DWF's Top Two Execs Pocket More Than a Million in Firm's First Share Award
The firm's March float made millionaires of the groups top leaders, now 217 DWF staff members have been rewarded.
August 28, 2019 at 09:20 AM
2 minute read
DWF's London offices
DWF has made its first firm-wide share distribution since its March float, with the firm's top two directors set to receive more than £1.3 million between them.
It is the first award since the firm floated in March, with 217 members of DWF's staff benefiting, according to a person with knowledge of the award.
As disclosed via a London Stock Exchange RNS, firm CEO Andrew Leaitherland has been awarded 779,411 ordinary shares, while group CFO Chris Stefani has received a 336,134-share award. Based on the 119p closing value of DWF's shares yesterday (August 27), the holdings are currently worth £927,499 and just shy of £400,000 respectively.
The 'vested' shares are subject to a two-year holding period before they are released, according to the stock exchange release – meaning the share value could fluctuate significantly in that period depending on the firm's fortunes.
The award follows Leaitherland's 'nil price' gift of 819,672 shares to his wife Rachael in March, as disclosed via the stock exchange.
According to a person at the firm, stock exchange rules require only that firm directors' awards are disclosed. As the remaining management at DWF are non-executive directors, their awards need not be made public.
The firm's March float made millionaires of the groups top leaders, including Leaitherland, the firm's chief executive and managing partner, who was awarded 2.4% of the firm's shares, which based on the firm's £366 million market capitalisation at the time put his holding at £8.8 million, as per the firm's prospectus.
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