Countrywide backs off new pay plan for directors
Reuters
Published Aug 20, 2018 08:13
Countrywide backs off new pay plan for directors
(Reuters) - Countrywide (L:CWD) has abandoned plans to revamp its incentive package for directors after meetings with top investors aimed at propping up the company with 140 million pounds in new equity.
The British real estate agent lost two thirds of its market value on Aug. 2 when it announced a deeply discounted share offer and said auditors had warned it faced a struggle to stay in business.
The share issue still has to go to a shareholders meeting later this month which was also due to vote on a new incentive package for management which would reward them for a 15 percent compound recovery in market capitalisation over the next three years.
Instead, Countrywide said that after meetings with shareholders, the company would stick with its existing remuneration policy and long-term incentive arrangements as approved by shareholders at last year's AGM.
Sky News also reported last Thursday that leading City institutions were planning to oppose the new incentive scheme.
Shares in the company rose 7 percent in extremely thin early trading.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.