AO World plc Annual Financial Report and Notice of AGM 2022 (2336X)
25 Agosto 2022 - 6:24AM
UK Regulatory
TIDMAO.
RNS Number : 2336X
AO World plc
25 August 2022
25(th) August 2022
AO World plc
Publication of Annual Report and Accounts and Notice of Annual
General Meeting
Following the release on 18 August 2022 of its Final Results for
the year ended 31 March 2022, AO World plc (the "Company")
announces that is has today published its 2022 Annual Report and
Accounts. The Company also announces that its Annual General
Meeting will be held at 8.00am on 28 September 2022 at the
Company's head office, 5A The Parklands, Lostock, Bolton, BL6
4SD.
In accordance with Listing Rule 9.6.1 of the UK Financial
Conduct Authority (FCA) a copy of the Annual Report and Accounts
and the Notice of AGM have been submitted to the National Storage
Mechanism and will shortly be available for viewing here.
Copies of the Annual Report and Notice of Annual General Meeting
will also be shortly available to view on the Company's corporate
website at
www.ao-world.com/investor-centre/reports-and-presentations .
Value Creation Plan Restructure
Today AO is also announcing a proposal to restructure its
all-employee Value Creation Plan ("VCP").
Over recent months, the Board and the Remuneration Committee
have spent substantial time considering the current VCP, its terms
and the rationale for amending the current terms to achieve the
objectives for introducing such a plan. The VCP was introduced to
incentivise and reward exceptional performance and retain and
recruit talented people who can collectively deliver exceptional
performance, driving exceptional value creation for
shareholders.
Given the very challenging economic conditions and the impact of
the cost of living increases that we are currently suffering, the
current scheme is, at present, significantly underwater. As a
result and after discussion, AO is proposing to restructure the
terms of the VCP to providing the appropriate targets to motivate
the team and drive exceptional performance
Since the introduction of the VCP, AO has undertaken a strategic
realignment. Following the closure of its German operations, the
business is now focussed on generating profitable growth in its UK
markets together with improved cash generation. This Directors
believe this revised strategy will deliver significant value to
shareholders in the medium to long term; the Company believes the
revised VCP scheme will galvanise its people in delivering the
exceptional performance that will generate that value.
Having consulted with its major shareholders comprising nearly
70% of issued shares, all of whom have indicated their support, AO
will be putting forward a new VCP for shareholder approval at the
2022 AGM that will replace the current VCP. We have retained many
features of the original VCP - with a maximum plan value of GBP300m
- only achievable at a GBP6bn market cap (as before). However, in
order to fully incentivise and reward employees from the current
share price, we are proposing the plan will begin funding at a
share price of GBP1. In recognition of the reduced threshold
target, the funding rate of the scheme has been reduced
significantly from 10% of value created above the threshold to
5.5%. In each case, 30% of the plan value will be allocated in
total to the two current Executive Directors and the COO (10%
each), capped, should the share price reach GBP7.32, at a total
payout of GBP20m for each. The remaining 70% will be allocated to
all current and future employees to make this the most inclusive
value creation scheme in the FTSE today. The plan would be capped
on achievement of a GBP10.43 share price, equivalent to a GBP6bn
market cap. Accordingly, this revised VCP remains a very ambitious
plan rewarding truly exceptional performance, designed with
safeguards (such as phased vesting, a capped opportunity for the
Directors, and enhanced Remco discretion) to underpin sustainable
value creation for all shareholders
In addition, AO's Founder and Chief Executive Officer, John
Roberts has committed to donate 100% of any VCP reward he receives
to help disadvantaged young people in the UK.
Enquiries:
AO World plc
Tel: +44(0)1204 672400
Email cosec@ao.com
Powerscourt Tel: +44(0) 20 7250
Rob Greening 1446
Nick Hayns ao@powerscourt-group.com
Elizabeth Kittle
About AO
AO World plc, headquartered in Bolton and listed on the London
Stock Exchange, is a leading online electricals retailer in the UK.
Our strategy is to create value by offering our customers brilliant
customer service and making AO the destination for everything they
need, in the simplest and easiest way, when buying electricals. We
offer major and small domestic appliances and a growing range of
mobile phones, AV, consumer electricals and laptops.
We deliver for our customers via our in-house logistics business
and carefully selected third parties. We also provide ancillary
services such as the installation of new products and recycling of
old products as well as offering product protection plans and
customer finance. AO Business serves the B2B market in the UK,
providing electricals and installation services at scale. AO also
has a majority equity stake in AO Recycling, a WEEE processing
facility, allowing AO to ensure its customers' electronic waste is
dealt with responsibly.
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