REG - Frasers Group PLC - MM Prop Consultancy Assessment

FrasersAnnouncement

22/04/2022 16:00

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RNS Number : 0966J  Frasers Group PLC  22 April 2022

Date: 22 April 2022

 

FRASERS GROUP PLC ("Frasers Group" or "the Company")

 

MM PROP CONSULTANCY ASSESSMENT

 

In line with the Group's RNS of 29 September 2021,  it is necessary for MM
Prop Consultancy Limited and Frasers Group to finalise the terms on which any
relevant prior consultancy services agreements will terminate prior to Michael
Murray's appointment as CEO on 1st May 2022. The Board has now completed its
assessment of the unsettled value created by MM Prop Consultancy Limited to
the Group, with the assistance of independent third party experts.

 

MM Prop Consultancy Limited is entitled to up to 25% of any value created by
services provided to the Group. MM Prop Consultancy Limited has agreed to
waive contractually due amounts, including part crediting previous payments
under this agreement, such that the Group receives a 40% discount as part of
the finalisation and cessation of the consultancy agreement. The final payment
to be made by the Group to MM Prop Consultancy Limited following the
application of this discount is £20.9m.

 

The board commented,  "The agreement with MM Prop Consultancy Limited has
delivered significant financial and strategic value for the Group and its
stakeholders. We are delighted that Michael will now drive us forward in our
elevation journey, which we are already making strong progress with."

 

Michael Murray commented, "I am very excited to be leading Frasers Group in
its next chapter and am confident we are going to take the Group to new
heights with the progress we are making in our elevation strategy. I want to
ensure we continue to serve our consumers with the World's best Sports,
Premium, and Luxury Brands so that we can continue to deliver for our
colleagues, shareholders and partners."

 

Ends

 

 Frasers Group plc

 Thomas Piper, Company Secretary   T. 0344 245 9200

 LEI: 213800JEGHHEAXIJDX34         E. investor.relations@frasers.group
                                   (mailto:investor.relations@sportsdirect.com)

 

 Chris Wootton, Chief Financial Officer  T. 0344 245 9200

                                         E. financial@frasers.group (mailto:financial@frasers.group)

 

 Ronnie Laffar, Head of PR & Communications        T. 07585886189

                                                   E. fgpr@frasers.group (mailto:fgpr@frasers.group)

 

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