Exciting New Employee Share Ownership Plan Announced by Michelin
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Michelin Introduces Global Employee Share Ownership Initiative
Compagnie Générale des Établissements Michelin has exciting news for its dedicated workforce by unveiling a new employee share ownership plan called BIB'Action 2024. This initiative will allow approximately 127,000 Michelin employees across 44 countries to invest in the company, further empowering them to become essential stakeholders.
Primary Features of the BIB'Action 2024 Plan
The launch of this employee share ownership plan marks a significant move towards fostering a sense of ownership among employees. Michelin has consistently supported share ownership programs since 2002 and aims to ensure that its team remains among the leading shareholders.
Subscription Details
The subscription period for BIB'Action 2024 is set from September 11 to September 26, 2024. On September 9, the management team determined the subscription price to be €28.08. This amount reflects an 80% valuation of the reference price, calculated based on the average opening prices from the previous 20 trading days.
Plan Benefits for Employees
Michelin's plan is designed to provide significant benefits based on the number of shares employees subscribe for. For instance, for the first five shares acquired, Michelin will contribute two additional shares at no cost. For subscriptions between six and 15 shares, one free share will be awarded for each share purchased. As employees acquire more shares, the benefits gradually adjust, ensuring substantial engagement from all participants.
Maximum Share Acquisition and Voting Rights
Each employee participating in the BIB'Action plan can acquire a maximum of 2,000 Michelin shares, adhering to local regulations. Notably, employees who subscribe will gain the ability to exercise their voting rights during the Shareholders Meeting scheduled for May 2025. Additionally, they'll be entitled to dividends approved by the annual meeting.
Important Regulations and Lock-up Period
This program adheres to specific legal regulations outlined in the French Labor and Commercial Codes. The plan will see Capital increased by a maximum of 7,000,000 shares, benefiting employees from various Michelin Group companies. A five-year lock-up period applies, during which shares must be held by employees, unless an early release is permitted under local laws.
Upcoming Key Dates
- Subscription Price Set: September 9, 2024
- Subscription Period: September 11 to 26, 2024
- Expected Settlement Date: October 29, 2024
Contact Information for Employees
For further inquiries regarding the share plan, employees are encouraged to contact their respective human resources departments, check the information brochures provided, or reach out directly via email.
Frequently Asked Questions
What is the BIB'Action 2024 plan?
The BIB'Action 2024 plan is Michelin’s new employee share ownership initiative aimed at allowing employees to invest in the company and become shareholders.
Who is eligible to participate in the plan?
Approximately 127,000 Michelin employees across 44 countries can participate, subject to local regulations.
How long is the subscription period?
The subscription period runs from September 11 to September 26, 2024.
What is the maximum share acquisition limit for each employee?
Each employee can acquire up to 2,000 shares under the plan.
What voting rights do employees receive?
Employees who subscribe to the plan can exercise their voting rights at the Shareholders Meeting, which is set for May 2025.
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