Rose buys £1/2m of M&S shares
MARKS & Spencer chief Stuart Rose has forked out more than £500,000 on shares in the retailer in yet another sign of his confidence in its recovery prospects.
Rose, who with chairman Paul Myners fought off Bhs and Arcadia billionaire Philip Green's £9.1bn takeover approach for M& S, has bought 165,000 shares at 348 1/4p apiece.
His move came yesterday and was revealed by the retailer alongside details of its new executive share option scheme today. Rose's lieutenant and M&S director Charles Wilson bought 100,000 shares at 349 1/2p.
At the same time, Rose was granted 979,825 shares at an option price of 347p. Wilson was granted 576,367 shares at the same price.
M&S said the options, which are exercisable between three and ten years from now, are subject to performance criteria.
The company told the Stock Exchange that Rose and Wilson will be donating any difference between the grant price of 347p and 400p to charity, at the time the share options are exercised. Green's final offer for M&S was worth 400p a share.
Earlier this month, the Financial Services Authority cleared Rose of any wrongdoing in buying 100,000 M&S shares just hours before Green launched his bid.
Today, M&S shares dipped 4p 343 1/2p.
