people don't even know the stock market exists, to be honest.

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  • 9 months later...
spygirl

https://uk.linkedin.com/in/michael-murray-131607163

Head of Elevation

Frasers Group

Jan 2019 - Present2 years 8 months

Managing Director

M.P.M Prop Co

Dec 2015 - Present5 years 9 months

London, England, United Kingdom

Education

University of Reading

University of Reading

Bachelor's DegreeReal Estate

2008 - 2011

 

Hes(recently) got one of those degrees for thicko toffs.

This will be fun.

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This is a really bizarre decision. Why doesn't anyone on the board step in and tell him? If he was blood related and his son I could accept it. But trying to create a progeny in your daughter's husband? Mental.

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Frank Hovis

This is a company which holds its board meetings in pubs where directors get so drunk that they throw up into the fire.

It's all very built on the business sense of Mike Ashley and without him driving it it will steadily slide away.

I worked for one company set up by a Mike Ashley type figure. Nobody could tell him he was wrong because as he thought, and rightly, without him the company would not have existed in the first place.

His contracts were however all over the place. Some were hugely profitable, others made big losses.

Everything was fine until the latter category one day, with a certain inevitability, was outweighing the former.

Then the company was sold and he had to step down.

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spygirl
28 minutes ago, spunko said:

This is a really bizarre decision. Why doesn't anyone on the board step in and tell him? If he was blood related and his son I could accept it. But trying to create a progeny in your daughter's husband? Mental.

Cashley got to where he was by a combination of being aggressive during the fat bloke finance era of UK banking, where the now bust banks were doling out £££££££££ to fat old retailers.

Having TCs and cheap Chinese imports gave him legs plus half of EE to buy cheap sports shite...

 

If you look at the SD numbers theyve only tread water for the last ~10 years, as all 3 cheap - finance , lower inwork bennies + more expensive Chinese imports.

 

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spygirl
4 minutes ago, Frank Hovis said:

This is a company which holds its board meetings in pubs where directors get so drunk that they throw up into the fire.

It's all very built on the business sense of Mike Ashley and without him driving it it will steadily slide away.

I worked for one company set up by a Mike Ashley type figure. Nobody could tell him he was wrong because as he thought, and rightly, without him the company would not have existed in the first place.

His contracts were however all over the place. Some were hugely profitable, others made big losses.

Everything was fine until the latter category one day, with a certain inevitability, was outweighing the former.

Then the company was sold and he had to step down.

Theres a thread to be written - small one man companies with massive negative share holders funds i.e. some once success carries on, pouring more money and family into a busted flush of a company

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  • 3 weeks later...

https://www.bbc.co.uk/news/business-58340082

Mike Ashley's Frasers Group has offered the retail tycoon's future son-in-law a £100m bonus - but only if he can more than double the share price.

The Sports Direct owner has put forward the bonus plan for Michael Murray when he becomes chief executive in May 2022.

However, he will only collect if its share price reaches £15 for 30 trading days in a row before October 2025, up from its current level of £6.50.

The company described the target as "challenging but achievable".

Mr Murray, 31, engaged to be married to Mr Ashley's daughter Anna, is currently "head of elevation" at Frasers and is in charge of modernising stores and transforming the business.

The board of Frasers Group, which owns Sports Direct and House of Fraser, said it had also recommended £1m a year salary for Mr Murray.

Shareholders are set to vote on the proposed bonus scheme at the group's annual general meeting on 29 September.

Mr Ashley is due to step down as chief executive when Mr Murray takes over, but will remain on the board as an executive director.

Mr Ashley founded Sports Direct in 1982 and retains 64% of the group.

The company listed its shares on the stock exchange in 2007, with shares priced at 300p. Prices surged to more than 900p in early 2014.

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