Mar '10
The new license is broadly consistent with the current agreement with some specific changes to royalty levels, reporting requirements and "key man" clauses. The new "key man" clauses provide that PRL may terminate the license if the Lane family shareholding falls below a threshold of 15% of OrotonGroup.
This threshold is 20% if the Lane family ceases to be the largest shareholder in OrotonGroup. The last substantial shareholding notice for the Lane family records its voting power in OrotonGroup as 29.22%.
The Lane family has no legal or other obligation to retain a shareholding of 15% or more in OrotonGroup. Both Ross Lane, Chairman and Sally Macdonald, CEO, are together noted as key persons under the new license however there is provision to find suitable replacements in event both individuals exit the Group.
OrotonGroup CEO, Sally Macdonald stated, "After over 20 years experience with the Ralph Lauren brand OrotonGroup is pleased to be continuing as the exclusive licensee and looks forward to developing and elevating the brand in this territory for years to come. We expect to open approximately 5 new stores in FY11, including shop-in-shop concessions, free-standing stores and a factory outlet, of which details are being finalised currently."
OrotonGroup Limited
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