Omnia Launches Broad-Based Employee Share Scheme
- Employees to become shareholders and participate in Omnia’s growth
- Fully funded and equal allocation for all eligible participants
- Initial 3-year vesting period to 30 June 2024
4 August 2021 – Omnia Holdings Limited (“Omnia”), the JSE-listed diversified chemicals Group, today announced the launch of its Broad-Based Employee Share Scheme. The new Scheme will see all eligible permanent employees as of 1 July 2021 receiving an equal number of fully funded shares with an initial three-year vesting period ending 30 June 2024.
The objectives of the Broad-Based Share Scheme is to allow all employees to participate in the Group’s growth on a sustainable basis by becoming outright shareholders, irrespective of their geographical location. The initiative also seeks to drive employee engagement, commitment and retention while aligning with the Group’s shared goal of improving performance through enhanced individual and team productivity.
Seelan Gobalsamy, CEO at Omnia, said:
‘’The launch of this Broad-Based employee share scheme is a further demonstration of our commitment to strengthen Omnia’s overall positioning through our reset and growth strategy. It is designed to be inclusive with all our employees becoming Omnia shareholders and accessing the opportunity to benefit from our future growth by aligning to a common goal of driving performance.”
The shares will be held in a Trust with all eligible employees becoming its beneficiaries and allocated an equal number of Trust units linked to Omnia shares. 1 025 700 million Omnia shares have been acquired for the Trust on the open market and are fully funded by Omnia, thereby removing the need for loans to be repaid before the shares accrue any value. In addition, the participants will be entitled to receive dividends on these shares.
It is also envisaged that the Trust will enable future allocation to exist, as well as new participants, over time. Executives and management who have been allocated Performance Forfeitable Shares are not eligible to participate in the Scheme.