Sponda Plc Stock exchange release 5 February 2014 at 9:00 am
Sponda Plc’s Board of Directors has decided to implement an Employee Share Program
On 5 February 2014, Sponda Plc’s Board of Directors has decided to implement an Employee Share Program. The aim of the share program is to encourage employees of Sponda and its group companies to become shareholders in the company and to reward them for operating in accordance with the goals of the group companies. Another aim is to align the interests of Sponda shareholders and employees of the group.
The Employee Share Program will be offered to all employees of Sponda and its group companies except for to persons participating in Sponda’s share-based incentive scheme. Participation in the Employee Share Program is contingent upon there being no local legal or administrative restraints for participation.
Employees will have the opportunity to use, in the following year, any net remuneration earned in the current financial year pursuant to the incentive scheme in effect for the purpose of acquiring merit pay shares and, in addition, receive funds from Sponda to acquire additional shares. Merit pay shares will be acquired on behalf of each employee participating in the Employee Share Program for an amount corresponding to any remuneration earned pursuant to the incentive scheme less advance taxes. For each two merit shares acquired, one additional share will be acquired for participating employees. The Employee Share Program will be applied for the first time in respect of remuneration earned for the year 2013.
Merit pay shares and additional shares will be acquired on the market and Sponda will not issue any new shares or transfer any treasury shares pursuant to the Employee Share Program. Sponda will mandate selected brokers to execute orders to buy merit pay shares and additional shares on behalf of employees. Shares acquired pursuant to the Employee Share Program may not be transferred, pledged or otherwise disposed of within a two year engagement period upon initial acquisition.
Participation in the Employee Share Program is voluntary and the intention is that employees will participate in the plan for one year at a time. Sponda estimates that the annual expense for the company is no more than EUR 0.5 million. Sponda will annually in the autumn decide on whether or not to continue the Employee Share Program and announce its decision to the personnel. The company will at such time have the right, at its discretion, to discontinue the Employee Share Program or to amend its terms and conditions.
Sponda Plc Board of Directors
For additional information, please contact: Kari Inkinen, President and CEO, tel. +358 400 402 653
DISTRIBUTION: NASDAQ OMX Helsinki Ltd Main media www.sponda.fi
Sponda Plc is a property investment company specializing in commercial properties in the largest cities in Finland. Sponda's business concept is to own, lease and develop retail and office properties and shopping centres into environments that promote the business success of its clients. The fair value of Sponda's investment properties is approximately EUR 3.3 billion and the leasable area is around 1.4 million m².
